REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Plastic Head Music Distribution Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Plastic Head Music Distribution Limited |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 15 |
Plastic Head Music Distribution Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
3 Danebrook Court |
Langford Lane |
Kidlington |
Oxfordshire |
OX5 1LQ |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
Plastic Head Music Distribution (PHD) Limited is a privately owned company with considerable experience in the music distribution trade having been established in this field for over 25 years. Its 12,000 sq ft headquarters (mixed offices and warehousing) are owned by its pension fund, it rents an additional 24000 sq ft of warehouse nearby, has a workforce of over 60 people, and enjoys an excellent reputation in the industry, being ranked amongst the top 10 distributors in the UK. |
REVIEW OF BUSINESS |
The past year has seen strong sales. The product range has been increased, with focus still on the margin achievable on all lines. Good margin's have been sustained across the whole product range.. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The board and management team at PHD remain committed to maintaining and improving their position in the markets in which they operate. New products and markets are constantly being investigated, and the existing product range reviewed. The challenge to provide quality products at competitive prices is taken on by the management team on a daily basis. |
FUTURE DEVELOPMENTS |
PHD will continue to develop and expand its merchandise business, alongside the traditional music industry 'physical' distribution which continues to grow. Products are continually being sourced and developed to reflect the rapidly changing market place, and to reinforce PHD's position as a major distributor in the UK and overseas. |
ON BEHALF OF THE BOARD: |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of music production and distribution. |
DIVIDENDS |
Interim dividends of £144,000 per share were paid during the year. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £288,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Report of the Directors |
for the Year Ended 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Plastic Head Music Distribution Limited |
Opinion |
We have audited the financial statements of Plastic Head Music Distribution Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Plastic Head Music Distribution Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Plastic Head Music Distribution Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
We obtained an understanding of the legal and regulatory framework applicable to both the company itself |
and the industry in which it operates. We identified areas of laws and regulations that could reasonably be |
expected to have a material effect on the financial statements from our experience and through discussion |
with the management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102), |
and relevant tax legislation. |
We considered the extent of compliance with those laws and regulations as part of our procedures on the |
related financial statements. Our audit procedures included: |
- making enquires of directors and management as to where they consider there to be a susceptibility to |
fraud and whether they have any knowledge or suspicion of fraud; |
- obtaining an understanding of the internal controls established to mitigate risks related to fraud or |
non-compliance with laws and regulations; |
- assessing the design effectiveness of the controls in place to prevent and detect fraud; |
- assessing the risk of management override of internal controls, including identifying and testing journal |
entries; |
- challenging the assumptions and judgements made by management in its significant accounting |
estimates. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, |
including those leading to a material misstatement in the financial statements or non-compliance with |
regulation. This risk increases the more that compliance with a law or regulation is removed from the |
events and transactions reflected in the financial statements, as we will be less likely to become aware of |
instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather |
than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms |
part of our Report of the Auditors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Plastic Head Music Distribution Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
3 Danebrook Court |
Langford Lane |
Kidlington |
Oxfordshire |
OX5 1LQ |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Statement of Comprehensive Income |
for the Year Ended 31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Statement of Financial Position |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Statement of Cash Flows |
for the Year Ended 31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | (1,007 | ) | 247,581 |
Amount withdrawn by directors | (247,574 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(3,935 |
) |
116,876 |
Cash and cash equivalents at end of year | 2 | ( |
) |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/3/24 | 31/3/23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 8 | 3,207 |
334,382 | 377,806 |
Decrease in stocks |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 108,723 | 66,633 |
Bank overdrafts | ( |
) | ( |
) |
95,751 | (3,935 | ) |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 66,633 | 125,688 |
Bank overdrafts | ( |
) | ( |
) |
(3,935 | ) | 116,876 |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 March 2024 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank | 66,633 | 42,090 | 108,723 |
Bank overdrafts | (70,568 | ) | 57,596 | (12,972 | ) |
(3,935 | ) | 95,751 |
Debt |
Debts falling due within 1 year | (33,333 | ) | 33,333 | - |
(33,333 | ) | 33,333 | - |
Total | (37,268 | ) | 133,019 | 95,751 |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Plastic Head Music Distribution Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have considered the business activities including the Company's principal risks and uncertainties. The directors have also considered the Company's current cash position as at the date of signing the accounts, and the performance of the business as reflected in its latest management accounts dated 31 October 2024, and the expected performance of the business in the year ahead. |
After careful consideration of these areas the directors have received letters of support from the Company's shareholders. The shareholders have confirmed they will provide support to the company, should it be required, for a period of 12 months from the date of signing of the accounts for the year ended 31 March 2024. |
Whilst this confirmation is not legally binding, the directors have no indication that the support will not be forthcoming. Considering these factors, the directors are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements for the year ending 31 March 2023. |
Critical accounting judgements and key sources of estimation uncertainty |
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows: |
Stocks |
A stock provision is booked for cases where the realisable value from sale of stock is estimated to be lower than the stock carrying value. The stock provision is estimated taking into account various factors including the age of the stock, prevailing sales prices, the seasonality of the sales profile and losses associated with slow moving stock. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
31/3/24 | 31/3/23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/3/24 | 31/3/23 |
Directors | 2 | 2 |
Administration | 9 | 9 |
Development | 11 | 11 |
Distribution | 37 | 40 |
Marketing | 1 | 2 |
Sales | 6 | 9 |
31/3/24 | 31/3/23 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/3/24 | 31/3/23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/3/24 | 31/3/23 |
£ | £ |
Bank interest |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/3/24 | 31/3/23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31/3/24 | 31/3/23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax | 21 | (7,956 | ) |
Total tax charge | 76,611 | 63,091 |
7. | DIVIDENDS |
31/3/24 | 31/3/23 |
£ | £ |
Ordinary shares shares of £1 each each |
Interim |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | STOCKS |
31/3/24 | 31/3/23 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Staff loans | 500 | 100 |
Rates rebate owed | - | 41,603 |
Directors' loan accounts | 1,000 | - |
VAT |
Prepayments |
Other debtors | 1,796 | - |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Trade creditors |
Credit card liabilities | 11,851 | 6,504 |
Tax |
PAYE & NIC liability |
Other creditors |
Directors' loan accounts | - | 247,581 |
Accrued expenses |
12. | LOANS |
An analysis of the maturity of loans is given below: |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
CBILs loan | - | 33,333 |
13. | PROVISIONS FOR LIABILITIES |
31/3/24 | 31/3/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
Plastic Head Music Distribution Limited (Registered number: 02244540) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/24 | 31/3/23 |
value: | £ | £ |
Ordinary shares | £1 each | 2 | 2 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
16. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £288,000 were paid to the directors . |
31/3/23 | 31/3/22 |
£ | £ |
Transactions with companies under common control |
Common director and shareholder |
Sales made during the year | 1,995,336 | 944,192 |
Purchases made during the year | 1,691,806 | 3,163,158 |
Amount due (to)/from related party | 14,197 | (627,656 | ) |
PHD Retirement Benefit Scheme |
The directors and shareholders of the company are the trustees of the scheme |
Rent paid during the year | 78,300 | 78,300 |