Company registration number 08551939 (England and Wales)
MASTER CHORD STUDIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MASTER CHORD STUDIO LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
95,837
120,315
Current assets
Debtors
5
8,169
7,969
Cash at bank and in hand
15,985
12,259
24,154
20,228
Creditors: amounts falling due within one year
6
(22,276)
(12,622)
Net current assets
1,878
7,606
Total assets less current liabilities
97,715
127,921
Creditors: amounts falling due after more than one year
7
(165,000)
(230,000)
Net liabilities
(67,285)
(102,079)
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
(67,295)
(102,089)
Total equity
(67,285)
(102,079)
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 10 February 2025
Dr M G Catri
Director
Company registration number 08551939 (England and Wales)
MASTER CHORD STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Master Chord Studio Ltd is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
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:
Fixtures, fittings & equipment
25% of written down value
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
MASTER CHORD STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
494,379
Additions
7,467
At 31 May 2024
501,846
Depreciation and impairment
At 1 June 2023
374,064
Depreciation charged in the year
31,945
At 31 May 2024
406,009
Carrying amount
At 31 May 2024
95,837
At 31 May 2023
120,315
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
200
Prepayments and accrued income
7,969
7,969
8,169
7,969
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,160
360
Taxation and social security
1,352
Other creditors
20,116
10,910
22,276
12,622
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
165,000
230,000
MASTER CHORD STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
9
Related party transactions
Included within long term and short term creditors are the amount of £182,916 (2023 - £238,810) owed to the director.