Registered Number:05203766 |
For the year ended 29 February 2024
England and Wales
Unaudited Financial Statements
For the year ended 29 February 2024
Craig's Music Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Craig's Music Ltd
Statement of Financial Position
2023
2024
20,000
22,500
2
Property, plant and equipment |
326
435
3
20,326
22,935
32,600
27,500
4
Trade and other receivables |
1,463
-
5
188
Cash and cash equivalents |
1,637
29,137
34,251
Trade and other payables: amounts falling due within one |
year |
(115,852)
(114,560)
6
(81,601)
(85,423)
Net current liabilities
Total assets less current liabilities |
(65,097)
(58,666)
Trade and other payables: amounts falling due after more |
than one year |
(11,692)
(10,155)
7
(75,252)
Net liabilities
(70,358)
100
100
(75,352)
(70,458)
(75,252)
(70,358)
Shareholders' funds
For the year ended 29 February 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006 |
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
Mr Nigel Victor Savage Director |
These financial statements were approved and authorised for issue by the Board on 25 November 2024 and were signed by: |
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For the year ended 29 February 2024
Craig's Music Ltd
Statement of Financial Position Continued
The notes form part of these financial statements |
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For the year ended 29 February 2024
Craig's Music Ltd
Notes to the Financial Statements
Statutory Information
Craig's Music Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number |
05203766. |
3 Bell Yard
Bodmin
Cornwall
PL31 2JL
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Going Concern
The financial statements have been prepared on a going concern basis. |
The company has incurred losses in current and previous years resulting in negative retained earnings. The total |
liabilities exceed total assets by £75,252 as at 29th February 2024, however the director considers that the going |
concern basis is appropriate. The company is supported in meeting its day to day working capital requirements by its |
shareholder, Mr Nigel Savage. Mr Savage has confirmed that he shall not draw down balances due to him such that |
there will be an insufficiency of working capital in the company. In addition, should there remain an excess of net |
liabilities, Mr Savage will enable the company to continue to meet its obligations to third parties ahead of himself. |
The director has considered the cash flow and profit forecasts in excess of one year forward and the strategies for |
restoring the company to profitability. On the basis of this and continued support from its shareholders, the director is |
of the opinion that the company will be able to continue to operate as a going concern, and therefore that this basis |
of preparation of the financial statements is appropriate. |
2. Intangible fixed assets |
Goodwill
50,000
50,000
27,500
2,500
Charge for year
30,000
20,000
22,500
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For the year ended 29 February 2024
Craig's Music Ltd
Notes to the Financial Statements Continued
3. Property, plant and equipment |
3,938
3,938
Provision for depreciation and impairment |
3,503
Charge for year
109
3,612
326
435
2023
2024
27,500
32,600
5. Trade and other receivables |
2023
2024
-
1,463
6. Trade and other payables: amounts falling due within one year |
2023
2024
1,865
8,365
10,229
15,208
Taxation and social security |
61
-
102,405
92,279
114,560
115,852
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For the year ended 29 February 2024
Craig's Music Ltd
Notes to the Financial Statements Continued
7. Trade and other payables: amounts falling due after more than one year |
2023
2024
10,155
11,692
8. Average number of persons employed |
During the year the average number of employees was 1 (2023 : 1)
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