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REGISTERED NUMBER: 02408886 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Oasis Musical Instruments Limited

Oasis Musical Instruments Limited (Registered number: 02408886)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Oasis Musical Instruments Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: Mr H S Gillespie





SECRETARY: Mrs Y B Gillespie





REGISTERED OFFICE: 4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF





BUSINESS ADDRESS: 3 West Street
Ringwood
Hampshire
BH24 1DY





REGISTERED NUMBER: 02408886 (England and Wales)





ACCOUNTANTS: Ward Goodman
Chartered Accountants
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Oasis Musical Instruments Limited (Registered number: 02408886)

Abridged Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,885 2,145
Tangible assets 5 1,515 1,451
3,400 3,596

CURRENT ASSETS
Stocks 89,139 99,878
Debtors 64,442 67,998
Prepayments and accrued income 14,172 14,270
Cash at bank and in hand 27,649 9,951
195,402 192,097
CREDITORS
Amounts falling due within one year 113,407 114,944
NET CURRENT ASSETS 81,995 77,153
TOTAL ASSETS LESS CURRENT
LIABILITIES

85,395

80,749

CREDITORS
Amounts falling due after more than one year 6 (27,679 ) (33,338 )

ACCRUALS AND DEFERRED INCOME (169 ) (170 )
NET ASSETS 57,547 47,241

Oasis Musical Instruments Limited (Registered number: 02408886)

Abridged Statement of Financial Position - continued
31 July 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 62,600 62,600
Share premium 5,000 5,000
Capital redemption reserve 12,500 12,500
Retained earnings (22,553 ) (32,859 )
SHAREHOLDERS' FUNDS 57,547 47,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 6 March 2025 and were signed by:





Mr H S Gillespie - Director


Oasis Musical Instruments Limited (Registered number: 02408886)

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

1. STATUTORY INFORMATION

Oasis Musical Instruments 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.

The company's financial statements have been prepared on the basis that the company is and continues to be a going concern. The directors who are also the main shareholders have provided suitable security to the company's bankers and financiers to enable them to continue support for the foreseeable future.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer and website is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment for hire - 15% on reducing balance
Improvements to property - 33% on cost
Office equipment - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

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 statement of financial position date.


Oasis Musical Instruments Limited (Registered number: 02408886)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 4 ) .

Oasis Musical Instruments Limited (Registered number: 02408886)

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

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023
and 31 July 2024 2,600
AMORTISATION
At 1 August 2023 455
Amortisation for year 260
At 31 July 2024 715
NET BOOK VALUE

At 31 July 2024 1,885
At 31 July 2023 2,145

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023 52,651
Additions 350
At 31 July 2024 53,001
DEPRECIATION
At 1 August 2023 51,200
Charge for year 286
At 31 July 2024 51,486
NET BOOK VALUE
At 31 July 2024 1,515
At 31 July 2023 1,451

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 5,426 10,853

Oasis Musical Instruments Limited (Registered number: 02408886)

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

7. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,655 5,635

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,676 5,656

Amounts falling due between two and five years:
Bank loans - 2-5 years 16,577 16,829

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,426 10,853

The bank loans falling due within five years are repayable by instalments. The loans bear an interest rate of 2.5%.

8. PENSION COMMITMENTS

The company operates a money purchase pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £132 (2023 - £132) were due to the fund. These are included within creditors.

9. OTHER FINANCIAL COMMITMENTS

The company had credit card commitments at the financial year end totalling £1,981 (2023 - £494).

The company also had bounce back loan commitments at the financial year end totalling £33,333 (2023 - £38,972).

There were no other financial commitments, contingencies or guarantees made on behalf of the director.

10. OFF-BALANCE SHEET ARRANGEMENTS

There were no off-balance sheet arrangements at the financial year end.

Oasis Musical Instruments Limited (Registered number: 02408886)

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

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Mr H S Gillespie
Balance outstanding at start of year 3,484 3,484
Amounts advanced 372 -
Amounts repaid (3,484 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 372 3,484

The loan to the director is unsecured, interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

At the financial year end, the company was owed £60,401 (2023 - £60,401) in loans from "Brilliant Distribution Limited", a company in which H S Gillespie is also a director and holds a beneficial interest. These are included within debtors. The loans are unsecured, interest free and repayable on demand.

The company also owed "Brilliant Distribution Limited" £38,896 (2023 - £37,874) at the financial year end in commercial trade transactions. These are included within creditors.