Company registration number 09513739 (England and Wales)
MUSICLOBSTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MUSICLOBSTER LIMITED
COMPANY INFORMATION
Director
Miss L A Sheils
Company number
09513739
Registered office
Frooition House
Unit E Silver End Business Park
Brettell Lane
Brierley Hill
West Midlands
DY5 3LG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MUSICLOBSTER LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MUSICLOBSTER LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MUSICLOBSTER LIMITED FOR THE YEAR ENDED 30 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Musiclobster Limited for the year ended 30 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Musiclobster Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Musiclobster Limited and state those matters that we have agreed to state to the board of directors of Musiclobster Limited, 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 Musiclobster Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Musiclobster Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Musiclobster Limited. You consider that Musiclobster Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Musiclobster Limited. 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 statutory financial statements.

Ormerod Rutter Limited
28 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MUSICLOBSTER LIMITED
BALANCE SHEET
AS AT 30 MARCH 2024
30 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
137,450
137,450
Tangible assets
5
1
1
137,451
137,451
Current assets
Stocks
52,950
52,950
Cash at bank and in hand
-
0
3,911
52,950
56,861
Creditors: amounts falling due within one year
6
(375,518)
(331,695)
Net current liabilities
(322,568)
(274,834)
Total assets less current liabilities
(185,117)
(137,383)
Creditors: amounts falling due after more than one year
7
-
0
(47,110)
Net liabilities
(185,117)
(184,493)
Capital and reserves
Called up share capital
9
1,255
1,255
Share premium account
49,923
49,923
Profit and loss reserves
(236,295)
(235,671)
Total equity
(185,117)
(184,493)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MUSICLOBSTER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024
30 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 October 2024
Miss L A Sheils
Director
Company registration number 09513739 (England and Wales)
MUSICLOBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 4 -
1
Accounting policies
Company information

Musiclobster Limited is a private company limited by shares incorporated in England and Wales. The registered office is Frooition House, Unit E Silver End Business Park, Brettell Lane, Brierley Hill, West Midlands, DY5 3LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software application developments
Nil
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% on cost
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

MUSICLOBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2
Exceptional costs/(income)
2024
2023
£
£
Irrecoverable loan written off
-
0
(55,000)

A connected company, AD Business Advisers Ltd, dissolved and the director has deemed the loan as non-repayable.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Intangible fixed assets
Software application developments
£
Cost
At 31 March 2023 and 30 March 2024
137,450
Amortisation and impairment
At 31 March 2023 and 30 March 2024
-
0
Carrying amount
At 30 March 2024
137,450
At 30 March 2023
137,450
MUSICLOBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 6 -
5
Tangible fixed assets
Computer equipment
£
Cost
At 31 March 2023 and 30 March 2024
2,994
Depreciation and impairment
At 31 March 2023 and 30 March 2024
2,993
Carrying amount
At 30 March 2024
1
At 30 March 2023
1
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,950
53,159
Other creditors
322,568
278,536
375,518
331,695
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
47,110
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
-
47,110
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
MUSICLOBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 7 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,045
1,045
1,045
1,045
Ordinary B of £1 each
116
116
116
116
Ordinary C of £1 each
94
94
94
94
1,255
1,255
1,255
1,255
10
Ultimate controlling party

The ultimate controlling party is Mr P L Molloy.

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