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Registered number: 08843210
Futurebound Music Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2
Notes to the Financial Statements 3—4
Page 1
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of Futurebound Music Ltd for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Futurebound Music Ltd for the year ended 31 January 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Futurebound Music Ltd , as a body, in accordance with the terms of our engagement letter dated 23 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Futurebound Music Ltd and state those matters that we have agreed to state to the director of Futurebound Music Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Futurebound Music Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Futurebound Music Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Futurebound Music Ltd . You consider that Futurebound Music Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Futurebound Music Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
ERC Accountants and Business Advisers Limited
30 October 2024
ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
Page 1
Page 2
Balance Sheet
Registered number: 08843210
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Debtors 4 1 -
Cash at bank and in hand - 24,774
1 24,774
Creditors: Amounts Falling Due Within One Year 5 - (20,898 )
NET CURRENT ASSETS (LIABILITIES) 1 3,876
TOTAL ASSETS LESS CURRENT LIABILITIES 1 3,876
NET ASSETS 1 3,876
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account - 3,875
SHAREHOLDERS' FUNDS 1 3,876
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr B C Collins
Director
30 October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Futurebound Music Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08843210 . The registered office is 42 Swanpool Lane, Aughton, Ormskirk, Lancashire, L39 5AZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.4. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
2.5. Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the
cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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2.6. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Debtors
2024 2023
£ £
Due within one year
Director's loan account 1 -
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax - 450
Accruals and deferred income - 2,114
Director's loan account - 18,334
- 20,898
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
7. Directors Advances, Credits and Guarantees
The directors advances from the prior period were repaid during the year. As at the year the amounts advanced to the director was £Nil.
8. Related Party Transactions
The following related party transactions were undertaken during the year:
During the period a director of the company introduced amounts totalling £30,556 (2023: £75,627) and withdrew amounts totalling £48,891 (2023: £53,124). At the balance sheet date the amount owed from the director was £1 (2023 amount owed to director: £18,334).
Dividends were paid to the director on respect of the shareholding totalling £Nil (2023: £Nil).
The aggregate remuneration paid to key management personnel for the year was £9,100 (2023: £8,970).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard' applicable in the UK and Republic of Ireland'. 
9. Break-Up Basis
The directors wish to prepare the financial statements on the break-up basis as they are to cease their major operations. The going concern basis is therefore not appropriate.
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