Acorah Software Products - Accounts Production 16.0.110 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 12597741 Mr Nicholas Walker Mrs Seanna Holland iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12597741 2023-03-31 12597741 2024-03-31 12597741 2023-04-01 2024-03-31 12597741 frs-core:CurrentFinancialInstruments 2024-03-31 12597741 frs-core:PlantMachinery 2024-03-31 12597741 frs-core:PlantMachinery 2023-04-01 2024-03-31 12597741 frs-core:PlantMachinery 2023-03-31 12597741 frs-core:ShareCapital 2024-03-31 12597741 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 12597741 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12597741 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 12597741 frs-bus:SmallEntities 2023-04-01 2024-03-31 12597741 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12597741 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12597741 frs-bus:Director1 2023-04-01 2024-03-31 12597741 frs-bus:Director2 2023-04-01 2024-03-31 12597741 frs-countries:EnglandWales 2023-04-01 2024-03-31 12597741 2022-03-31 12597741 2023-03-31 12597741 2022-04-01 2023-03-31 12597741 frs-core:CurrentFinancialInstruments 2023-03-31 12597741 frs-core:ShareCapital 2023-03-31 12597741 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 12597741
Music Smart Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12597741
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 750 -
750 -
CURRENT ASSETS
Debtors 5 1,463,977 852,166
Cash at bank and in hand 48,959 43,927
1,512,936 896,093
Creditors: Amounts Falling Due Within One Year 6 (348,586 ) (14,505 )
NET CURRENT ASSETS (LIABILITIES) 1,164,350 881,588
TOTAL ASSETS LESS CURRENT LIABILITIES 1,165,100 881,588
NET ASSETS 1,165,100 881,588
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 1,165,000 881,488
SHAREHOLDERS' FUNDS 1,165,100 881,588
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas Walker
Director
24 December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Music Smart Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12597741 . The registered office is Unit 5 Blue Ribbon Park, The Stampings, Coventry, CV6 5RE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue primarily comprises fixed monthly storage charges and picking, packing and postage charges.  Revenue in respect of storage charges is recognised each calendar month as per the client contracts.  Picking, packing and postage charges are recognised as items are dispatched.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 -
Additions 833
As at 31 March 2024 833
Depreciation
As at 1 April 2023 -
Provided during the period 83
As at 31 March 2024 83
Net Book Value
As at 31 March 2024 750
As at 1 April 2023 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 425,860 368,992
Prepayments and accrued income 99,157 -
Other debtors 938,960 483,174
1,463,977 852,166
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 166,574 -
Corporation tax 27,175 -
Other taxes and social security 10,023 -
VAT 132,026 14,505
Other creditors 5,216 -
Accruals and deferred income 7,572 -
348,586 14,505
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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8. Related Party Transactions
Within other debtors are the following amounts due from subsidiaries of The Pack Smart Group Limited:
2024
2023
£
£
The Pack Smart Group Limited
10,100
0
Drinks Smart Limited
104,557
42,660
Pack Smart UK Limited
254,111
62,997
Sports Smart Limited
570,192
332,255
image
image
938,960
image
437,912
image
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