Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31Selling of music22023-04-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02631835 2023-04-01 2024-03-31 02631835 2022-04-01 2023-03-31 02631835 2024-03-31 02631835 2023-03-31 02631835 c:Director1 2023-04-01 2024-03-31 02631835 d:FurnitureFittings 2023-04-01 2024-03-31 02631835 d:FurnitureFittings 2024-03-31 02631835 d:FurnitureFittings 2023-03-31 02631835 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02631835 d:ComputerEquipment 2023-04-01 2024-03-31 02631835 d:ComputerEquipment 2024-03-31 02631835 d:ComputerEquipment 2023-03-31 02631835 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02631835 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02631835 d:CurrentFinancialInstruments 2024-03-31 02631835 d:CurrentFinancialInstruments 2023-03-31 02631835 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02631835 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02631835 d:ShareCapital 2024-03-31 02631835 d:ShareCapital 2023-03-31 02631835 d:RetainedEarningsAccumulatedLosses 2024-03-31 02631835 d:RetainedEarningsAccumulatedLosses 2023-03-31 02631835 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02631835 c:OrdinaryShareClass1 2024-03-31 02631835 c:OrdinaryShareClass1 2023-03-31 02631835 c:FRS102 2023-04-01 2024-03-31 02631835 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02631835 c:FullAccounts 2023-04-01 2024-03-31 02631835 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02631835 d:Subsidiary1 2023-04-01 2024-03-31 02631835 d:Subsidiary1 1 2023-04-01 2024-03-31 02631835 d:Subsidiary2 2023-04-01 2024-03-31 02631835 d:Subsidiary2 1 2023-04-01 2024-03-31 02631835 6 2023-04-01 2024-03-31 02631835 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02631835









CRAMER MUSIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CRAMER MUSIC LIMITED
REGISTERED NUMBER: 02631835

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,560
4,189

Investments
 5 
120
120

  
3,680
4,309

Current assets
  

Stocks
 6 
207,911
211,568

Debtors: amounts falling due within one year
 7 
36,984
48,779

Cash at bank and in hand
 8 
45
121

  
244,940
260,468

Creditors: amounts falling due within one year
 9 
(127,095)
(132,606)

Net current assets
  
 
 
117,845
 
 
127,862

Total assets less current liabilities
  
121,525
132,171

  

Net assets
  
121,525
132,171


Capital and reserves
  

Called up share capital 
 10 
11,800
11,800

Profit and loss account
  
109,725
120,371

  
121,525
132,171


Page 1

 
CRAMER MUSIC LIMITED
REGISTERED NUMBER: 02631835
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P J Maxwell
Director

Date: 21 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CRAMER MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares incorporated in England.  
The registered office is 192 Queens Road, Watford, Hertfordshire, WD17 2NT.
The company's principal activity is the publication and supply of music and related products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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 Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has reviewed the performance of the company and is satisfied that the company has adequate resources to continue in operational existence for the period of at least 12 months from the date of signing of these accounts.  Accordingly he continues to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when the goods are dispatched to the customer.  Revenue from services is recognised when the services are performed.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
CRAMER MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line or the reducing balance method.

Depreciation is provided on the following basis:

Fixtures, fittings and office equipment
-
15% per annum on a reducing balance basis
Computer equipment
-
50% per annum on cost

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
 
Page 4

 
CRAMER MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 
2.8

Functional and presentation currency

The Company's functional and presentational currency is GBP.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
CRAMER MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
23,691
27,372
51,063



At 31 March 2024

23,691
27,372
51,063



Depreciation


At 1 April 2023
19,502
27,372
46,874


Charge for the year on owned assets
628
-
628



At 31 March 2024

20,130
27,372
47,502



Net book value



At 31 March 2024
3,561
-
3,561



At 31 March 2023
4,190
-
4,190

Page 6

 
CRAMER MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
120



At 31 March 2024
120





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Portland Publications Ltd
Ordinary
100%
Middle Eight Music Ltd
Ordinary
100%

Both the subsidiaries share the same registered office address as the company.

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Portland Publications Ltd
100
-

Middle Eight Music Ltd
20
-


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
207,911
211,568


Page 7

 
CRAMER MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
8,507
22,751

Other debtors
24,614
24,517

Prepayments and accrued income
3,863
1,511

36,984
48,779



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
45
121

Less: bank overdrafts
(29,970)
(33,815)

(29,925)
(33,694)



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
29,970
33,815

Trade creditors
11,554
15,116

Other taxation and social security
104
211

Other creditors
83,521
79,493

Accruals and deferred income
1,946
3,971

127,095
132,606


The company has an overdraft facility for £40,000 with Lloyds Bank plc.  The bank have fixed and floating charges over all the assets of the company.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,800 (2023 - 11,800) Ordinary shares of £1.00 each
11,800
11,800


Page 8

 
CRAMER MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Related party transactions

At the year end the company owed the director £65,530 (2023 - £61,724).  This amount is unsecured, interest free and repayable on demand.

 
Page 9