Registered number
02441146
House Music Limited
Filleted Accounts
31 December 2023
House Music Limited
Registered number: 02441146
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 340,426 340,426
Investments 4 200 200
340,626 340,626
Current assets
Stocks 60,000 50,000
Debtors 5 137,225 91,359
Investments held as current assets 6 320 320
Cash at bank and in hand 188,682 125,236
386,227 266,915
Creditors: amounts falling due within one year 7 (567,716) (491,025)
Net current liabilities (181,489) (224,110)
Net assets 159,137 116,516
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 158,137 115,516
Shareholders' funds 159,137 116,516
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 members have 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. The profit and loss account has not been delivered to the Registrar of Companies.
…..............................
D B Moorhouse
Director
Approved by the board on 30 October 2024
House Music Limited
Notes to the Accounts
for the year ended 31 December 2023
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:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 340,426
At 31 December 2023 340,426
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 340,426
At 31 December 2022 340,426
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 200
At 31 December 2023 200
5 Debtors 2023 2022
£ £
Trade debtors 76,032 64,787
Other debtors 61,193 26,572
137,225 91,359
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 320 320
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 178,475 170,799
Trade creditors 247,020 41,907
Amounts owed to group undertakings and undertakings in which the company has a participating interest 72,932 72,932
Taxation and social security costs 58,638 69,920
Other creditors 10,651 135,467
567,716 491,025
8 Other information
House Music Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Meadow Road
Pinner
Middlesex
HA5 1EB
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