REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 February 2024 |
for |
TB Music Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 February 2024 |
for |
TB Music Limited |
TB Music Limited (Registered number: 11190954) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TB Music Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
55 Kentish Town Road |
Camden Town |
London |
NW1 8NX |
TB Music Limited (Registered number: 11190954) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps 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 Sections 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. |
TB Music Limited (Registered number: 11190954) |
Balance Sheet - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TB Music Limited (Registered number: 11190954) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
TB Music Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
TB Music Limited (Registered number: 11190954) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Other debtors |
TB Music Limited (Registered number: 11190954) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2023 |
Increase in Music catalogue | 13,000 |
At 29 February 2024 |
10. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £2,500 were paid to the directors . |
TB Music Limited (Registered number: 11190954) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | RELATED PARTY DISCLOSURES - continued |
D Bostock |
Charged the company £2,400 (2023 : 2,620) during the year in respect of services as a musician provided on a self-employed basis. |
The amount due to the related party at the balance sheet date was £1,999 (2023 : £1,999). |
T Duncan |
Charged the company £2,400 (2023 : 2,620) during the year in respect of services as a musician provided on a self-employed basis. |
The amount due to the related party at the balance sheet date was £1,999 (2023 : £1,999). |
J Grayson |
Charged the company £2,400 (2023 : 2,620) during the year in respect of services as a musician provided on a self-employed basis. |
The amount due to the related party at the balance sheet date was £1,999 (2023 : £1,999). |
R Hyslop |
Charged the company £2,400 (2023 : 2,620) during the year in respect of services as a musician provided on a self-employed basis. |
The amount due to the related party at the balance sheet date was £1,999 (2023 : £1,999). |
O Moffatt |
Charged the company £2,400 (2023 : 2,620) during the year in respect of services as a musician provided on a self-employed basis. |
The amount due to the related party at the balance sheet date was £1,999 (2023 : £1,999). |