Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falsehire and retail of musical instruments11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02107888 2023-04-01 2024-03-31 02107888 2022-04-01 2023-03-31 02107888 2024-03-31 02107888 2023-03-31 02107888 2022-04-01 02107888 c:Director1 2023-04-01 2024-03-31 02107888 d:FurnitureFittings 2023-04-01 2024-03-31 02107888 d:FurnitureFittings 2024-03-31 02107888 d:FurnitureFittings 2023-03-31 02107888 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02107888 d:OfficeEquipment 2023-04-01 2024-03-31 02107888 d:OfficeEquipment 2024-03-31 02107888 d:OfficeEquipment 2023-03-31 02107888 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02107888 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02107888 d:CurrentFinancialInstruments 2024-03-31 02107888 d:CurrentFinancialInstruments 2023-03-31 02107888 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02107888 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02107888 d:ShareCapital 2024-03-31 02107888 d:ShareCapital 2023-03-31 02107888 d:RetainedEarningsAccumulatedLosses 2024-03-31 02107888 d:RetainedEarningsAccumulatedLosses 2023-03-31 02107888 c:FRS102 2023-04-01 2024-03-31 02107888 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02107888 c:FullAccounts 2023-04-01 2024-03-31 02107888 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02107888 2 2023-04-01 2024-03-31 02107888 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02107888 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02107888 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02107888









ABC MUSIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ABC MUSIC LIMITED
REGISTERED NUMBER: 02107888

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,733
2,960

Investments
 5 
163,100
163,100

  
166,833
166,060

Current assets
  

Stocks
 6 
4,750
4,750

Debtors: amounts falling due within one year
 7 
1,549,347
1,570,196

Cash at bank and in hand
 8 
318,059
296,865

  
1,872,156
1,871,811

Creditors: amounts falling due within one year
 9 
(426,304)
(412,043)

Net current assets
  
 
 
1,445,852
 
 
1,459,768

Total assets less current liabilities
  
1,612,685
1,625,828

Provisions for liabilities
  

Deferred tax
  
(326)
(461)

Net assets
  
1,612,359
1,625,367


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,612,259
1,625,267

  
1,612,359
1,625,367


Page 1

 
ABC MUSIC LIMITED
REGISTERED NUMBER: 02107888
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2024.




M P Joseph
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ABC MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

ABC Music Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 1 Ramornie Close, Hersham, Surrey, KT12 4NQ.
The principal activity of the Company continues to be that of hire and retail of musical instruments.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
ABC MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Fixtures and fittings
-
10% on cost
Office equipment
-
10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.4

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

 
2.5

Associates

Associates are held at cost less impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short term creditors are measured at the transaction price

Page 4

 
ABC MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Interest income

Interest on cash deposits is recognised as received. Other interest income is recognised in the Statement of income and retained earnings using the effective interest method. 

 
2.12

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of income and retained earnings on a straight-line basis over the lease term.

Page 5

 
ABC MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 April 2023
85,297
63,255
148,552


Additions
-
1,547
1,547



At 31 March 2024

85,297
64,802
150,099



Depreciation


At 1 April 2023
85,297
60,295
145,592


Charge for the year on owned assets
-
774
774



At 31 March 2024

85,297
61,069
146,366



Net book value



At 31 March 2024
-
3,733
3,733



At 31 March 2023
-
2,960
2,960

Page 6

 
ABC MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost


At 1 April 2023
100
163,000
163,100



At 31 March 2024

100
163,000
163,100






Net book value



At 31 March 2024
100
163,000
163,100



At 31 March 2023
100
163,000
163,100


6.


Stocks

2024
2023
£
£

Goods for resale
4,750
4,750



7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,549,347
1,570,196



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
318,059
296,865


Page 7

 
ABC MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
2,401
4,113

Other taxation and social security
444
526

Other creditors
413,459
396,404

Accruals and deferred income
10,000
11,000

426,304
412,043



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(461)
(516)


Charged to the Statement of comprehensive income
135
55



At end of year
(326)
(461)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(326)
(461)

Page 8

 
ABC MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


11.


Pension commitments

The pension charge represents contributions payable by the Company to the defined contribution pension plan and amounted to £Nil (2023 - £2,000). An amount of £Nil (2023 - £Nil) was payable at the year end.


12.


Controlling party

The Company is under control of M P Joseph, by virtue of the ownership of the majority of the equity shares issued in ABC Music Holdings Limited, the parent company, a company registered in England and Wales.

 
Page 9