Registered number
11810966
SAM OKELL MUSIC LTD
Filleted Accounts
31 March 2024
SAM OKELL MUSIC LTD
Registered number: 11810966
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,441,508 1,156,719
Current assets
Debtors 4 24,271 4,374
Investments held as current assets 5 6,946 6,946
Cash at bank and in hand 12,873 856
44,090 12,176
Creditors: amounts falling due within one year 6 (308,900) (215,707)
Net current liabilities (264,810) (203,531)
Total assets less current liabilities 1,176,698 953,188
Creditors: amounts falling due after more than one year 7 (635,768) (588,438)
Provisions for liabilities (18,500) (15,000)
Net assets 522,430 349,750
Capital and reserves
Called up share capital 1 1
Profit and loss account 522,429 349,749
Shareholder's funds 522,430 349,750
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Samuel James Okell
Director
Approved by the board on 22 July 2024
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Zennor Studio and Additions Nil
Instruments & Equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Zennor Studio and Additions Instruments & Equipment Total
£ £ £
Cost
At 1 April 2023 1,074,966 133,854 1,208,820
Additions 292,556 15,612 308,168
At 31 March 2024 1,367,522 149,466 1,516,988
Depreciation
At 1 April 2023 - 52,101 52,101
Charge for the year - 23,379 23,379
At 31 March 2024 - 75,480 75,480
Net book value
At 31 March 2024 1,367,522 73,986 1,441,508
At 31 March 2023 1,074,966 81,753 1,156,719
4 Debtors 2024 2023
£ £
Trade debtors 24,271 4,374
5 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 6,946 6,946
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 49,449 48,592
Taxation and social security costs 58,077 1,707
Director's Loan Account 200,129 164,253
Other creditors 1,245 1,155
308,900 215,707
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 312,768 323,438
Other creditors 323,000 265,000
635,768 588,438
The bank loan is repayable over 20 years and is secured on the Zennor Studio.
Other creditors comprises unsecured loans made to the Company on an interest free basis
with no fixed repayment term.
8 Other information
SAM OKELL MUSIC LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 Rosemundy
St Agnes
Cornwall
TR5 0UF
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