2023-03-01 05203766 2024-02-29 05203766 2023-03-01 2024-02-29 05203766 2023-02-28 05203766 2022-03-01 2023-02-28 05203766 uk-core:WithinOneYear 2023-02-28 05203766 uk-core:WithinOneYear 2024-02-29 05203766 uk-core:AfterOneYear 2023-02-28 05203766 uk-core:AfterOneYear 2024-02-29 05203766 uk-core:ShareCapital 2024-02-29 05203766 uk-core:ShareCapital 2023-02-28 05203766 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 05203766 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 05203766 uk-bus:Director1 2023-03-01 2024-02-29 05203766 uk-core:Goodwill 2023-02-28 05203766 uk-core:Goodwill 2024-02-29 05203766 uk-core:Goodwill 2023-03-01 2024-02-29 05203766 uk-core:WithinOneYear 2024-02-29 05203766 uk-core:WithinOneYear 2023-02-28 05203766 uk-core:AfterOneYear uk-core:Secured 2024-02-29 05203766 uk-core:AfterOneYear uk-core:Secured 2023-02-28 iso4217:GBP xbrli:pure 05203766 uk-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05203766 uk-bus:FRS102 2023-03-01 2024-02-29 05203766 uk-bus:FilletedAccounts 2023-03-01 2024-02-29 05203766 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29
Craig's Music Ltd
Registered Number:05203766
For the year ended 29 February 2024
England and Wales
Unaudited Financial Statements
2
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
3
Registered Number :
05203766
As at 29 February 2024
Craig's Music Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Intangible assets
20,000
22,500
2
Property, plant and equipment
326
435
3
20,326
22,935
Current assets
Inventories
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)
Capital and reserves
Called up share capital
100
100
Retained earnings
(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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4
Registered Number :
05203766
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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5
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.
Registered address:
3 Bell Yard
Bodmin
Cornwall
PL31 2JL
The presentation currency is £ sterling.
1. Accounting policies
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
Cost or valuation
£
At 01 March 2023
50,000
At 29 February 2024
50,000
Amortisation
At 01 March 2023
27,500
2,500
Charge for year
At 29 February 2024
30,000
Net book value
At 29 February 2024
20,000
At 28 February 2023
22,500
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6
For the year ended 29 February 2024
Craig's Music Ltd
Notes to the Financial Statements Continued
3. Property, plant and equipment
Plant and
Machinery
£
Cost or
valuation
At 01 March 2023
3,938
At 29 February 2024
3,938
Provision for depreciation and impairment
At 01 March 2023
3,503
Charge for year
109
At 29 February 2024
3,612
At 29 February 2024
Net book value
326
At 28 February 2023
435
4. Inventories
2023
2024
£
£
Stocks
27,500
32,600
5. Trade and other receivables
2023
2024
£
£
Other debtors
-
1,463
6. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
1,865
8,365
Trade creditors
10,229
15,208
Taxation and social security
61
-
Other creditors
102,405
92,279
114,560
115,852
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7
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
£
£
Bank loans and overdraft
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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