Registered number
02994313
S2K MUSIC LIMITED
Filleted Accounts
30 June 2024
S2K MUSIC LIMITED
Registered number: 02994313
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,185 9,562
Current assets
Debtors 4 5,764 -
Cash at bank and in hand 361,097 290,750
366,861 290,750
Creditors: amounts falling due within one year 5 (307,697) (216,515)
Net current assets 59,164 74,235
Net assets 65,349 83,797
Capital and reserves
Called up share capital 30,002 30,002
Profit and loss account 35,347 53,795
Shareholders' funds 65,349 83,797
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.
Laura Simone Young
Director
Approved by the board on 6 November 2024
S2K MUSIC LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
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 5 years
Fixtures, fittings, tools and equipment over 5 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.
Taxation
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Furniture, fixtures, tools and equipment Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 33,816 94,222 128,038
Additions 532 - 532
At 30 June 2024 34,348 94,222 128,570
Depreciation
At 1 July 2023 24,723 93,753 118,476
Charge for the year 3,727 182 3,909
At 30 June 2024 28,450 93,935 122,385
Net book value
At 30 June 2024 5,898 287 6,185
At 30 June 2023 9,093 469 9,562
4 Debtors 2024 2023
£ £
Other debtors 5,764 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,743 3,641
Taxation and social security costs 40,648 23,640
Other creditors 265,306 189,234
307,697 216,515
6 Other information
S2K MUSIC LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
4a The Avenue
Hamilton House
London
England
E4 9LD
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