REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2024 |
for |
Music Box Karaoke Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Amounts owed to group undertakings |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
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. |
for and on behalf of |
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. |