Company registration number 04387975 (England and Wales)
NORFOLK MUSIC PUBLISHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NORFOLK MUSIC PUBLISHING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NORFOLK MUSIC PUBLISHING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
102,069
102,069
Tangible assets
4
31,706
32,043
133,775
134,112
Current assets
Debtors
5
29,704
29,314
Cash at bank and in hand
3,026
8,673
32,730
37,987
Creditors: amounts falling due within one year
6
(28,240)
(25,040)
Net current assets
4,490
12,947
Total assets less current liabilities
138,265
147,059
Creditors: amounts falling due after more than one year
7
(869)
Net assets
138,265
146,190
Capital and reserves
Called up share capital
63,350
63,350
Revaluation reserve
8
156,068
156,068
Profit and loss reserves
(81,153)
(73,228)
Total equity
138,265
146,190
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NORFOLK MUSIC PUBLISHING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
Mr PA A Bonham
Director
Company registration number 04387975 (England and Wales)
NORFOLK MUSIC PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Norfolk Music Publishing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Hall Quay, Great Yarmouth, Norfolk, England, NR30 1HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Music & films
- 0% straight line
Shares
- 0% reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures & fittings
- 0% reducing balance
Computers
- 33% straight line
Motor vehicles
- 15% reducing balance
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
NORFOLK MUSIC PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
102,069
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
102,069
At 31 March 2023
102,069
NORFOLK MUSIC PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
33,724
Additions
1,392
At 31 March 2024
35,116
Depreciation and impairment
At 1 April 2023
1,681
Depreciation charged in the year
1,729
At 31 March 2024
3,410
Carrying amount
At 31 March 2024
31,706
At 31 March 2023
32,043
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,002
26,622
Amounts owed by group undertakings
113
113
Other debtors
1,589
2,579
29,704
29,314
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
793
Trade creditors
438
187
Taxation and social security
324
Other creditors
27,478
24,060
28,240
25,040
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
869
NORFOLK MUSIC PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
156,068
156,068