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COMPANY REGISTRATION NUMBER: 04316620
Midland Sound & Lighting Limited
Filleted Unaudited Financial Statements
30 April 2024
Midland Sound & Lighting Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
16,378
11,819
Current assets
Debtors
7
156,555
123,906
Cash at bank and in hand
2,648
887
---------
---------
159,203
124,793
Creditors: amounts falling due within one year
8
70,622
60,473
---------
---------
Net current assets
88,581
64,320
---------
--------
Total assets less current liabilities
104,959
76,139
Creditors: amounts falling due after more than one year
9
11,947
21,029
Provisions
Taxation including deferred tax
636
1,224
---------
--------
Net assets
92,376
53,886
---------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
92,374
53,884
--------
--------
Shareholders funds
92,376
53,886
--------
--------
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 income and retained earnings has not been delivered.
For the 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.
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 .
Midland Sound & Lighting Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
A M Salmon
Director
Company registration number: 04316620
Midland Sound & Lighting Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Dukes Close, Thurmaston, Leicester, LE4 8EY, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts due during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 /f 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
-
33% straight line
-
15% straight line
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
15,000
--------
Amortisation
At 1 May 2023 and 30 April 2024
15,000
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
193,044
2,778
22,851
218,673
Additions
20,204
20,204
---------
-------
--------
---------
At 30 April 2024
213,248
2,778
22,851
238,877
---------
-------
--------
---------
Depreciation
At 1 May 2023
186,400
1,653
18,801
206,854
Charge for the year
13,119
376
2,150
15,645
---------
-------
--------
---------
At 30 April 2024
199,519
2,029
20,951
222,499
---------
-------
--------
---------
Carrying amount
At 30 April 2024
13,729
749
1,900
16,378
---------
-------
--------
---------
At 30 April 2023
6,644
1,125
4,050
11,819
---------
-------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
21,879
2,142
Other debtors
134,676
121,764
---------
---------
156,555
123,906
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,125
11,152
Trade creditors
10,061
7,868
Corporation tax
27,149
22,153
Social security and other taxes
8,363
2,446
Other creditors
13,924
16,854
--------
--------
70,622
60,473
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,947
21,029
--------
--------
10. Related party transactions
The company provided an interest free loan repayable on demand to a related party. At the balance sheet date, the company was owed £125,063 (2023: £118,075).