Found In Music Limited 04865692 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of supporting activities for performing arts Digita Accounts Production Advanced 6.30.9574.0 true true 04865692 2023-04-01 2024-03-31 04865692 2024-03-31 04865692 core:CapitalRedemptionReserve 2024-03-31 04865692 core:RetainedEarningsAccumulatedLosses 2024-03-31 04865692 core:ShareCapital 2024-03-31 04865692 core:CurrentFinancialInstruments 2024-03-31 04865692 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04865692 core:Non-currentFinancialInstruments 2024-03-31 04865692 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04865692 core:MotorVehicles 2024-03-31 04865692 core:PlantMachinery 2024-03-31 04865692 bus:SmallEntities 2023-04-01 2024-03-31 04865692 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04865692 bus:FilletedAccounts 2023-04-01 2024-03-31 04865692 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04865692 bus:RegisteredOffice 2023-04-01 2024-03-31 04865692 bus:Director1 2023-04-01 2024-03-31 04865692 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04865692 core:CapitalRedemptionReserve 2023-04-01 2024-03-31 04865692 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04865692 core:ShareCapital 2023-04-01 2024-03-31 04865692 core:MotorVehicles 2023-04-01 2024-03-31 04865692 core:PlantMachinery 2023-04-01 2024-03-31 04865692 countries:EnglandWales 2023-04-01 2024-03-31 04865692 2023-03-31 04865692 core:CapitalRedemptionReserve 2023-03-31 04865692 core:RetainedEarningsAccumulatedLosses 2023-03-31 04865692 core:ShareCapital 2023-03-31 04865692 core:MotorVehicles 2023-03-31 04865692 core:PlantMachinery 2023-03-31 04865692 2022-04-01 2023-03-31 04865692 2023-03-31 04865692 core:CapitalRedemptionReserve 2023-03-31 04865692 core:RetainedEarningsAccumulatedLosses 2023-03-31 04865692 core:ShareCapital 2023-03-31 04865692 core:CurrentFinancialInstruments 2023-03-31 04865692 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04865692 core:Non-currentFinancialInstruments 2023-03-31 04865692 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04865692 core:MotorVehicles 2023-03-31 04865692 core:PlantMachinery 2023-03-31 04865692 core:CapitalRedemptionReserve 2022-04-01 2023-03-31 04865692 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04865692 core:ShareCapital 2022-04-01 2023-03-31 04865692 2022-03-31 04865692 core:CapitalRedemptionReserve 2022-03-31 04865692 core:RetainedEarningsAccumulatedLosses 2022-03-31 04865692 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04865692

Found In Music Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Found In Music Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Found In Music Limited

Company Information

Director

Miss R L Meir

Registered office

1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Found In Music Limited

(Registration number: 04865692)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,895

559

Current assets

 

Debtors

5

19,309

20,325

Cash at bank and in hand

 

53,426

82,060

 

72,735

102,385

Creditors: Amounts falling due within one year

6

(33,338)

(41,081)

Net current assets

 

39,397

61,304

Total assets less current liabilities

 

41,292

61,863

Creditors: Amounts falling due after more than one year

6

(11,667)

(21,667)

Net assets

 

29,625

40,196

Capital and reserves

 

Called up share capital

42

42

Capital redemption reserve

58

58

Retained earnings

29,525

40,096

Shareholders' funds

 

29,625

40,196

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 October 2024
 

 

Found In Music Limited

(Registration number: 04865692)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Miss R L Meir
Director

   
     
 

Found In Music Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

42

58

40,096

40,196

Loss for the year

-

-

(10,571)

(10,571)

At 31 March 2024

42

58

29,525

29,625

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

85

15

98,882

98,982

Profit for the year

-

-

31,214

31,214

Purchase of own share capital

(43)

-

(90,000)

(90,043)

Other capital redemption reserve movements

-

43

-

43

At 31 March 2023

42

58

40,096

40,196

During the year the Company purchased and subsequenlty cancelled 425 ordinary 10p shares from Dr J Jones.

 

Found In Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Found In Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

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 receivables.

 

Found In Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade creditors

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Found In Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

5,957

4,000

9,957

Additions

1,667

-

1,667

At 31 March 2024

7,624

4,000

11,624

Depreciation

At 1 April 2023

5,522

3,876

9,398

Charge for the year

306

25

331

At 31 March 2024

5,828

3,901

9,729

Carrying amount

At 31 March 2024

1,796

99

1,895

At 31 March 2023

435

124

559

5

Debtors

Current

2024
£

2023
£

Trade debtors

19,309

20,325

 

19,309

20,325

 

Found In Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

16,748

16,437

Taxation and social security

 

5,550

7,533

Accruals and deferred income

 

11,040

6,000

Other creditors

 

-

11,111

 

33,338

41,081

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

11,667

21,667

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

21,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Directors current account

6,748

6,437

16,748

16,437

 

Found In Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

62,322

64,500