Registered number: 00746437 | ||||||||
FOR THE YEAR ENDED 29/02/2024 | ||||||||
Prepared By: | ||||||||
McEwen & Co LTD | ||||||||
Accountants | ||||||||
93 Green Lane | ||||||||
Chichester | ||||||||
WestSussex | ||||||||
PO19 7NU |
Paxman Musical Instruments Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 29/02/2024 | ||||||||
MEMBERS | ||||||||
REGISTERED OFFICE | ||||||||
England | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 00746437 | ||||||||
ACCOUNTANTS | ||||||||
McEwen & Co LTD | ||||||||
Accountants | ||||||||
93 Green Lane | ||||||||
Chichester | ||||||||
WestSussex | ||||||||
PO19 7NU |
Paxman Musical Instruments Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED29/02/2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Members' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
Paxman Musical Instruments Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Intangible assets | 2 | |||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
582,518 | 643,929 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT ASSETS | 480,970 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 8 | |||||||||
Capital redemption reserve | 9 | |||||||||
Profit and loss account | 501,983 | 501,695 | ||||||||
TOTAL CAPITAL AND RESERVES | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Member | ||||||||||
Paxman Musical Instruments Ltd | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 29/02/2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Plant And Machinery | reducing balance25% | |||||||
Fixtures And Fittings | reducing balance15% | |||||||
Equipment | reducing balance25% |
1c. Stocks | ||||||||
Stock are valued at the lower of cost and and net realisable value, after due regard for obsolete and slow moving stocks. |
1d. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
1e. Foreign Currency | ||||||||
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated. |
1f. Turnover | ||||||||
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. |
1g. Deferred Tax | ||||||||
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Paxman Musical Instruments Ltd | ||||||||
1h. Hire Purchase And Leasing Commitments | ||||||||
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
2. INTANGIBLE FIXED ASSETS | ||||
Patents | Total | |||
£ | £ | |||
Cost | ||||
At 01/03/2023 | 21,356 | 21,356 | ||
At 29/02/2024 | 21,356 | 21,356 | ||
Depreciation | ||||
At 01/03/2023 | 17,728 | 17,728 | ||
For the year | 2,135 | 2,135 | ||
At 29/02/2024 | 19,863 | 19,863 | ||
Net Book Amounts | ||||
At 29/02/2024 | ||||
At 28/02/2023 | ||||
3. TANGIBLE FIXED ASSETS | ||||||||
Plant and | Fixtures | |||||||
Machinery | and Fittings | Equipment | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 01/03/2023 | 10,365 | 59,764 | 24,101 | 94,230 | ||||
At 29/02/2024 | 10,365 | 59,764 | 24,101 | 94,230 | ||||
Depreciation | ||||||||
At 01/03/2023 | 9,963 | 33,162 | 17,508 | 60,633 | ||||
For the year | 101 | 3,990 | 1,648 | 5,739 | ||||
At 29/02/2024 | 10,064 | 37,152 | 19,156 | 66,372 | ||||
Net Book Amounts | ||||||||
At 29/02/2024 | 27,858 | |||||||
At 28/02/2023 | 33,597 | |||||||
4. STOCK | 2024 | 2023 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
Paxman Musical Instruments Ltd | ||||||||
5. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 173,233 | 209,222 | ||||||
Other debtors | 30,615 | 28,351 | ||||||
Members current account | - | 112 | ||||||
203,848 | 237,685 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | 9,259 | 1,708 | ||||||
VAT | 2,566 | 11,056 | ||||||
PAYE control | 6,499 | 301 | ||||||
Trade creditors | 61,904 | 135,264 | ||||||
Other creditors | - | 1,510 | ||||||
Accruals | 13,158 | 13,120 | ||||||
93,386 | 162,959 | |||||||
7. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 11 | |||||
8. SHARE CAPITAL | 2024 | 2023 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
16000 | 16000 | |||||||
16,000 | 16,000 | |||||||
The ordinary 'A' shares carry no voting rights. |
Paxman Musical Instruments Ltd | ||||||||
9. OTHER RESERVES | 2024 | 2023 | ||||
£ | £ | |||||
Capital redemption reserve | 500 | 500 | ||||
500 | 500 | |||||
10. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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11. PENSION COMMITMENT | ||||||||
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,889 (2023: £5,997). | ||||||||
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES | ||||||||