Caseware UK (AP4) 2023.0.135 2023.0.135 falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01No description of principal activity11falsetrue 08035241 2023-05-01 2024-04-30 08035241 2022-05-01 2023-04-30 08035241 2024-04-30 08035241 c:Director1 2023-05-01 2024-04-30 08035241 2023-04-30 08035241 d:PlantMachinery 2023-05-01 2024-04-30 08035241 d:PlantMachinery 2024-04-30 08035241 d:PlantMachinery 2023-04-30 08035241 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08035241 d:OfficeEquipment 2023-05-01 2024-04-30 08035241 d:OfficeEquipment 2024-04-30 08035241 d:OfficeEquipment 2023-04-30 08035241 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08035241 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08035241 d:CurrentFinancialInstruments 2024-04-30 08035241 d:CurrentFinancialInstruments 2023-04-30 08035241 d:Non-currentFinancialInstruments 2024-04-30 08035241 d:Non-currentFinancialInstruments 2023-04-30 08035241 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 08035241 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 08035241 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 08035241 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 08035241 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 08035241 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 08035241 d:ShareCapital 2024-04-30 08035241 d:ShareCapital 2023-04-30 08035241 d:RetainedEarningsAccumulatedLosses 2024-04-30 08035241 d:RetainedEarningsAccumulatedLosses 2023-04-30 08035241 c:FRS102 2023-05-01 2024-04-30 08035241 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 08035241 c:FullAccounts 2023-05-01 2024-04-30 08035241 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08035241 2 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Company registration number: 08035241











ROB TAGGART MUSIC LTD
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 April 2024

















Coveney Nicholls Limited
Chartered Accountants & Statutory Auditor
The Old Wheel House
31/37 Church Street
Reigate
Surrey
UK
RH2 0AD

 
ROB TAGGART MUSIC LTD
Registered number:08035241

Balance Sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
33,041
16,083

  
33,041
16,083

Current assets
  

Debtors: amounts falling due within one year
  
174
120

Cash at bank and in hand
 6 
9,054
736

  
9,228
856

Creditors: amounts falling due within one year
 7 
(20,371)
(15,938)

Net current liabilities
  
 
 
(11,143)
 
 
(15,082)

Total assets less current liabilities
  
21,898
1,001

Creditors: amounts falling due after more than one year
 8 
(19,256)
-

  

Net assets
  
2,642
1,001


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
2,641
1,000

  
2,642
1,001


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 November 2024.


Page 1

 
ROB TAGGART MUSIC LTD
Registered number:08035241
    
Balance Sheet (continued)
As at 30 April 2024



Robert Taggart
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ROB TAGGART MUSIC LTD
 
 
Notes to the Financial Statements

For the Year Ended 30 April 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Wheel House, Church Street, reigate, Surrey, RH2 0AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
ROB TAGGART MUSIC LTD
 
 
Notes to the Financial Statements

For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
ROB TAGGART MUSIC LTD
 
 
Notes to the Financial Statements

For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 5

 
ROB TAGGART MUSIC LTD
 
 
Notes to the Financial Statements

For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
ROB TAGGART MUSIC LTD
 
 
Notes to the Financial Statements

For the Year Ended 30 April 2024

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
-
49,408
49,408


Additions
21,056
2,421
23,477


Disposals
-
(779)
(779)



At 30 April 2024

21,056
51,050
72,106



Depreciation


At 1 May 2023
-
33,325
33,325


Charge for the year on owned assets
2,104
4,216
6,320


Disposals
-
(580)
(580)



At 30 April 2024

2,104
36,961
39,065



Net book value



At 30 April 2024
18,952
14,089
33,041



At 30 April 2023
-
16,083
16,083


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
174
120

174
120



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
9,054
736

9,054
736


Page 7

 
ROB TAGGART MUSIC LTD
 
 
Notes to the Financial Statements

For the Year Ended 30 April 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,388
-

Trade creditors
-
(2)

Corporation tax
7,065
1,985

Other taxation and social security
2,282
168

Other creditors
3,750
10,963

Accruals and deferred income
2,886
2,824

20,371
15,938



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
19,256
-

19,256
-



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,388
-


4,388
-

Amounts falling due 1-2 years

Bank loans
19,256
-


19,256
-



23,644
-



10.
Director's advances, credits and guarantees
Page 8

 
ROB TAGGART MUSIC LTD
 
 
Notes to the Financial Statements

For the Year Ended 30 April 2024


2024

Balance brought forward 
Advances/(credits) to the directors
Amounts repaid
Balance outstanding

£
£
£
£

Mr R Taggart 
(10,910)
22,739
(15,079)
(3,251)

Balance brought forward 
Advances/(credits) to the directors
Amounts repaid
Balance outstanding

£
£
£
£

Mr R Taggart 
(4,887)
3,821
(9,843)
(10,910)

 
Page 9