Company registration number 00957980 (England and Wales)
MAWSON & WAREHAM (MUSIC) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MAWSON & WAREHAM (MUSIC) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MAWSON & WAREHAM (MUSIC) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,919
32,496
Tangible assets
4
7,579
8,821
24,498
41,317
Current assets
Stocks
35,245
35,669
Debtors
5
481
523
Cash at bank and in hand
12,878
11,641
48,604
47,833
Creditors: amounts falling due within one year
6
(144,378)
(144,664)
Net current liabilities
(95,774)
(96,831)
Net liabilities
(71,276)
(55,514)
Capital and reserves
Called up share capital
6,450
6,450
Profit and loss reserves
(77,726)
(61,964)
Total equity
(71,276)
(55,514)
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Mrs HC Mawson
Director
Company registration number 00957980 (England and Wales)
MAWSON & WAREHAM (MUSIC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Mawson & Wareham (Music) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 West Park Road, Saltwell, Gateshead, Tyne and Wear, NE8 4SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of compact discs and digital versatile discs, excluding value added tax.
1.3
Intangible fixed assets
Intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and any accumulated impairment losses.
CD and DVD Master Recordings
The masters of the CD and DVD recordings of artistic productions, associated advertising and setup costs are amortised over the shorter of the expected commercial life of the recording or five years on a straight line basis.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property
10% on reducing balance
Plant and machinery
20% on reducing balance
Fixtures and fittings
15% on reducing balance
1.5
Stocks
Stocks comprise of CDs, DVDs and song books held for resale and are valued at the lower of cost and net realisable value. Costs are the costs including overheads to produce these items.
1.6
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.
MAWSON & WAREHAM (MUSIC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Intangible fixed assets
Other
£
Cost
At 1 July 2023 and 30 June 2024
1,186,317
Amortisation and impairment
At 1 July 2023
1,153,821
Amortisation charged for the year
15,577
At 30 June 2024
1,169,398
Carrying amount
At 30 June 2024
16,919
At 30 June 2023
32,496
MAWSON & WAREHAM (MUSIC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
24,609
34,453
15,830
74,892
Depreciation and impairment
At 1 July 2023
19,814
30,543
15,714
66,071
Depreciation charged in the year
482
741
19
1,242
At 30 June 2024
20,296
31,284
15,733
67,313
Carrying amount
At 30 June 2024
4,313
3,169
97
7,579
At 30 June 2023
4,795
3,910
116
8,821
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
372
414
Prepayments and accrued income
109
109
481
523
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,258
4,368
Taxation and social security
697
146
Other creditors
138,963
138,950
Accruals and deferred income
2,460
1,200
144,378
144,664