Registered number
05188946
Musicedit Limited
Filleted Accounts
31 July 2024
Musicedit Limited
Registered number: 05188946
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,678 29,433
Current assets
Debtors 4 32,486 21,706
Cash at bank and in hand 70,558 37,598
103,044 59,304
Creditors: amounts falling due within one year 5 (94,143) (55,625)
Net current assets 8,901 3,679
Total assets less current liabilities 34,579 33,112
Provisions for liabilities (6,420) (4,822)
Net assets 28,159 28,290
Capital and reserves
Called up share capital 3 3
Profit and loss account 28,156 28,287
Shareholders' funds 28,159 28,290
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 members have 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.
Peter Clarke
Director
Approved by the board on 22 January 2025
Musicedit Limited
Notes to the Accounts
for the year ended 31 July 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:
Equipment 25% reducing balance
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment
£
Cost
At 1 August 2023 152,103
Additions 4,901
At 31 July 2024 157,004
Depreciation
At 1 August 2023 122,670
Charge for the year 8,656
At 31 July 2024 131,326
Net book value
At 31 July 2024 25,678
At 31 July 2023 29,433
4 Debtors 2024 2023
£ £
Trade debtors 12,270 14,400
Other debtors 20,216 7,306
32,486 21,706
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,771 2,467
Trade creditors 994 783
Taxation and social security costs 182,142 105,923
Director's Loan Account (92,940) (54,687)
Other creditors 1,176 1,139
94,143 55,625
6 Loans to directors
Description B/fwd Paid Repaid C/fwd
£ £ £ £
Peter Clarke
Loan to director 54,687 226,434 (188,181) 92,940
54,687 226,434 (188,181) 92,940
7 Controlling party
The company is controlled by the director by virtue of his majority shareholding.
8 Other information
Musicedit Limited is a private company limited by shares and incorporated in England. Its registered office is:
69 Loughborough Road
West Bridgford
Nottingham
NG2 7LA
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