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Registered number: 11920227
Burrow Music Investments Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
djca Limited
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Burrow Music Investments Limited For The Year Ended 30 April 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Burrow Music Investments Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Burrow Music Investments Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Burrow Music Investments Limited and state those matters that we have agreed to state to the directors of Burrow Music Investments Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burrow Music Investments Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Burrow Music Investments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Burrow Music Investments Limited . You consider that Burrow Music Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Burrow Music Investments Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Robert Fiford FCCA
05/08/2024
djca Limited
ACCA
154-160 Fleet Street
London
EC4A 2DQ
Page 1
Page 2
Balance Sheet
Registered number: 11920227
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,345,848 1,392,610
Investments 5 550,000 550,000
1,895,848 1,942,610
CURRENT ASSETS
Debtors 6 15,769 94,041
Cash at bank and in hand 25,829 18,594
41,598 112,635
Creditors: Amounts Falling Due Within One Year 7 (18,007 ) (38,323 )
NET CURRENT ASSETS (LIABILITIES) 23,591 74,312
TOTAL ASSETS LESS CURRENT LIABILITIES 1,919,439 2,016,922
Creditors: Amounts Falling Due After More Than One Year 8 (1,908,120 ) (1,955,580 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (21,303 ) (33,803 )
NET (LIABILITIES)/ASSETS (9,984 ) 27,539
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (9,985 ) 27,538
SHAREHOLDERS' FUNDS (9,984) 27,539
Page 2
Page 3
For the year ending 30 April 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs J Vander West
Director
Mr A Vander West
Director
02/08/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Burrow Music Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11920227 . The registered office is 1 Wharf Street, London, SE8 3GG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The directors offer their continued support to the company and have agreed not to demand repayment of group loans until the company is in a position to start making repayments.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements to Property Straight line over 12 years
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 4
Page 5
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Improvements to Property Investment Properties Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 May 2023 419,549 1,000,000 5,350 4,450 1,429,349
Additions 39,420 - 7,365 - 46,785
Revaluation - (50,000) - - (50,000 )
As at 30 April 2024 458,969 950,000 12,715 4,450 1,426,134
Depreciation
As at 1 May 2023 34,962 - 886 891 36,739
Provided during the period 38,248 - 3,816 1,483 43,547
As at 30 April 2024 73,210 - 4,702 2,374 80,286
Net Book Value
As at 30 April 2024 385,759 950,000 8,013 2,076 1,345,848
As at 1 May 2023 384,587 1,000,000 4,464 3,559 1,392,610
5. Investments
Unlisted
£
Cost
As at 1 May 2023 550,000
As at 30 April 2024 550,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 550,000
As at 1 May 2023 550,000
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,200 3,090
Prepayments and accrued income 1,468 6,627
VAT 13,101 84,324
15,769 94,041
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,931 18,917
Other creditors 9,320 5,840
Accruals and deferred income 690 13,500
Directors' loan accounts 66 66
18,007 38,323
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Amounts owed to group undertakings 1,908,120 1,955,580
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 6