REGISTERED NUMBER: |
Music Immersive Ltd |
Financial Statements |
for the period |
1 November 2022 to 30 April 2024 |
REGISTERED NUMBER: |
Music Immersive Ltd |
Financial Statements |
for the period |
1 November 2022 to 30 April 2024 |
Music Immersive Ltd (Registered number: 13671557) |
Contents of the Financial Statements |
for the period 1 November 2022 to 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Music Immersive Ltd |
Company Information |
for the period 1 November 2022 to 30 April 2024 |
Director: |
Registered office: |
Registered number: |
Music Immersive Ltd (Registered number: 13671557) |
Balance Sheet |
30 April 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Music Immersive Ltd (Registered number: 13671557) |
Notes to the Financial Statements |
for the period 1 November 2022 to 30 April 2024 |
1. | Statutory information |
Music Immersive Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts receivable for services provided in the year and is stated net of VAT. |
Tangible fixed assets |
Studio and Office Equipment | - |
Computer equipment | - |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Music Immersive Ltd (Registered number: 13671557) |
Notes to the Financial Statements - continued |
for the period 1 November 2022 to 30 April 2024 |
2. | Accounting policies - continued |
Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical judgements in applying the Company's accounting policies |
The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
(b) Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the Company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements. |
Financial instruments |
The Company has chosen to adopt Section 11 of FRS 102 in respect of basic financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price. |
Trade receivables are assets due from customers for services that have been provided in the ordinary course of business. Trade receivables are classified as current assets if receipt is expected within one year or less. If not, they are presented as non-current assets. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
3. | Employees and directors |
The average number of employees during the period was |
Music Immersive Ltd (Registered number: 13671557) |
Notes to the Financial Statements - continued |
for the period 1 November 2022 to 30 April 2024 |
4. | Tangible fixed assets |
Studio and |
Office | Computer |
Equipment | equipment | Totals |
£ | £ | £ |
Cost |
At 1 November 2022 |
Additions |
At 30 April 2024 |
Depreciation |
At 1 November 2022 |
Charge for period |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 31 October 2022 |
5. | Debtors: amounts falling due within one year |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
6. | Creditors: amounts falling due within one year |
2024 | 2022 |
£ | £ |
Trade creditors |
Tax |
VAT | 5,648 | - |
Other creditors |
Directors' current accounts | 47 | - |
Accruals and deferred income |
7. | Ultimate controlling party |
The ultimate controlling party is |