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REGISTERED NUMBER: 06610510 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Music Box Karaoke Limited

Music Box Karaoke Limited (Registered number: 06610510)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Music Box Karaoke Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mrs D Fong Ching Yip
J Yip





REGISTERED OFFICE: Treasure House
Greengate Industrial Park
Greenside Way
Middleton
Manchester
M24 1SW





REGISTERED NUMBER: 06610510 (England and Wales)





AUDITORS: Lucas Reis Ltd
Chartered Accountants
Lansdowne House
85 Buxton Road
Stockport
Cheshire
SK2 6LR

Music Box Karaoke Limited (Registered number: 06610510)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 442,383 639,238

CURRENT ASSETS
Stocks - 19,985
Debtors 5 298,045 268,188
Cash at bank 3,793 216,845
301,838 505,018
CREDITORS
Amounts falling due within one year 6 83,472 340,610
NET CURRENT ASSETS 218,366 164,408
TOTAL ASSETS LESS CURRENT
LIABILITIES

660,749

803,646

CREDITORS
Amounts falling due after more than one
year

7

637,228

689,228
NET ASSETS 23,521 114,418

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 23,421 114,318
23,521 114,418

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





Mrs D Fong Ching Yip - Director


Music Box Karaoke Limited (Registered number: 06610510)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Music Box Karaoke Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Music Box Karaoke Limited (Registered number: 06610510)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Music Box Karaoke Limited (Registered number: 06610510)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Going concern
The director considers that the going concern basis is appropriate and has considered a period of twelve months from the date of approval. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has financial support from its fellow subsidiary who have indicated their willingness to continue the support.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 27 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 1,998,127
DEPRECIATION
At 1 June 2023 1,358,889
Charge for year 196,855
At 31 May 2024 1,555,744
NET BOOK VALUE
At 31 May 2024 442,383
At 31 May 2023 639,238

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 62,049 794
Amounts owed by group undertakings 66,500 66,500
Other debtors 169,496 200,894
298,045 268,188

Music Box Karaoke Limited (Registered number: 06610510)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts - 16,667
Trade creditors 11,711 205,231
Amounts owed to group undertakings - 22,000
Taxation and social security 10,602 82,893
Other creditors 61,159 13,819
83,472 340,610

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Amounts owed to group undertakings 637,228 689,228

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans - 16,667

The bank loan is secured by a fixed and floating charge over the company's assets

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sarah Reis FCA, ATII (Senior Statutory Auditor)
for and on behalf of Lucas Reis Ltd

10. OTHER FINANCIAL COMMITMENTS

The company has guaranteed the bank overdrafts and loans of the other group companies.

Music Box Karaoke Limited (Registered number: 06610510)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. RELATED PARTY DISCLOSURES

Chi Land Limited
A company in which the holding company has a 75% interest.
The company has advanced loans of £66,500 (2023 £66,500) to Chi Land Limited. These loans are repayable on demand and are included in amounts owed by group undertakings.

Hello Oriental (Oxford Road) Limited
A company in which the holding company has a 50% interest.
The company has advanced loans of £159,946 (2023 £142,680) to Hello Oriental (Oxford Road) Limited. These loans are repayable on demand and are included in other debtors.

K2 Karaoke Limited
A company which is owned by the daughter of the ultimate holding company's owner.
The company owes £51,953 (2023 £nil) to K2 Karaoke Limited. This money is payable on demand.

12. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Yip & Sons Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Yip & Sons Limited can be obtained from Treasure House Greengate Industrial Park, Greenside Way, Middleton, Manchester, M24 1SW.

The company's parent undertaking at the balance sheet date was Chi Yip Holdings Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Chi Yip Holdings Limited can be obtained from Treasure House Greengate Industrial Park, Greenside Way, Middleton, Manchester, M24 1SW.