Registered number
09251401
Tim Smart Music Limited
Filleted Accounts
31 October 2024
Tim Smart Music Limited
Registered number: 09251401
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 152 -
Current assets
Debtors 4 - 300
Cash at bank and in hand 2,355 4,713
2,355 5,013
Creditors: amounts falling due within one year 5 (2,447) (4,305)
Net current (liabilities)/assets (92) 708
Net assets 60 708
Capital and reserves
Called up share capital 2 2
Profit and loss account 58 706
Shareholders' funds 60 708
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tim Smart
Director
Approved by the board on 17 February 2025
Tim Smart Music Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Instruments and equipment over 5 years
Taxation
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Instruments and equipment
£
Cost
At 1 November 2023 8,761
Additions 190
Disposals (800)
At 31 October 2024 8,151
Depreciation
At 1 November 2023 8,761
Charge for the year 38
On disposals (800)
At 31 October 2024 7,999
Net book value
At 31 October 2024 152
4 Debtors 2024 2023
£ £
Trade debtors - 300
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 24 787
Taxation and social security costs 298 404
Director's loan account 1,181 2,246
Other creditors 944 868
2,447 4,305
6 Related party transactions
During the year the company paid Tim Smart dividends of £500 (2023: 1,000) and Katie Smart dividends of £1,500 (2023: £4,600) . At the year end the company owed Tim Smart £1,181 (2023: £2,246).
7 Controlling party
The company is controlled by Tim Smart, shareholder and sole director.
8 Other information
Tim Smart Music Limited is a private company limited by shares and incorporated in England. Its registered office is:
69 Loughborough Road
West Bridgford
Nottingham
NG2 7LA
Tim Smart Music Limited 09251401 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 Tim Smart No description of principal activity 09251401 2022-11-01 2023-10-31 09251401 core:WithinOneYear 2023-10-31 09251401 core:ShareCapital 2023-10-31 09251401 core:RetainedEarningsAccumulatedLosses 2023-10-31 09251401 2023-11-01 2024-10-31 09251401 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09251401 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 09251401 bus:Director40 2023-11-01 2024-10-31 09251401 core:PlantMachinery 2023-11-01 2024-10-31 09251401 countries:England 2023-11-01 2024-10-31 09251401 bus:FRS102 2023-11-01 2024-10-31 09251401 bus:FilletedAccounts 2023-11-01 2024-10-31 09251401 2024-10-31 09251401 core:WithinOneYear 2024-10-31 09251401 core:ShareCapital 2024-10-31 09251401 core:RetainedEarningsAccumulatedLosses 2024-10-31 09251401 core:PlantMachinery 2024-10-31 09251401 2023-10-31 09251401 core:PlantMachinery 2023-10-31 iso4217:GBP xbrli:pure