Music Go Round Ltd 06838671 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is music services. Digita Accounts Production Advanced 6.30.9574.0 true true 06838671 2023-04-01 2024-03-31 06838671 2024-03-31 06838671 bus:Director1 1 2024-03-31 06838671 core:CurrentFinancialInstruments 2024-03-31 06838671 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06838671 core:Non-currentFinancialInstruments 2024-03-31 06838671 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06838671 core:FurnitureFittingsToolsEquipment 2024-03-31 06838671 bus:SmallEntities 2023-04-01 2024-03-31 06838671 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06838671 bus:FilletedAccounts 2023-04-01 2024-03-31 06838671 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06838671 bus:RegisteredOffice 2023-04-01 2024-03-31 06838671 bus:Director1 2023-04-01 2024-03-31 06838671 bus:Director1 1 2023-04-01 2024-03-31 06838671 bus:Director3 2023-04-01 2024-03-31 06838671 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06838671 bus:Agent1 2023-04-01 2024-03-31 06838671 core:FurnitureFittings 2023-04-01 2024-03-31 06838671 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06838671 countries:AllCountries 2023-04-01 2024-03-31 06838671 2023-03-31 06838671 bus:Director1 1 2023-03-31 06838671 core:FurnitureFittingsToolsEquipment 2023-03-31 06838671 2022-04-01 2023-03-31 06838671 2023-03-31 06838671 core:CurrentFinancialInstruments 2023-03-31 06838671 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06838671 core:Non-currentFinancialInstruments 2023-03-31 06838671 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06838671 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06838671

Music Go Round Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

image-name
 

Music Go Round Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Music Go Round Ltd

Company Information

Directors

Mrs R Geddes

Mr A T Geddes

Registered office

22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Music Go Round Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Music Go Round Ltd for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Music Go Round Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Music Go Round Ltd and state those matters that we have agreed to state to the Board of Directors of Music Go Round Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Music Go Round Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Music Go Round Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Music Go Round Ltd. You consider that Music Go Round Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Music Go Round Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

13 September 2024

 

Music Go Round Ltd

(Registration number: 06838671)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

524

686

Current assets

 

Debtors

5

2,221

1,362

Cash at bank and in hand

 

17,708

8,645

 

19,929

10,007

Creditors: Amounts falling due within one year

6

(23,313)

(10,795)

Net current liabilities

 

(3,384)

(788)

Total assets less current liabilities

 

(2,860)

(102)

Creditors: Amounts falling due after more than one year

6

(7,581)

(9,813)

Provisions for liabilities

(100)

(58)

Net liabilities

 

(10,541)

(9,973)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(10,641)

(10,073)

Shareholders' deficit

 

(10,541)

(9,973)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

 

Music Go Round Ltd

(Registration number: 06838671)
Balance Sheet as at 31 March 2024

.........................................
Mrs R Geddes
Director

 

Music Go Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales..

The address of its registered office is:
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the Board on 13 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Music Go Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Music Go Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,696

1,696

Additions

110

110

At 31 March 2024

1,806

1,806

Depreciation

At 1 April 2023

1,010

1,010

Charge for the year

272

272

At 31 March 2024

1,282

1,282

Carrying amount

At 31 March 2024

524

524

At 31 March 2023

686

686

 

Music Go Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

1,759

1,286

Prepayments

105

76

Directors loan account

357

-

 

2,221

1,362

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

3,955

3,365

Trade creditors

 

384

378

Accruals

 

1,062

784

Other creditors

 

13,757

5,548

Directors loan account

 

-

720

Corporation tax control

 

4,155

-

 

23,313

10,795

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

7,581

9,813

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,581

9,813

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,955

3,365

 

Music Go Round Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mrs R Geddes

721

(5,425)

4,347

(357)

The overdrawn directors loan account will be repaid within 9 months.