Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31false2023-02-01falsethe sale and distribution of printed music55trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04363029 2023-02-01 2024-01-31 04363029 2022-02-01 2023-01-31 04363029 2024-01-31 04363029 2023-01-31 04363029 c:Director2 2023-02-01 2024-01-31 04363029 d:FurnitureFittings 2023-02-01 2024-01-31 04363029 d:FurnitureFittings 2024-01-31 04363029 d:FurnitureFittings 2023-01-31 04363029 d:CurrentFinancialInstruments 2024-01-31 04363029 d:CurrentFinancialInstruments 2023-01-31 04363029 d:Non-currentFinancialInstruments 2024-01-31 04363029 d:Non-currentFinancialInstruments 2023-01-31 04363029 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 04363029 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 04363029 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 04363029 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 04363029 d:ShareCapital 2024-01-31 04363029 d:ShareCapital 2023-01-31 04363029 d:RetainedEarningsAccumulatedLosses 2024-01-31 04363029 d:RetainedEarningsAccumulatedLosses 2023-01-31 04363029 c:OrdinaryShareClass1 2023-02-01 2024-01-31 04363029 c:OrdinaryShareClass1 2024-01-31 04363029 c:OrdinaryShareClass1 2023-01-31 04363029 c:FRS102 2023-02-01 2024-01-31 04363029 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 04363029 c:FullAccounts 2023-02-01 2024-01-31 04363029 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04363029 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04363029









THE MUSIC TRADING COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
THE MUSIC TRADING COMPANY LIMITED
REGISTERED NUMBER: 04363029

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
-

Current assets
  

Stocks
 5 
43,091
45,652

Debtors: amounts falling due within one year
 6 
1,606
1,963

Cash at bank and in hand
 7 
112
521

  
44,809
48,136

Creditors: amounts falling due within one year
 8 
(19,024)
(18,613)

Net current assets
  
 
 
25,785
 
 
29,523

Total assets less current liabilities
  
25,785
29,523

Creditors: amounts falling due after more than one year
 9 
(96,499)
(87,438)

  

Net liabilities
  
(70,714)
(57,915)


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
  
(71,714)
(58,915)

  
(70,714)
(57,915)


Page 1

 
THE MUSIC TRADING COMPANY LIMITED
REGISTERED NUMBER: 04363029
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T R Gill Esq
Director

Date: 7 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
THE MUSIC TRADING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The company is a limited liability company, incorporated in England and Wales with its registered office at Cliffe House, Thanes Lane, Motcombe, Dorset SP7 9LE. The principal activity of the company is the sale and distribution of printed music. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements from loans provided by a director, T R Gill Esq, who has confirmed that this support will continue for as long as it is required. 
The financial statements are therefore produced on a going concern basis and do not include any adjustments that may be necessary should the support be withdrawn. 

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
THE MUSIC TRADING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Fixtures & Fittings
-
20%
straight line.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
THE MUSIC TRADING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 5

 
THE MUSIC TRADING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Fixtures & Fittings

£



Cost or valuation


At 1 February 2023
2,453



At 31 January 2024

2,453



Depreciation


At 1 February 2023
2,453



At 31 January 2024

2,453



Net book value



At 31 January 2024
-



At 31 January 2023
-


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
43,091
45,652

43,091
45,652



6.


Debtors

2024
2023
£
£


Trade debtors
454
1,077

Other debtors
1,056
798

Prepayments and accrued income
96
88

1,606
1,963


Page 6

 
THE MUSIC TRADING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
112
521



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
823
412

Other creditors
15,001
15,001

Accruals and deferred income
3,200
3,200

19,024
18,613



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
96,499
87,438



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


 
Page 7