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Registration number: 13565136

Go2 Music Academy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Go2 Music Academy Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Go2 Music Academy Limited

Company Information

Director

Mr B Johnsen

Registered office

Studio Unit
1 Green Street
Old Town
Eastbourne
East Sussex
BN21 1QN

Accountants

Gold Accountants Limited
24 Southfield
Polegate
East Sussex
BN26 5LX

 

Go2 Music Academy Limited

Director's Report for the Year Ended 31 August 2023

The director presents his report and the financial statements for the year ended 31 August 2023.

Director of the company

The director who held office during the year was as follows:

Mr B Johnsen

Principal activity

The principal activity of the company is music academy

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 May 2024
 

.........................................
Mr B Johnsen
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Go2 Music Academy Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Go2 Music Academy Limited for the year ended 31 August 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Go2 Music Academy 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 Go2 Music Academy Limited and state those matters that we have agreed to state to the Board of Directors of Go2 Music Academy Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Go2 Music Academy Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Go2 Music Academy 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 of Go2 Music Academy Limited. You consider that Go2 Music Academy 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 Go2 Music Academy 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 statutory accounts.

......................................

Gold Accountants Limited
24 Southfield
Polegate
East Sussex
BN26 5LX

30 May 2024

 

Go2 Music Academy Limited

Profit and Loss Account for the Year Ended 31 August 2023

Note

2023
£

2022
£

Turnover

 

111,675

86,378

Cost of sales

 

(722)

(1,214)

Gross profit

 

110,953

85,164

Distribution costs

 

(242)

-

Administrative expenses

 

(94,427)

(75,903)

Operating profit

 

16,284

9,261

Profit before tax

4

16,284

9,261

Tax on profit

 

(3,004)

(1,717)

Profit for the financial year

 

13,280

7,544

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Go2 Music Academy Limited

Statement of Comprehensive Income for the Year Ended 31 August 2023

2023
£

2022
£

Profit for the year

13,280

7,544

Total comprehensive income for the year

13,280

7,544

 

Go2 Music Academy Limited

(Registration number: 13565136)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

700

225

Current assets

 

Debtors

6

14,041

10,493

Cash at bank and in hand

 

8,291

747

 

22,332

11,240

Creditors: Amounts falling due within one year

7

(22,108)

(3,821)

Net current assets

 

224

7,419

Net assets

 

924

7,644

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

824

7,544

Shareholders' funds

 

924

7,644

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 May 2024
 

.........................................
Mr B Johnsen
Director

 

Go2 Music Academy Limited

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

100

7,544

7,644

Profit for the year

-

13,280

13,280

Dividends

-

(20,000)

(20,000)

At 31 August 2023

100

824

924

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

7,544

7,544

Purchase of own share capital

100

-

100

At 31 August 2022

100

7,544

7,644

 

Go2 Music Academy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Studio Unit
1 Green Street
Old Town
Eastbourne
East Sussex
BN21 1QN

These financial statements were authorised for issue by the director on 30 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises 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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Go2 Music Academy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Go2 Music Academy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

259

75

 

Go2 Music Academy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

300

300

Additions

734

734

At 31 August 2023

1,034

1,034

Depreciation

At 1 September 2022

75

75

Charge for the year

259

259

At 31 August 2023

334

334

Carrying amount

At 31 August 2023

700

700

At 31 August 2022

225

225

6

Debtors

Current

2023
£

2022
£

Trade debtors

407

-

Other debtors

13,634

10,493

 

14,041

10,493

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

16,966

4,484

Trade creditors

 

(45)

(2,380)

Taxation and social security

 

4,721

1,717

Accruals and deferred income

 

466

-

 

22,108

3,821

8

Share capital

Allotted, called up and fully paid shares

 

Go2 Music Academy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2023

2022

No.

£

No.

£

Ordinary A of £0.01 each

2,500

25

2,500

25

Ordinary B of £0.01 each

2,500

25

2,500

25

Ordinary C of £0.01 each

2,500

25

2,500

25

Ordinary D of £0.01 each

2,500

25

2,500

25

10,000

100

10,000

100

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

16,966

4,484

10

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of £8.00 (2022 - £Nil) per each Ordinary A

20,000

-

 

 

11

Related party transactions

 

Go2 Music Academy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,750

10,750