4 4 Music 2000 Ltd 11925686 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is music instrument sales Digita Accounts Production Advanced 6.30.9574.0 true true 11925686 2023-05-01 2024-04-30 11925686 2024-04-30 11925686 bus:Director1 1 2024-04-30 11925686 core:CurrentFinancialInstruments 2024-04-30 11925686 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11925686 core:Non-currentFinancialInstruments 2024-04-30 11925686 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 11925686 core:FurnitureFittingsToolsEquipment 2024-04-30 11925686 core:LandBuildings 2024-04-30 11925686 core:MotorVehicles 2024-04-30 11925686 bus:SmallEntities 2023-05-01 2024-04-30 11925686 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11925686 bus:FilletedAccounts 2023-05-01 2024-04-30 11925686 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11925686 bus:RegisteredOffice 2023-05-01 2024-04-30 11925686 bus:Director1 2023-05-01 2024-04-30 11925686 bus:Director1 1 2023-05-01 2024-04-30 11925686 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11925686 bus:Agent1 2023-05-01 2024-04-30 11925686 core:FurnitureFittings 2023-05-01 2024-04-30 11925686 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 11925686 core:LandBuildings 2023-05-01 2024-04-30 11925686 core:MotorVehicles 2023-05-01 2024-04-30 11925686 countries:England 2023-05-01 2024-04-30 11925686 2023-04-30 11925686 bus:Director1 1 2023-04-30 11925686 core:FurnitureFittingsToolsEquipment 2023-04-30 11925686 core:LandBuildings 2023-04-30 11925686 core:MotorVehicles 2023-04-30 11925686 2022-05-01 2023-04-30 11925686 2023-04-30 11925686 bus:Director1 1 2023-04-30 11925686 core:CurrentFinancialInstruments 2023-04-30 11925686 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11925686 core:Non-currentFinancialInstruments 2023-04-30 11925686 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 11925686 core:FurnitureFittingsToolsEquipment 2023-04-30 11925686 core:LandBuildings 2023-04-30 11925686 core:MotorVehicles 2023-04-30 11925686 bus:Director1 1 2022-05-01 2023-04-30 11925686 bus:Director1 1 2022-04-30 xbrli:pure iso4217:GBP

Registration number: 11925686

Music 2000 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Music 2000 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Music 2000 Ltd

Company Information

Director

Mr Steve Flaherty

Registered office

11 Broad Lane
Bradmore
Wolverhampton
WV3 9BN

Accountants

Mr Satraj Suman ACMA 21 Babors Field
Bilston
Wolverhampton
West Midlands
WV14 9XS

 

Music 2000 Ltd

(Registration number: 11925686)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,800

1,196

Current assets

 

Stocks

5

36,227

36,227

Debtors

6

1,421

-

Cash at bank and in hand

 

1,795

5,360

 

39,443

41,587

Creditors: Amounts falling due within one year

7

(2,719)

(3,700)

Net current assets

 

36,724

37,887

Total assets less current liabilities

 

39,524

39,083

Creditors: Amounts falling due after more than one year

7

(48,658)

(33,621)

Net (liabilities)/assets

 

(9,134)

5,462

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(9,234)

5,362

Shareholders' (deficit)/funds

 

(9,134)

5,462

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 December 2024
 

 

Music 2000 Ltd

(Registration number: 11925686)
Balance Sheet as at 30 April 2024

.........................................
Mr Steve Flaherty
Director

 

Music 2000 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
11 Broad Lane
Bradmore
Wolverhampton
WV3 9BN

These financial statements were authorised for issue by the director on 31 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Music 2000 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Fixtures and Fittings

15% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Music 2000 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

2,541

1,085

16,049

19,675

Additions

-

1,832

-

1,832

At 30 April 2024

2,541

2,917

16,049

21,507

Depreciation

At 1 May 2023

2,541

386

15,552

18,479

Charge for the year

-

104

124

228

At 30 April 2024

2,541

490

15,676

18,707

Carrying amount

At 30 April 2024

-

2,427

373

2,800

At 30 April 2023

-

699

497

1,196

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

Music 2000 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Other inventories

36,227

36,227

6

Debtors

Current

2024
£

2023
£

Other debtors

1,421

-

 

1,421

-

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

299

2,211

Other creditors

2,420

1,489

2,719

3,700

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

48,658

33,621

8

Share capital

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

48,658

33,621

10

Related party transactions

 

Music 2000 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Transactions with the director

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

Mr Steve Flaherty

Loan from Director

(33,621)

(15,037)

(48,658)

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr Steve Flaherty

Loan from Director

(64,923)

31,303

(33,621)

 

Music 2000 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,650

9,636