Company Registration No. 03617782 (England and Wales)
Movement, Sound & Lighting Limited
Unaudited accounts
for the year ended 30 September 2023
Movement, Sound & Lighting Limited
Unaudited accounts
Contents
Movement, Sound & Lighting Limited
Company Information
for the year ended 30 September 2023
Directors
Mr K A Cresswell
Mr B Cresswell
Company Number
03617782 (England and Wales)
Registered Office
HIGHLAND HOUSE, MAYFLOWER CLOSE
CHANDLER'S FORD
EASTLEIGH
HAMPSHIRE
SO53 4AR
Movement, Sound & Lighting Limited
Statement of financial position
as at 30 September 2023
Intangible assets
51,580
74,983
Tangible assets
15,377
21,022
Investment property
250,000
192,507
Inventories
647,496
790,551
Cash at bank and in hand
48,562
123,594
Creditors: amounts falling due within one year
(633,536)
(722,376)
Net current assets
94,687
222,037
Total assets less current liabilities
411,644
510,549
Creditors: amounts falling due after more than one year
(210,426)
(351,310)
Provisions for liabilities
Net assets
186,845
159,239
Called up share capital
100
100
Fair value reserve
43,120
-
Profit and loss account
143,625
159,139
Shareholders' funds
186,845
159,239
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by
Mr K A Cresswell
Director
Company Registration No. 03617782
Movement, Sound & Lighting Limited
Notes to the Accounts
for the year ended 30 September 2023
Movement, Sound & Lighting Limited is a private company, limited by shares, registered in England and Wales, registration number 03617782. The registered office is HIGHLAND HOUSE, MAYFLOWER CLOSE, CHANDLER'S FORD, EASTLEIGH, HAMPSHIRE, SO53 4AR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below
The accounts are presented in £ sterling.
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer.
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Website are being amortised evenly over their estimated useful life of ten years.
These comprise expenditure at cost on the company's website, which is being amortised evenly over its estimated economic life of ten years.
Movement, Sound & Lighting Limited
Notes to the Accounts
for the year ended 30 September 2023
Tangible fixed assets and depreciation
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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Computer equipment
15% Reducing balance
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.
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.
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Movement, Sound & Lighting Limited
Notes to the Accounts
for the year ended 30 September 2023
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Business Interruption Payment (BIP) under the Coronavirus Business Interruption Loan schemes:
The BIP is payable in respect of the loan interest for the first 12 months, together with any related fees. The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred. The company has also benefited from the UK government's provision of security for 80% of the loan.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 October 2022
5,000
229,034
234,034
At 30 September 2023
5,000
229,034
234,034
At 1 October 2022
3,000
156,051
159,051
Charge for the year
500
22,903
23,403
At 30 September 2023
3,500
178,954
182,454
At 30 September 2023
1,500
50,080
51,580
At 30 September 2022
2,000
72,983
74,983
Movement, Sound & Lighting Limited
Notes to the Accounts
for the year ended 30 September 2023
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2022
42,542
10,091
22,191
74,824
Disposals
(13,417)
-
(16,746)
(30,163)
At 30 September 2023
29,125
10,091
6,493
45,709
At 1 October 2022
30,182
7,018
16,602
53,802
Charge for the year
3,090
461
995
4,546
On disposals
(13,362)
-
(14,654)
(28,016)
At 30 September 2023
19,910
7,479
2,943
30,332
At 30 September 2023
9,215
2,612
3,550
15,377
At 30 September 2022
12,360
3,073
5,589
21,022
Fair value at 1 October 2022
192,507
Net gain from fair value adjustments
57,493
At 30 September 2023
250,000
Amounts falling due within one year
Trade debtors
32,165
30,268
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
79,301
59,294
Obligations under finance leases and hire purchase contracts
23,733
3,739
Trade creditors
319,280
377,299
Taxes and social security
17,010
21,437
Other creditors
194,212
260,607
Movement, Sound & Lighting Limited
Notes to the Accounts
for the year ended 30 September 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
210,426
327,577
Obligations under finance leases and hire purchase contracts
-
23,733
Included within creditors are secured debts totalling £299,695 (2022: £414,343)
Bank loans are secured by way of a fixed and floating charge over the company's assets.
10
Average number of employees
During the year the average number of employees was 8 (2022: 9).