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REGISTERED NUMBER: 13451751 (England and Wales)















King Lear Music & Sound Limited

Unaudited Financial Statements For The Year Ended 30 June 2024






King Lear Music & Sound Limited (Registered number: 13451751)






Contents of the Financial Statements
For The Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


King Lear Music & Sound Limited

Company Information
For The Year Ended 30 June 2024







DIRECTORS: E Downham
J Sedgwick
D Macdiarmid
Miss S Giles





REGISTERED OFFICE: Third Floor, 118 Commercial Street
London
E1 6NF





REGISTERED NUMBER: 13451751 (England and Wales)

King Lear Music & Sound Limited (Registered number: 13451751)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 367,649 211,617

CURRENT ASSETS
Debtors 5 405,167 302,153
Cash at bank 321,539 262,575
726,706 564,728
CREDITORS
Amounts falling due within one year 6 (396,288 ) (308,238 )
NET CURRENT ASSETS 330,418 256,490
TOTAL ASSETS LESS CURRENT
LIABILITIES

698,067

468,107

CREDITORS
Amounts falling due after more than one
year

7

(37,384

)

(77,085

)
NET ASSETS 660,683 391,022

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 660,679 391,018
660,683 391,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

King Lear Music & Sound Limited (Registered number: 13451751)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





D Macdiarmid - Director


King Lear Music & Sound Limited (Registered number: 13451751)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

King Lear Music & Sound Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 4 ) .

King Lear Music & Sound Limited (Registered number: 13451751)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 88,248 211,247 299,495
Additions 126,533 105,967 232,500
At 30 June 2024 214,781 317,214 531,995
DEPRECIATION
At 1 July 2023 11,893 75,985 87,878
Charge for year 16,196 60,272 76,468
At 30 June 2024 28,089 136,257 164,346
NET BOOK VALUE
At 30 June 2024 186,692 180,957 367,649
At 30 June 2023 76,355 135,262 211,617

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 211,556 155,514
Other debtors 193,611 146,639
405,167 302,153

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 41,103 29,108
Trade creditors 41,097 6,524
Taxation and social security 219,827 128,707
Other creditors 94,261 143,899
396,288 308,238

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 37,384 19,405
Other creditors - 57,680
37,384 77,085

8. RELATED PARTY DISCLOSURES

During the year the company paid £293,400 dividends to the directors (2023 - £194,000).

As at the year end the company owed £77,761 to the directors (2023 - £99,174).