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Registration number: 05914312

Horus Music Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Horus Music Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Horus Music Limited

Company Information

Directors

N. Dunn

D. M. Smith

Registered office

346 Loughborough Road
Leicester
LE4 5PJ

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Horus Music Limited

(Registration number: 05914312)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

58,322

89,201

Other financial assets

6

-

57,421

 

58,322

146,622

Current assets

 

Stocks

7

150

150

Debtors

8

559,009

852,496

Cash at bank and in hand

 

389,609

558,506

 

948,768

1,411,152

Creditors: Amounts falling due within one year

9

(671,021)

(655,745)

Net current assets

 

277,747

755,407

Total assets less current liabilities

 

336,069

902,029

Provisions for liabilities

-

(14,000)

Net assets

 

336,069

888,029

Capital and reserves

 

Called up share capital

10

98

98

Share premium reserve

4,712

4,712

Capital redemption reserve

2

2

Retained earnings

331,257

883,217

Shareholders' funds

 

336,069

888,029

 

Horus Music Limited

(Registration number: 05914312)
Balance Sheet as at 31 December 2023

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

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
N. Dunn
Director

 

Horus Music Limited

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

1

General information

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

The address of its registered office is:
346 Loughborough Road
Leicester
LE4 5PJ

These financial statements were authorised for issue by the Board on 24 September 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 value added tax and discounts.

Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 

Horus Music Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

50% straight line

Furniture and fittings

25% straight line

Computer equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

25% straight line

 

Horus Music Limited

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

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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

 

Horus Music Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 17).

 

Horus Music Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

11,438

11,438

At 31 December 2023

11,438

11,438

Amortisation

At 1 January 2023

11,438

11,438

At 31 December 2023

11,438

11,438

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

 

Horus Music Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

324,365

324,365

Additions

15,944

15,944

Disposals

(8,228)

(8,228)

At 31 December 2023

332,081

332,081

Depreciation

At 1 January 2023

235,164

235,164

Charge for the year

46,321

46,321

Eliminated on disposal

(7,726)

(7,726)

At 31 December 2023

273,759

273,759

Carrying amount

At 31 December 2023

58,322

58,322

At 31 December 2022

89,201

89,201

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

-

57,421

7

Stocks

2023
£

2022
£

Merchandise

150

150

 

Horus Music Limited

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

8

Debtors

Current

2023
£

2022
£

Trade debtors

168,704

322,950

Prepayments

7,845

237,245

Other debtors

382,460

292,301

 

559,009

852,496

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

476,257

392,948

Amounts due to related parties

12

263

-

Social security and other taxes

 

17,456

13,656

Other creditors

 

168,986

239,073

Accruals

 

8,059

10,068

 

671,021

655,745

 

Horus Music Limited

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

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £0.01 each

5,499

54.99

5,499

54.99

Ordinary B of £0.01 each

900

9.00

900

9.00

Ordinary C of £0.01 each

950

9.50

950

9.50

Ordinary D of £0.01 each

2,501

25.01

2,501

25.01

9,850

98.50

9,850

98.50

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

42,000

42,000

Later than one year and not later than five years

94,500

136,500

136,500

178,500

 

Horus Music Limited

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

12

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

N. Dunn

Director's loan account

2,369

31,047

(33,679)

(263)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

N. Dunn

Director's loan account

(1,433)

6,722

(2,920)

2,369

Amounts owed by companies under common control of the directors amounted to £293,137 (2022 - £226,847) and amounts owed to companies under common control of the directors amounted to £16,987 (2022 - £34,735).

There was a management charge of £76,076 recieved during the year from a company under common control.