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R7 MUSIC LTD

Registered Number
SC581756
(Scotland)

Unaudited Financial Statements for the Year ended
30 September 2024

R7 MUSIC LTD
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

GAFFNEY, Conor Smyth
MACDOUGALL, Gordon
NEWBURY, Graeme
O'BRIEN, Lawrence

Company Secretary

MACDOUGALL, Gordon

Registered Address

1st Floor 5 Eagle Street
Glasgow
G4 9XA

Registered Number

SC581756 (Scotland)
R7 MUSIC LTD
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks43,3753,931
Debtors5663714
Cash at bank and on hand2,1812,528
6,2197,173
Creditors amounts falling due within one year6(52,865)(52,112)
Net current assets (liabilities)(46,646)(44,939)
Total assets less current liabilities(46,646)(44,939)
Net assets(46,646)(44,939)
Capital and reserves
Called up share capital200200
Profit and loss account(46,846)(45,139)
Shareholders' funds(46,646)(44,939)
The financial statements were approved and authorised for issue by the Board of Directors on 17 March 2025, and are signed on its behalf by:
MACDOUGALL, Gordon
Director
Registered Company No. SC581756
R7 MUSIC LTD
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number is SC581756 and registered office address is 1st Floor, 5 Eagle Street, Glasgow, G4 9XA.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the companies accounting policies. The following accounting principles have been applied:
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on a going concern basis despite the company having an adverse balance sheet position. The continuation of the company is dependant on the continuing support by the parent company.
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/or 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 and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other 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 determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less
Trade and other 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 determined using the effective interest method.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 October 23247247
At 30 September 24247247
Depreciation and impairment
At 01 October 23247247
At 30 September 24247247
Net book value
At 30 September 24--
At 30 September 23--
Tangible fixed assets are stated at cost or valuation less depreciation.
4.Stocks

2024

2023

££
Raw materials and consumables3,3753,931
Total3,3753,931
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-51
Other debtors140140
Prepayments and accrued income523523
Total663714
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,841696
Taxation and social security384536
Other creditors49,94049,940
Accrued liabilities and deferred income700940
Total52,86552,112
7.Directors advances, credits and guarantees
The maximum amount outstanding during the period was £140. No interest was charged on this loan and the loan is repayable on demand.
8.Related party transactions
As at 30 September 2024, an associated company was owed £49,940 (2023: £49,940) by R7 Music Limited.
9.Controlling party
This company's parent undertaking and controlling party is No Half Measures Limited, a company registered in Scotland, company number SC208710, registered office address 5 Eagle Street, 1st Floor, Glasgow, G4 9XA.