5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 13,718 13,718 13,718 xbrli:pure xbrli:shares iso4217:GBP SC055833 2023-04-01 2024-03-31 SC055833 2024-03-31 SC055833 2023-03-31 SC055833 2022-04-01 2023-03-31 SC055833 2023-03-31 SC055833 2022-03-31 SC055833 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC055833 core:MotorVehicles 2023-04-01 2024-03-31 SC055833 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC055833 bus:Director1 2023-04-01 2024-03-31 SC055833 bus:Director2 2023-04-01 2024-03-31 SC055833 bus:Director3 2023-04-01 2024-03-31 SC055833 core:LandBuildings 2023-03-31 SC055833 core:MotorVehicles 2023-03-31 SC055833 core:LandBuildings 2024-03-31 SC055833 core:MotorVehicles 2024-03-31 SC055833 core:LandBuildings 2023-04-01 2024-03-31 SC055833 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 SC055833 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC055833 core:WithinOneYear 2024-03-31 SC055833 core:WithinOneYear 2023-03-31 SC055833 core:ShareCapital 2024-03-31 SC055833 core:ShareCapital 2023-03-31 SC055833 core:RevaluationReserve 2024-03-31 SC055833 core:RevaluationReserve 2023-03-31 SC055833 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC055833 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC055833 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 SC055833 core:Non-currentFinancialInstruments 2024-03-31 SC055833 core:Non-currentFinancialInstruments 2023-03-31 SC055833 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 SC055833 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 SC055833 core:LandBuildings 2023-03-31 SC055833 core:MotorVehicles 2023-03-31 SC055833 core:AfterOneYear 2024-03-31 SC055833 core:AfterOneYear 2023-03-31 SC055833 bus:SmallEntities 2023-04-01 2024-03-31 SC055833 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC055833 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC055833 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC055833 bus:FullAccounts 2023-04-01 2024-03-31 SC055833 bus:OrdinaryShareClass1 2024-03-31 SC055833 bus:OrdinaryShareClass1 2023-03-31 SC055833 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2024-03-31 SC055833 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-03-31 SC055833 core:OfficeEquipment 2023-04-01 2024-03-31 SC055833 core:OfficeEquipment 2023-03-31 SC055833 core:OtherPropertyPlantEquipment 2023-03-31 SC055833 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC055833 core:OfficeEquipment 2024-03-31 SC055833 core:OtherPropertyPlantEquipment 2024-03-31 SC055833 core:OtherPropertyPlantEquipment core:ContinuingOperations 2023-04-01 2024-03-31 SC055833 bus:Director1 bus:ExecutiveOfficer 2023-04-01 2024-03-31 SC055833 bus:Director1 bus:ExecutiveOfficer 2024-03-31 SC055833 bus:Director1 bus:ExecutiveOfficer 1 2023-04-01 2024-03-31 SC055833 bus:Director2 bus:ExecutiveOfficer 2023-04-01 2024-03-31 SC055833 bus:Director2 bus:ExecutiveOfficer 2024-03-31 SC055833 bus:Director2 bus:ExecutiveOfficer 2 2023-04-01 2024-03-31 SC055833 bus:Director3 bus:ExecutiveOfficer 2023-04-01 2024-03-31 SC055833 bus:Director3 bus:ExecutiveOfficer 2024-03-31 SC055833 bus:Director3 bus:ExecutiveOfficer 3 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC055833
Radio Music Store Limited
Filleted Unaudited Financial Statements
31 March 2024
Radio Music Store Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
178,596
192,213
Investments
6
13,718
13,718
---------
---------
192,314
205,931
Current assets
Stocks
54,976
55,777
Debtors
7
99,170
103,596
Cash at bank and in hand
125,273
170,188
---------
---------
279,419
329,561
Creditors: amounts falling due within one year
8
31,556
40,050
---------
---------
Net current assets
247,863
289,511
---------
---------
Total assets less current liabilities
440,177
495,442
Provisions
Taxation including deferred tax
9,858
11,553
---------
---------
Net assets
430,319
483,889
---------
---------
Radio Music Store Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
10
5,000
5,000
Revaluation reserve
83,699
83,699
Profit and loss account
341,620
395,190
---------
---------
Shareholders funds
430,319
483,889
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 December 2024 , and are signed on behalf of the board by:
William James Kane
Diane Barbara Kane
Director
Director
Michael Eric Kane
Director
Company registration number: SC055833
Radio Music Store Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1/5 Quakerfield, Bannockburn, FK7 8HP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year,exclusive of Value Added Tax. The interest element of Hire Purchase contracts sold is spread over the period of the contract. The net value of income deferred in the current year decreased by £5,535 (2023 - increased £2,780) resulting in a increase in income recognised.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Rental stock
-
25% and 33.33% straight line
At the end of the agreement when rental stock has been fully depreciated, it is treated as disposed of to reduce both cost and accumulated depreciation to nil. Any rental stock which is subsequently sold is treated as revenue income.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The following assets and liabilities are classified as financial instruments - investments, trade debtors, trade creditors and bank deposits. The investment in the unlisted shares in the 'trading group' is initially recorded at cost and assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. The value of the investment is adjusted to take account of its share of the profits in the group, as shown in the annual Member's Accumulated Fund statement . Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice amount. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. Bank deposits are measured at the undiscounted amounts held on deposit at the end of the reporting period .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Freehold property
Motor vehicles
Equipment
Rental stock
Total
£
£
£
£
£
Cost
At 1 April 2023
130,000
20,909
5,647
160,144
316,700
Additions
32,875
32,875
Disposals
( 83,998)
( 83,998)
---------
--------
-------
---------
---------
At 31 March 2024
130,000
20,909
5,647
109,021
265,577
---------
--------
-------
---------
---------
Depreciation
At 1 April 2023
5,200
16,258
5,647
97,382
124,487
Charge for the year
2,600
1,163
42,729
46,492
Disposals
( 83,998)
( 83,998)
---------
--------
-------
---------
---------
At 31 March 2024
7,800
17,421
5,647
56,113
86,981
---------
--------
-------
---------
---------
Carrying amount
At 31 March 2024
122,200
3,488
52,908
178,596
---------
--------
-------
---------
---------
At 31 March 2023
124,800
4,651
62,762
192,213
---------
--------
-------
---------
---------
Tangible assets held at valuation
The heritable property was valued on 3 November 2021 by J & E Shepherd,Chartered Surveyors, 11 Gladstone Place, Stirling. In their opinion, the property had a market value of £130,000.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2024
Aggregate cost
46,301
Aggregate depreciation
(43,552)
--------
Carrying value
2,749
--------
At 31 March 2023
Aggregate cost
46,301
Aggregate depreciation
(42,596)
--------
Carrying value
3,705
--------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
13,718
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
13,718
--------
At 31 March 2023
13,718
--------
The company became Euronics agents during the year ended 31 March 2015. As part of their membership it acquired 1 ordinary share of £1,390 in Combined Independent (Holdings) Limited and 250 shares in Radio Electrical Supplies (Scotland) Limited. Both of these are unlisted shares.
Investments held at valuation
The unlisted investment in the 'Trading group' was revalued in the year, based upon their annual Member's Accumulated Fund statement.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments other than loans
£
At 31 March 2024
Aggregate cost
8,172
Aggregate depreciation
-------
Carrying value
8,172
-------
At 31 March 2023
Aggregate cost
8,172
Aggregate depreciation
-------
Carrying value
8,172
-------
7. Debtors
2024
2023
£
£
Trade debtors
84,774
98,128
Other debtors
14,396
5,468
--------
---------
99,170
103,596
--------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Trade debtors
6,687
10,218
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,676
21,025
Social security and other taxes
3,161
13,116
Other creditors
14,719
5,909
--------
--------
31,556
40,050
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
9,858
11,553
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
8,899
10,594
Other revaluations
959
959
-------
--------
9,858
11,553
-------
--------
10. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
5,000
5,000
5,000
5,000
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
5,000
5,000
5,000
5,000
-------
-------
-------
-------
11. Directors' advances, credits and guarantees
As at 31 March 2024, director A, owed the company £ 4,254 (2023 - £2,567). Total advances and credits during the year amounted to £ 1,687 . There is no interest charged on the loan and there is no fixed term for repayment . As at 31 March 2024, director B, owed the company £ 3,902 (2023 - £nil). Total advances and credits during the year amounted to £ 3,902 . There is no interest charged on the loan. The loan was repaid in full on 31 October 2024 . As at 31 March 2024, director C, owed the company £ 3,902 (2023 - £nil). Total advances and credits during the year amounted to £ 3,902 . There is no interest charged on the loan. The loan was repaid in full on 31 October 2024.