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Company registration number: NI065465
Endless Music Limited
Unaudited filleted financial statements
31 July 2024
Endless Music Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Endless Music Limited
Directors and other information
Directors Mr Stephen Boyd
Mr Mark McCourt
Company number NI065465
Registered office 9 Upper Crescent
Belfast
BT7 1NT
Business address 3 Patterson's Place
Belfast
BT1 4HW
Accountant SWM Accountancy Services
9 Upper Crescent
Belfast
Antrim
BT7 1NT
Bankers Ulster Bank
Andersonstown Branch
Unit G, Westwood Centre
Kennedy Way
Belfast
BT11 9BQ
First Trust Bank
University Road
Belfast
BT7 1ND
Endless Music Limited
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,533,328 2,320,854
_______ _______
2,533,328 2,320,854
Current assets
Stocks 37,493 20,387
Debtors 6 295,530 263,767
Cash at bank and in hand 368,375 1,404,310
_______ _______
701,398 1,688,464
Creditors: amounts falling due
within one year 7 ( 429,106) ( 696,253)
_______ _______
Net current assets 272,292 992,211
_______ _______
Total assets less current liabilities 2,805,620 3,313,065
Creditors: amounts falling due
after more than one year 8 ( 578,489) ( 728,713)
_______ _______
Net assets 2,227,131 2,584,352
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,227,031 2,584,252
_______ _______
Shareholders funds 2,227,131 2,584,352
_______ _______
For the year ending 31 July 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr Stephen Boyd Mr Mark McCourt
Director Director
Company registration number: NI065465
Endless Music Limited
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 9 Upper Crescent, Belfast, BT7 1NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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
Short leasehold property - 6.66 % straight line
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2023: 49 ).
5. Tangible assets
Freehold property Short leasehold property Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 August 2023 2,264,247 111,507 957,295 3,333,049
Additions 175,235 - 165,922 341,157
_______ _______ _______ _______
At 31 July 2024 2,439,482 111,507 1,123,217 3,674,206
_______ _______ _______ _______
Depreciation
At 1 August 2023 250,135 50,912 711,148 1,012,195
Charge for the year 48,057 7,426 73,200 128,683
_______ _______ _______ _______
At 31 July 2024 298,192 58,338 784,348 1,140,878
_______ _______ _______ _______
Carrying amount
At 31 July 2024 2,141,290 53,169 338,869 2,533,328
_______ _______ _______ _______
At 31 July 2023 2,014,112 60,595 246,147 2,320,854
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 108,669 108,069
Other debtors 186,861 155,698
_______ _______
295,530 263,767
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 150,563 141,684
Trade creditors 177,990 265,264
Corporation tax - 149,816
Social security and other taxes 65,714 67,054
Other creditors 34,839 72,435
_______ _______
429,106 696,253
_______ _______
Debt due to the bank within 1 year of £150,563 is secured by way of a first legal charge over the property to which the loan relates. The bank also has a floating charge over all the assets and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 578,489 728,713
_______ _______
Debt due to the bank after 1 year of £578,489 is secured by way of a first legal charge over the property to which the loan relates. The bank also has a floating charge over all the assets and undertakings of the company.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Stephen Boyd 31,997 77,940 ( 103,000) 6,937
Mr Mark McCourt ( 8,143) 110,779 ( 103,000) ( 364)
_______ _______ _______ _______
23,854 188,719 ( 206,000) 6,573
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Stephen Boyd 32,119 92,878 ( 93,000) 31,997
Mr Mark McCourt ( 16,082) 100,939 ( 93,000) ( 8,143)
_______ _______ _______ _______
16,037 193,817 ( 186,000) 23,854
_______ _______ _______ _______