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Registered Number: 05136083
England and Wales

 

 

 

GUITARS4YOU LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Guitars4You Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Guitars4You Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Guitars4You Limited , as a body, in accordance with the terms of our engagement letter dated 06 September 2024. Our work has been undertaken solely to prepare for your approval the accounts of Guitars4You Limited and state those matters that we have agreed to state to the Board of Directors of Guitars4You Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Guitars4You Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Guitars4You 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 Guitars4You Limited . You consider that Guitars4You 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 Guitars4You 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
31 March 2024



....................................................
SRB Accountancy Limited
The Lower Stables
Main Street, Sudbury
Ashbourne
Derbyshire
DE6 5HT
06 September 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,524    1,949 
1,524    1,949 
Current assets      
Stocks 106,373    118,499 
Cash at bank and in hand 14,224    18,774 
120,597    137,273 
Creditors: amount falling due within one year (43,943)   (29,780)
Net current assets 76,654    107,493 
 
Total assets less current liabilities 78,178    109,442 
Creditors: amount falling due after more than one year (5,896)   (11,354)
Net assets 72,282    98,088 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 72,280    98,086 
Shareholders' funds 72,282    98,088 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 06 September 2024 and were signed by:


-------------------------------
Mr M A Hopkin
Director
2
General Information
Guitars4You Limited is a private company, limited by shares, registered in England and Wales, registration number 05136083, registration address The Lower Stables, Main Street, Sudbury, Ashbourne, Derbyshire, DE6 5HT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: 
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 April 2023 3,053    3,808    6,861 
Additions    
Disposals    
At 31 March 2024 3,053    3,808    6,861 
Depreciation
At 01 April 2023 2,428    2,484    4,912 
Charge for year 94    331    425 
On disposals    
At 31 March 2024 2,522    2,815    5,337 
Net book values
Closing balance as at 31 March 2024 531    993    1,524 
Opening balance as at 01 April 2023 625    1,324    1,949 


4.

Share Capital

Authorised
2 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
 

3