1 April 2022 false No description of principal activity Taxfiler 2024.1 06004451business:PrivateLimitedCompanyLtd2022-04-012023-09-30 060044512022-03-31 060044512022-04-012023-09-30 06004451business:AuditExemptWithAccountantsReport2022-04-012023-09-30 06004451business:FilletedAccounts2022-04-012023-09-30 060044512023-09-30 06004451business:Director22022-04-012023-09-30 06004451business:RegisteredOffice2022-04-012023-09-30 060044512022-03-31 06004451core:WithinOneYear2023-09-30 06004451core:WithinOneYear2022-03-31 06004451core:AfterOneYear2023-09-30 06004451core:AfterOneYear2022-03-31 06004451core:ShareCapitalcore:PreviouslyStatedAmount2023-09-30 06004451core:ShareCapitalcore:PreviouslyStatedAmount2022-03-31 06004451core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-09-30 06004451core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-03-31 06004451core:PreviouslyStatedAmount2023-09-30 06004451core:PreviouslyStatedAmount2022-03-31 06004451business:SmallEntities2022-04-012023-09-30 06004451countries:EnglandWales2022-04-012023-09-30 06004451core:PlantMachinery2022-04-012023-09-30 06004451core:ComputerEquipment2022-04-012023-09-30 06004451core:PlantMachinery2022-03-31 06004451core:ComputerEquipment2022-03-31 06004451core:PlantMachinery2023-09-30 06004451core:ComputerEquipment2023-09-30 06004451core:MoreThanFiveYears2023-09-30 06004451core:MoreThanFiveYears2022-03-31 06004451core:AcceleratedTaxDepreciationDeferredTax2023-09-30 06004451core:AcceleratedTaxDepreciationDeferredTax2022-03-31 060044512021-03-31 060044512021-04-012022-03-31 06004451business:OrdinaryShareClass12022-04-012023-09-30 06004451business:OrdinaryShareClass12021-04-012022-03-31 06004451core:BetweenOneFiveYears2023-09-30 06004451core:BetweenOneFiveYears2022-03-31 06004451business:Director212022-04-012023-09-30 06004451business:Director212022-03-31 06004451business:Director212023-09-30 iso4217:GBP xbrli:shares xbrli:pure
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
Page
- 2 -
Genre Music Limited Company Information for the period from 1 April 2022 to 30 September 2023
Director
N Burroughs
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
- 3 -
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
- 4 -
Genre Music Limited Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,374 
617 
Current assets
Debtors
219,691 
91,328 
Cash at bank and in hand
266,749 
285,083 
486,440 
376,411 
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
Deferred tax
(181)
(123)
Net assets
68,023 
30,168 
Capital and reserves
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
- 5 -
Genre Music Limited Notes to the Accounts for the period from 1 April 2022 to 30 September 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Foreign exchange
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
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.
Tax
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.
- 6 -
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
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
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.
- 7 -
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 
Additions
- 
1,468 
1,468 
Disposals
(708)
- 
(708)
At 30 September 2023
- 
4,048 
4,048 
Depreciation
At 1 April 2022
708 
1,963 
2,671 
Charge for the period
- 
711 
711 
On disposals
(708)
- 
(708)
At 30 September 2023
- 
2,674 
2,674 
Net book value
At 30 September 2023
- 
1,374 
1,374 
At 31 March 2022
- 
617 
617 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
169,424 
84,805 
Accrued income and prepayments
49,553 
5,523 
Other debtors
714 
1,000 
219,691 
91,328 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
5,318 
5,038 
VAT
115,941 
105,383 
Trade creditors
223,483 
173,821 
Taxes and social security
26,601 
18,031 
Other creditors
924 
451 
Loans from directors
- 
78 
Accruals
138 
- 
Deferred income
14,427 
3,069 
386,832 
305,871 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
32,778 
40,866 
Aggregate of amounts that fall due for payment after five years
9,630 
15,519 
- 8 -
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 
2023 
2022 
£ 
£ 
Provision at start of period
123 
- 
Charged to the profit and loss account
58 
123 
Provision at end of period
181 
123 
9
Share capital
2023 
2022 
£ 
£ 
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 
5,064 
793 
11
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
N Burroughs
Interest free loan to director repayable on demand
- 
500 
286 
214 
- 
500 
286 
214 
12
Controlling party
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).
- 9 -
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 
Deferred Tax
(123)
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 
Deferred tax
(123)
Profit for the year (as restated)
76,822 
- 10 -