Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 10004374 Mr J Lundgren Mrs M C Ronning Lundgren iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10004374 2023-02-28 10004374 2024-02-28 10004374 2023-03-01 2024-02-28 10004374 frs-core:CurrentFinancialInstruments 2024-02-28 10004374 frs-core:Non-currentFinancialInstruments 2024-02-28 10004374 frs-core:ShareCapital 2024-02-28 10004374 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 10004374 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 10004374 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 10004374 frs-bus:SmallEntities 2023-03-01 2024-02-28 10004374 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 10004374 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 10004374 frs-core:UnlistedNon-exchangeTraded 2024-02-28 10004374 frs-core:UnlistedNon-exchangeTraded 2023-02-28 10004374 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-02-28 10004374 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-02-28 10004374 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-02-28 10004374 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-28 10004374 frs-bus:Director1 2023-03-01 2024-02-28 10004374 frs-bus:CompanySecretary1 2023-03-01 2024-02-28 10004374 frs-countries:EnglandWales 2023-03-01 2024-02-28 10004374 2022-02-28 10004374 2023-02-28 10004374 2022-03-01 2023-02-28 10004374 frs-core:CurrentFinancialInstruments 2023-02-28 10004374 frs-core:Non-currentFinancialInstruments 2023-02-28 10004374 frs-core:ShareCapital 2023-02-28 10004374 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 10004374
Kingsmere Music Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10004374
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 1,300 1,300
1,300 1,300
CURRENT ASSETS
Debtors 5 1,410,159 1,437,799
Cash at bank and in hand 3,154 10,941
1,413,313 1,448,740
Creditors: Amounts Falling Due Within One Year 6 (9,329 ) (9,649 )
NET CURRENT ASSETS (LIABILITIES) 1,403,984 1,439,091
TOTAL ASSETS LESS CURRENT LIABILITIES 1,405,284 1,440,391
Creditors: Amounts Falling Due After More Than One Year 7 (1,401,311 ) (1,429,777 )
NET ASSETS 3,973 10,614
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 3,873 10,514
SHAREHOLDERS' FUNDS 3,973 10,614
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For the year ending 28 February 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 J Lundgren
Director
11/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kingsmere Music Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10004374 . The registered office is Office 44 A30 Business Centre, Okehampton, Devon, EX20 1BG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Financial Instruments
Debt instruments are repayable with notice of 12 months and 1 day, and are therefore measured at transaction price.
2.3. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Investments in associates
Investments in associate undertakings are recognised at cost, but are reviewed annually for impairment.
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3. Average Number of Employees
Average number of employees during the year was as follows: NIL (2023: NIL)
- -
4. Investments
Unlisted
£
Cost
As at 1 March 2023 1,300
As at 28 February 2024 1,300
Provision
As at 1 March 2023 -
As at 28 February 2024 -
Net Book Value
As at 28 February 2024 1,300
As at 1 March 2023 1,300
Fixed asset investments represents the company's 50% share in a company registered in Spain, Palma Music Studios (PMS).
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 2,529 2,610
Due after more than one year
Other debtors 1,407,630 1,435,189
1,410,159 1,437,799
Included in debtors due in more than one year is a loan to PMS, a Spanish company in which the company holds 50% of the shares. The loan was made to assist the Spanish company in the acquisition of the land on which to build recording studios. Interest is payable on the loan at 1% per annum. There are no fixed repayment terms, but the company has agreed that notice of 12 months and 1 day would be given if repayment was required. The loan is secured over the Spanish company's assets.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 -
Other creditors 9,324 9,323
Taxation and social security 4 326
9,329 9,649
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 1,401,311 1,429,777
Included in other creditors is a loan made by the director to the company. The majority of this balance relates to the sum that the company has loaned to PMS, as outlined in note 4 above. The PMS loan was made in euros, and therefore has been restated at the exchange rate applicable at the balance sheet date, with a corresponding entry made to the director's loan balance. There are no fixed repayment terms of the director's loan, but the director has confirmed that he would give 12 months and 1 day's notice when the loan was required to be repaid. 
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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