PLYMOUTH MUSIC COLLECTIVE C.I.C.

Company limited by guarantee

Company Registration Number:
05485475 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

The company's principal activity during the year continued to be sound recording and music publishing activities.



Directors

The directors shown below have held office during the whole of the period from
1 July 2023 to 30 June 2024

Chris Bailey
Andrew John Collins
Amy Cooper
Jacob Liam Cunningham
Oliver Richard James
Thomas James Ward


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
6 March 2025

And signed on behalf of the board by:
Name: Oliver Richard James
Status: Director

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 61,780 58,479
Cost of sales: ( 2,818 ) ( 3,309 )
Gross profit(or loss): 58,962 55,170
Administrative expenses: ( 64,169 ) ( 51,212 )
Operating profit(or loss): (5,207) 3,958
Interest receivable and similar income: 1,021 485
Profit(or loss) before tax: (4,186) 4,443
Profit(or loss) for the financial year: (4,186) 4,443

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 11,288 12,825
Total fixed assets: 11,288 12,825
Current assets
Stocks: 4 337 516
Debtors: 5 4,004 1,808
Cash at bank and in hand: 87,640 86,965
Total current assets: 91,981 89,289
Creditors: amounts falling due within one year: 6 ( 8,100 ) ( 3,083 )
Net current assets (liabilities): 83,881 86,206
Total assets less current liabilities: 95,169 99,031
Provision for liabilities: ( 1,581 ) ( 865 )
Total net assets (liabilities): 93,588 98,166
Members' funds
Profit and loss account: 93,588 98,166
Total members' funds: 93,588 98,166

The notes form part of these financial statements

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 6 March 2025
and signed on behalf of the board by:

Name: Oliver Richard James
Status: Director

The notes form part of these financial statements

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated 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: Fixtures and Fittings – 20 years straight-line Plant and Machinery – 20% reducing balance Office Equipment – 25% reducing balance

    Other accounting policies

    Stocks Stocks are measured at the lower of cost and estimated selling price, less costs to complete and sell. Cost is determined using the first-in, first-out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Debtors Short-term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short-term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost using the effective interest method. Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property, where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 4 4

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 29,425 11,627 7,112 48,164
Additions
Disposals
Revaluations
Transfers
At 30 June 2024 29,425 11,627 7,112 48,164
Depreciation
At 1 July 2023 25,752 3,357 6,230 35,339
Charge for year 735 581 221 1,537
On disposals
Other adjustments
At 30 June 2024 26,487 3,938 6,451 36,876
Net book value
At 30 June 2024 2,938 7,689 661 11,288
At 30 June 2023 3,673 8,270 882 12,825

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Stocks

2024 2023
£ £
Stocks 337 516
Total 337 516

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Debtors

2024 2023
£ £
Trade debtors 3,680 1,634
Other debtors 324 174
Total 4,004 1,808

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 324
Other creditors 8,100 2,759
Total 8,100 3,083

COMMUNITY INTEREST ANNUAL REPORT

PLYMOUTH MUSIC COLLECTIVE C.I.C.

Company Number: 05485475 (England and Wales)

Year Ending: 30 June 2024

Company activities and impact

The provision of recording and rehearsal studio's for the benefit of local musicians of all ages and ethnic backgrounds; to identify and develop local talent through guidance and tutoring; to provide flexible employment to local musicians that does not interfere with any musical development of an individual; to present, produce, organise, manage, provide, conduct or procure to be presented, produced, organised, managed, provided or conducted such performances, concerts, plays, entertainments, exhibitions, displays, festivals and any other representations of performance in any medium on a not for profit basis. Promote Plymouth as a major contender in the national music scene to encourage investment to public arts facilities.

Consultation with stakeholders

The directors of the company have carried on this business for some time and have developed the business model based on their experience of talking to local musicians. Plymouth Music Collective CIC consult and discuss with all musicians who use the rehearsal and recording studio's on the experience of using the facilities. Idea's are generated and discussed by the directors as to how the experience can be improved.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
7 March 2025

And signed on behalf of the board by:
Name: Oliver Richard James
Status: Director