Company Registration No. 06004451 (England and Wales)
Genre Music Limited
Unaudited accounts
for the period from 1 April 2022 to 30 September 2023
Genre Music Limited
Unaudited accounts
Contents
Genre Music Limited
Company Information
for the period from 1 April 2022 to 30 September 2023
Company Number
06004451 (England and Wales)
Registered Office
132-134 Great Ancoats Street
Manchester
M4 6DE
Accountants
Virtus Accounting Limited
20 Churchfields
Widnes
Cheshire
WA8 9RP
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Genre Music Limited
for the period from 1 April 2022 to 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Genre Music Limited for the period from
1 April 2022 to
30 September 2023 as set out on pages
5 -
10 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Virtus Accounting Limited
Chartered Certified Accountants
20 Churchfields
Widnes
Cheshire
WA8 9RP
26 April 2024
Genre Music Limited
Statement of financial position
as at 30 September 2023
Cash at bank and in hand
266,749
285,083
Creditors: amounts falling due within one year
(386,832)
(305,871)
Net current assets
99,608
70,540
Total assets less current liabilities
100,982
71,157
Creditors: amounts falling due after more than one year
(32,778)
(40,866)
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
68,022
30,167
Shareholders' funds
68,023
30,168
For the period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 April 2024 and were signed on its behalf by
N Burroughs
Director
Company Registration No. 06004451
Genre Music Limited
Notes to the Accounts
for the period from 1 April 2022 to 30 September 2023
Genre Music Limited is a private company, limited by shares, registered in England and Wales, registration number 06004451. The registered office is 132-134 Great Ancoats Street, Manchester, M4 6DE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The comparative period to 31 March 2022 is not entirely comparable as this is a 12 month period, whereas, the current period is an 18 month period. This period has been extended for internal management purposes.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of discounts, rebates, value added tax and other sales taxes.
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities described below.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.
Genre Music Limited
Notes to the Accounts
for the period from 1 April 2022 to 30 September 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 years on a straight line basis
Computer equipment
3 years on a straight line basis
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets are initially measured at cost and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing arrangement, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets categorised as receivable within one year are not amortised.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Basic financial liabilities that are classified as debt, are initially recognised at cost unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.
Payments received under operating leases are recognised as income over the lease term on a straight-line basis.
Genre Music Limited
Notes to the Accounts
for the period from 1 April 2022 to 30 September 2023
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
708
2,580
3,288
At 30 September 2023
-
4,048
4,048
At 1 April 2022
708
1,963
2,671
Charge for the period
-
711
711
At 30 September 2023
-
2,674
2,674
At 30 September 2023
-
1,374
1,374
At 31 March 2022
-
617
617
Amounts falling due within one year
Trade debtors
169,424
84,805
Accrued income and prepayments
49,553
5,523
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,318
5,038
Trade creditors
223,483
173,821
Taxes and social security
26,601
18,031
Deferred income
14,427
3,069
7
Creditors: amounts falling due after more than one year
2023
2022
Aggregate of amounts that fall due for payment after five years
9,630
15,519
Genre Music Limited
Notes to the Accounts
for the period from 1 April 2022 to 30 September 2023
8
Deferred taxation
2023
2022
Accelerated capital allowances
181
123
Provision at start of period
123
-
Charged to the profit and loss account
58
123
Provision at end of period
181
123
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1
1
10
Operating lease commitments
2023
2022
At 30 September 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
2,352
560
Later than one year and not later than five years
2,712
233
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loan to director repayable on demand
-
500
286
214
The ultimate parent company is Music Genre Limited, a company incorporated in England and Wales. The registered office is 27 Whitechapel Street, Manchester M20 6UB.
13
Average number of employees
During the period the average number of employees was 4 (2022: 4).
Genre Music Limited
Notes to the Accounts
for the period from 1 April 2022 to 30 September 2023
14
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April 2021
31 March 2022
Capital and reserves (as previously stated)
(29,404)
30,291
Capital and reserves (as restated)
(29,404)
30,168
Reconciliation of profit or loss for the year
31 March 2022
Profit for the year (as previously stated)
76,945
Profit for the year (as restated)
76,822