Registered number
SC677254
1266 MUSIC GROUP LIMITED
Filleted Accounts
31 October 2024
1266 MUSIC GROUP LIMITED
Registered number: SC677254
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,793 7,266
Current assets
Debtors 4 - 860
Cash at bank and in hand 23,021 13,649
23,021 14,509
Creditors: amounts falling due within one year 5 (14,549) (14,839)
Net current assets/(liabilities) 8,472 (330)
Net assets 15,265 6,936
Capital and reserves
Called up share capital 1 1
Profit and loss account 15,264 6,935
Shareholder's funds 15,265 6,936
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Martin Jarvis
Director
Approved by the board on 17 January 2025
1266 MUSIC GROUP LIMITED
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% of cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 9,372
Additions 1,098
At 31 October 2024 10,470
Depreciation
At 1 November 2023 2,106
Charge for the year 1,571
At 31 October 2024 3,677
Net book value
At 31 October 2024 6,793
At 31 October 2023 7,266
4 Debtors 2024 2023
£ £
Trade debtors - 860
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 825 -
Taxation and social security costs 1,526 248
Other creditors 12,198 14,591
14,549 14,839
6 Other information
1266 MUSIC GROUP LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
C/o Connolly Accountants
188 woodhill Road
Bishopbriggs
Glasgow
G64 1DW
1266 MUSIC GROUP LIMITED SC677254 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 Martin Jarvis No description of principal activity SC677254 2022-11-01 2023-10-31 SC677254 core:WithinOneYear 2023-10-31 SC677254 core:ShareCapital 2023-10-31 SC677254 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC677254 2023-11-01 2024-10-31 SC677254 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC677254 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 SC677254 bus:Director40 2023-11-01 2024-10-31 SC677254 1 2023-11-01 2024-10-31 SC677254 2 2023-11-01 2024-10-31 SC677254 core:PlantMachinery 2023-11-01 2024-10-31 SC677254 countries:England 2023-11-01 2024-10-31 SC677254 bus:FRS102 2023-11-01 2024-10-31 SC677254 bus:FilletedAccounts 2023-11-01 2024-10-31 SC677254 2024-10-31 SC677254 core:WithinOneYear 2024-10-31 SC677254 core:ShareCapital 2024-10-31 SC677254 core:RetainedEarningsAccumulatedLosses 2024-10-31 SC677254 core:PlantMachinery 2024-10-31 SC677254 2023-10-31 SC677254 core:PlantMachinery 2023-10-31 iso4217:GBP xbrli:pure