Company registration number 02440328 (England and Wales)
Minotaur Music Limited
UNAUDITED Financial Statements
For the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
Minotaur Music Limited
Content
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Minotaur Music Limited
Balance Sheet
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10
10
Investment property
4
2,698,194
2,698,194
Investments
5
1,768,187
1,583,241
4,466,391
4,281,445
Current assets
Debtors
6
6,032
64,837
Cash at bank and in hand
1,325,781
1,294,468
1,331,813
1,359,305
Creditors: amounts falling due within one year
7
(278,014)
(198,735)
Net current assets
1,053,799
1,160,570
Net assets
5,520,190
5,442,015
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
5,519,190
5,441,015
Total equity
5,520,190
5,442,015

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

The member has 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
A I Bell
Director
Company registration number 02440328 (England and Wales)
Minotaur Music Limited
Notes to the Financial Statements
For the year ended 30 April 2024
- 2 -
1
Accounting policies
Company information

Minotaur Music Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and Value Added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Fixed asset investments are all listed investments. These are initially recorded at cost and subsequently measured at market value with changes in the annual value being recognised in profit or loss.

1.6
Impairment of fixed assets

A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying amount exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Minotaur Music Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
Minotaur Music Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 4 -
3
Tangible fixed assets
Equipment
£
Cost
At 1 May 2023 and 30 April 2024
20,888
Depreciation and impairment
At 1 May 2023 and 30 April 2024
20,878
Carrying amount
At 30 April 2024
10
At 30 April 2023
10
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
2,698,194

Investment properties, which are all leasehold, were revalued at fair value on 30th April 2024 by the director based on the valuations of similar properties in the area.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,768,187
1,583,241
Fixed asset investments revalued
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023
1,583,241
Valuation changes
184,946
At 30 April 2024
1,768,187
Carrying amount
At 30 April 2024
1,768,187
At 30 April 2023
1,583,241
Minotaur Music Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,849
19,246
Other debtors
183
45,591
6,032
64,837
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,820
5,425
Taxation and social security
258,180
168,464
Other creditors
14,014
24,846
278,014
198,735
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