2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,186 10,671 93 10,764 422 515 xbrli:pure xbrli:shares iso4217:GBP 06522272 2023-04-01 2024-03-31 06522272 2024-03-31 06522272 2023-03-31 06522272 2022-04-01 2023-03-31 06522272 2023-03-31 06522272 2022-03-31 06522272 core:FurnitureFittings 2023-04-01 2024-03-31 06522272 bus:Director1 2023-04-01 2024-03-31 06522272 core:FurnitureFittings 2023-03-31 06522272 core:FurnitureFittings 2024-03-31 06522272 core:WithinOneYear 2024-03-31 06522272 core:WithinOneYear 2023-03-31 06522272 core:ShareCapital 2024-03-31 06522272 core:ShareCapital 2023-03-31 06522272 core:RetainedEarningsAccumulatedLosses 2024-03-31 06522272 core:RetainedEarningsAccumulatedLosses 2023-03-31 06522272 core:FurnitureFittings 2023-03-31 06522272 bus:Director1 2023-03-31 06522272 bus:Director1 2024-03-31 06522272 bus:Director1 2022-03-31 06522272 bus:Director1 2023-03-31 06522272 bus:Director1 2022-04-01 2023-03-31 06522272 bus:SmallEntities 2023-04-01 2024-03-31 06522272 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06522272 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06522272 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06522272 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 06522272
Music Inn Instruments Limited
Filleted Unaudited Financial Statements
31 March 2024
Music Inn Instruments Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
340
548
Tangible assets
6
422
515
----
-------
762
1,063
Current assets
Stocks
18,592
16,885
Debtors
7
7,973
6,152
Cash at bank and in hand
24,983
37,480
--------
--------
51,548
60,517
Creditors: amounts falling due within one year
8
23,320
29,761
--------
--------
Net current assets
28,228
30,756
--------
--------
Total assets less current liabilities
28,990
31,819
Provisions
Taxation including deferred tax
145
202
--------
--------
Net assets
28,845
31,617
--------
--------
Capital and reserves
Called up share capital
101
101
Profit and loss account
28,744
31,516
--------
--------
Shareholders funds
28,845
31,617
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 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:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Music Inn Instruments Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mrs B Orellana
Director
Company registration number: 06522272
Music Inn Instruments Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
15% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Website
£
Cost
At 1 April 2023 and 31 March 2024
2,902
-------
Amortisation
At 1 April 2023
2,354
Charge for the year
208
-------
At 31 March 2024
2,562
-------
Carrying amount
At 31 March 2024
340
-------
At 31 March 2023
548
-------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
11,186
11,186
--------
--------
Depreciation
At 1 April 2023
10,671
10,671
Charge for the year
93
93
--------
--------
At 31 March 2024
10,764
10,764
--------
--------
Carrying amount
At 31 March 2024
422
422
--------
--------
At 31 March 2023
515
515
--------
--------
7. Debtors
2024
2023
£
£
Other debtors
7,973
6,152
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,342
21,639
Corporation tax
230
427
Social security and other taxes
5,411
4,672
Other creditors
2,337
3,023
--------
--------
23,320
29,761
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs B Orellana
( 609)
5,377
( 4,125)
643
----
-------
-------
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs B Orellana
3,694
305
( 4,608)
( 609)
-------
----
-------
----
The director's loans are interest free and repayable on demand.