TIGHT LINES MUSIC C.I.C.

Company Registration Number:
11995908 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 1 June 2023

End date: 31 May 2024

TIGHT LINES MUSIC C.I.C.

Contents of the Financial Statements

for the Period Ended 31 May 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

TIGHT LINES MUSIC C.I.C.

Directors' report period ended 31 May 2024

The directors present their report with the financial statements of the company for the period ended 31 May 2024

Principal activities of the company

The company's principal activity continues to be that of providing music services under a community interest company



Directors

The directors shown below have held office during the whole of the period from
1 June 2023 to 31 May 2024

George Hall
Joshua Ketch
Will Lakin
George Macdonald
Jonathan Umpleby


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
10 February 2025

And signed on behalf of the board by:
Name: George Macdonald
Status: Director

TIGHT LINES MUSIC C.I.C.

Profit And Loss Account

for the Period Ended 31 May 2024

2024 2023


£

£
Turnover: 12,391 13,597
Cost of sales: ( 8,267 ) ( 12,548 )
Gross profit(or loss): 4,124 1,049
Administrative expenses: ( 4,032 ) ( 532 )
Operating profit(or loss): 92 517
Profit(or loss) before tax: 92 517
Tax: ( 17 ) ( 49 )
Profit(or loss) for the financial year: 75 468

TIGHT LINES MUSIC C.I.C.

Balance sheet

As at 31 May 2024

Notes 2024 2023


£

£
Current assets
Cash at bank and in hand: 3,023 1,225
Total current assets: 3,023 1,225
Creditors: amounts falling due within one year: 3 ( 2,039 ) ( 316 )
Net current assets (liabilities): 984 909
Total assets less current liabilities: 984 909
Total net assets (liabilities): 984 909
Capital and reserves
Called up share capital: 10 10
Profit and loss account: 974 899
Total Shareholders' funds: 984 909

The notes form part of these financial statements

TIGHT LINES MUSIC C.I.C.

Balance sheet statements

For the year ending 31 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 10 February 2025
and signed on behalf of the board by:

Name: George Macdonald
Status: Director

The notes form part of these financial statements

TIGHT LINES MUSIC C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 is reduced for estimated customer returns, rebates and other similar allowances.

    Other accounting policies

    Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

TIGHT LINES MUSIC C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 5 5

TIGHT LINES MUSIC C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 1,705
Taxation and social security 17 49
Accruals and deferred income 317 267
Total 2,039 316

COMMUNITY INTEREST ANNUAL REPORT

TIGHT LINES MUSIC C.I.C.

Company Number: 11995908 (England and Wales)

Year Ending: 31 May 2024

Company activities and impact

Tight Lines is a record label, events company and multi-media platform. Money we have earned from the activities listed below have all gone back in to the company, to fund more similar activities. We released 3 Music Albums and 6 Singles/E.Ps this year for Artists based in Leeds, helping them to write, produce and distribute their music to the wider community. This was beneficial not only to the Leeds-based artists on the record, but also the wider Leeds music community as producing and touring these Artists/albums highlights and gives exposure to our local scene in general. We hosted a financially accessible 3 day multi-arts festival which programmed exclusively Leeds-based music and visual artists (and was branded as such) and was attended by the vast majority Leeds-based residents. We offer a rehearsal space to bands associated with the Label, where they can write new music, and offer advice and support to them through the creative process. We continued to run a Large ensemble comprising older members of the Leeds Music scene alongside recent graduates of Leeds universities, providing a regular rehearsal and a number of performances, including “Love Supreme”, the UK’s leading Jazz festival

Consultation with stakeholders

The company’s stakeholders are: its own members, the local public of Leeds, our online following which is both national and international, and local musicians for whom we work with to create physical and online music, and content to help build their profile and following. We continue to have strong relationships with our stakeholders. Our directors and team regularly ask for feedback from groups and musicians that we work with to help us provide the best service possible. We consulted with arts based organisations to best organise our 3 day festival, showcasing local talented artists and providing talks/seminars for those artists on topics we found were important. This came about through consultation with those organisations and the artists themselves. We also established connections with prominent festivals/jazz organisations to align the help we could provide the large music ensemble

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
8 February 2025

And signed on behalf of the board by:
Name: George MacDonald
Status: Director