Root Music Limited |
Registered number: |
04302385 |
Directors' Report |
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The directors present their report and accounts for the year ended 31 October 2023. |
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Principal activities |
The company's principal activity during the year continued to be the promotion of events, tours and festivals and support of emerging musians regionally and nationally. |
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The principal activity during this financial year was the delivery of the final tours of the Music-Net touring partnership and the completion of the final Arts Council report. The tours were promoted in partnership with Band on the Wall and featured multi-instrumentalist Andrew Wasylyk and multi-award winning jazz pianist Fergus McCreadie. The Fergus McCredie tour was particularly successful with several sold out shows. This was due in part to his nomination for the Mercury Prize, which resulted in a great deal of additional media exposure. The final Arts Council report and project accounts were more complex than on previous occasions because of the impact of Covid and various locks downs. This meant that some of the ACE funding remained unspent – an unusual state of affairs which required detailed reporting. After the completion of the Music-Net touring project it was decided to take stock and undertake a period of low key future planning. This planning is now coming to fruition with several new projects in the pipeline. |
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Directors |
The following persons served as directors during the year: |
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Alan Braithwaite |
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Elizabeth Molyneux |
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Directors' responsibilities |
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. |
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Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: |
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select suitable accounting policies and then apply them consistently; |
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make judgements and estimates that are reasonable and prudent; |
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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This report was approved by the board on 30 October 2024 and signed by its order. |
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Jeremy Davies |
Secretary |
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Root Music Limited |
Accountants' Report |
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Accountants' report to the directors of |
Root Music Limited |
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You consider that the company is exempt from an audit for the year ended 31 October 2023. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year. |
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us. |
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. |
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Slade & Cooper Ltd |
Chartered Certified Accountants |
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Beehive Mill |
Jersey Street |
Manchester |
M4 6JG |
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30 October 2024 |
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Root Music Limited |
Registered number: |
04302385 |
Balance Sheet |
as at 31 October 2023 |
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Notes |
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2023 |
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2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
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294 |
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392 |
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Current assets |
Debtors |
4 |
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2,417 |
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3,021 |
Cash at bank and in hand |
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5,901 |
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61,766 |
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8,318 |
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64,787 |
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Creditors: amounts falling due within one year |
5 |
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(8,292) |
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(64,309) |
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Net current assets/(liabilities) |
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26 |
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478 |
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Net assets/(liabilities) |
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320 |
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870 |
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Capital and reserves |
Profit and loss account |
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320 |
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870 |
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Total funds |
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320 |
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870 |
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The directors are 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 directors acknowledge their 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. |
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Elizabeth Molyneux |
Director |
Approved by the board on 30 October 2024 |
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Root Music Limited |
Notes to the Accounts |
for the year ended 31 October 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
25% reducing balance basis |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 November 2022 |
2,945 |
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At 31 October 2023 |
2,945 |
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Depreciation |
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At 1 November 2022 |
2,553 |
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Charge for the year |
98 |
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At 31 October 2023 |
2,651 |
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Net book value |
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At 31 October 2023 |
294 |
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At 31 October 2022 |
392 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Other debtors |
2,417 |
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3,021 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
7,353 |
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13,977 |
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Other taxes and social security costs |
939 |
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1,516 |
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Other creditors |
- |
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48,816 |
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8,292 |
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64,309 |
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6 |
Other information |
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Root Music Limited is a private company limited by guarantee and incorporated in England No 4302385. Its registered office is: |
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7 Springmeadow Lane |
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Uppermill |
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Oldham |
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Lancashire |
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OL3 6EP |