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REGISTERED NUMBER: 06012633 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

GIFTED MUSICIAN LIMITED

GIFTED MUSICIAN LIMITED (REGISTERED NUMBER: 06012633)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GIFTED MUSICIAN LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: P C Avis
A Avis





SECRETARY: A Avis





REGISTERED OFFICE: 16 Stoneleigh Avenue
Brighton
East Sussex
BN1 8NP





REGISTERED NUMBER: 06012633 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

GIFTED MUSICIAN LIMITED (REGISTERED NUMBER: 06012633)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 415 553

CURRENT ASSETS
Stocks 10,088 11,360
Debtors 5 407 387
Cash at bank and in hand 745 311
11,240 12,058
CREDITORS
Amounts falling due within one year 6 (78,761 ) (76,749 )
NET CURRENT LIABILITIES (67,521 ) (64,691 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(67,106

)

(64,138

)

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings (67,108 ) (64,140 )
SHAREHOLDERS' FUNDS (67,106 ) (64,138 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 2 December 2024 and were signed on its behalf by:





A Avis - Director


GIFTED MUSICIAN LIMITED (REGISTERED NUMBER: 06012633)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Gifted Musician Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of musical equipment and accessories is recognised at the point of sale.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures & equipment-25%reducing balance
Office furniture-25% reducing balance
Computer equipment-3 years on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GIFTED MUSICIAN LIMITED (REGISTERED NUMBER: 06012633)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Going concern
The directors continue to support the current operation of Gifted Musician Ltd. However, having assessed the viability of future trading the directors anticipate the need to close the company within the next two years. The directors are not aware of any further barrier to the company's ability to continue as a going concern for the next 12 months.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Office Computer
equipment furniture equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 7,119 871 3,035 11,025
DEPRECIATION
At 1 April 2023 6,761 676 3,035 10,472
Charge for year 89 49 - 138
At 31 March 2024 6,850 725 3,035 10,610
NET BOOK VALUE
At 31 March 2024 269 146 - 415
At 31 March 2023 358 195 - 553

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 407 387

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 101 105
Other creditors 78,660 76,644
78,761 76,749

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2