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REGISTERED NUMBER: 08615775 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Music Education Technologies Limited

Music Education Technologies Limited (Registered number: 08615775)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Music Education Technologies Limited (Registered number: 08615775)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,164 1,552

CURRENT ASSETS
Debtors 5 38,514 30,931
Cash at bank and in hand 2,714 23,838
41,228 54,769
CREDITORS
Amounts falling due within one year 6 (98,389 ) (58,913 )
NET CURRENT LIABILITIES (57,161 ) (4,144 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(55,997

)

(2,592

)

CREDITORS
Amounts falling due after more than one year 7 (13,715 ) (19,876 )
NET LIABILITIES (69,712 ) (22,468 )

CAPITAL AND RESERVES
Called up share capital 176 176
Share premium 1,050,582 1,050,582
Retained earnings (1,120,470 ) (1,073,226 )
(69,712 ) (22,468 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Music Education Technologies Limited (Registered number: 08615775)

Balance Sheet - continued
31 December 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





T Rogers - Director


Music Education Technologies Limited (Registered number: 08615775)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Music Education Technologies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08615775

Registered office: 83 Lavender Hill
London
SW11 5QL

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net income received from online sales, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Current 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.

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.

Going concern
The balance sheet at the end of the year recorded net current liabilities. However the company is actively raising funds and has successfully secured 60% of its target amount, providing essential capital for ongoing operations and strategic initiatives. Furthermore, the company is engaged in significant contract negotiations with key partners to expand its exam system in China, while also aiming to increase sales of the existing system globally. The recent shift to a subscription-based business model has resulted in significantly improved customer metrics, with a projected 2-3x increase in customer lifetime value. These factors collectively support our positive outlook for the company's financial health and operational sustainability. Therefore, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Music Education Technologies Limited (Registered number: 08615775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 7,558
DEPRECIATION
At 1 January 2023 6,006
Charge for year 388
At 31 December 2023 6,394
NET BOOK VALUE
At 31 December 2023 1,164
At 31 December 2022 1,552

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,956 3,334
Other debtors 19,558 27,597
38,514 30,931

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,289 11,251
Trade creditors 28,684 20,536
Taxation and social security 8,118 4,433
Other creditors 50,298 22,693
98,389 58,913

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 13,715 19,876

8. CONTINGENT LIABILITIES

The company is subject to an HMRC enquiry into the previous year Research & Development tax credit claim. This is currently disputed with HMRC and the enquiry is ongoing. Should the company lose the case it is liable to repay up to £60,166 plus interest and penalties. As the outcome is uncertain no provision for this liability is included in these accounts.

Music Education Technologies Limited (Registered number: 08615775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. POST BALANCE SHEET EVENTS

The company has received £37,990 within the current account period and has received a further £64,838.20 investment after date in June 2024.