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REGISTERED NUMBER: 07146220 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

FOR

IMHOTEP MUSIC LIMITED

IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IMHOTEP MUSIC LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024







DIRECTOR: P C Okogwu





REGISTERED OFFICE: Suite 1, Invicta Business Centre
Monument Way
Orbital Park
Ashford
Kent
TN24 0HB





REGISTERED NUMBER: 07146220 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Invicta Business Centre
Monument Way
Orbital Park
Ashford
Kent
TN24 0HB

IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)

BALANCE SHEET
29 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,081,643 -
Investments 7 300,101 300,101
1,381,744 300,101

CURRENT ASSETS
Debtors 8 841,560 968,534
Cash at bank 66,497 375,487
908,057 1,344,021
CREDITORS
Amounts falling due within one year 9 259,505 310,935
NET CURRENT ASSETS 648,552 1,033,086
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,030,296

1,333,187

CREDITORS
Amounts falling due after more than one
year

10

(582,029

)

(32,500

)

PROVISIONS FOR LIABILITIES (25,075 ) -
NET ASSETS 1,423,192 1,300,687

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,423,092 1,300,587
1,423,192 1,300,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 March 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.

IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)

BALANCE SHEET - continued
29 MARCH 2024


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

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

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





P C Okogwu - Director


IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

1. STATUTORY INFORMATION

Imhotep Music 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Image Rights - 4 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% straight line
Plant and machinery etc - 25% on a straight line basis and 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 period 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.

IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2023 - 6 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 29 March 2024 500,000
AMORTISATION
At 1 April 2023
and 29 March 2024 500,000
NET BOOK VALUE
At 29 March 2024 -
At 31 March 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 - 97,935 97,935
Additions 1,001,372 133,731 1,135,103
At 29 March 2024 1,001,372 231,666 1,233,038
DEPRECIATION
At 1 April 2023 - 97,935 97,935
Charge for period 20,027 33,433 53,460
At 29 March 2024 20,027 131,368 151,395
NET BOOK VALUE
At 29 March 2024 981,345 100,298 1,081,643

IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 112,011
At 29 March 2024 112,011
DEPRECIATION
Charge for period 28,003
At 29 March 2024 28,003
NET BOOK VALUE
At 29 March 2024 84,008

7. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Shares in group undertakings 101 101
Other investments not loans 300,000 300,000
300,101 300,101

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 29 March 2024 101
NET BOOK VALUE
At 29 March 2024 101
At 31 March 2023 101

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Partnership share in a UK LLP 300,000 300,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,950 35,266
Amounts owed by group undertakings 714,866 682,201
Other debtors 124,744 251,067
841,560 968,534

IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 45,700 10,000
Hire purchase contracts (see note 11) 18,000 -
Trade creditors 4,894 10,186
Amounts owed to group undertakings 87,120 3,978
Taxation and social security 66,983 215,704
Other creditors 36,808 71,067
259,505 310,935

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 510,124 32,500
Hire purchase contracts (see note 11) 71,905 -
582,029 32,500

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 18,000 -
Between one and five years 71,905 -
89,905 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 4,696

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 555,824 -
Hire purchase contracts 89,905 -
645,729 -

The company has a mortgage which is secured by a first legal charge over its freehold property and a debenture over the company. In addition the director has provided a personal guarantee limited to £500,000 in respect of the mortgage.

The hire purchase amounts are secured against the related vehicle.

IMHOTEP MUSIC LIMITED (REGISTERED NUMBER: 07146220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 29 MARCH 2024

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 29 March 2024 and the year ended 31 March 2023:

2024 2023
£    £   
P C Okogwu
Balance outstanding at start of period 64,715 342,266
Amounts advanced 278,178 720,949
Amounts repaid (343,394 ) (998,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (501 ) 64,715

The amount noted above is in respect of cash withdrawn in excess of expenses borne on behalf of the company. This amount is unsecured, interest free and repayable on demand.

14. RELATED PARTY DISCLOSURES

Included in debtors at the balance sheet date is an amount of £173,036 (2023: £166,238) due from a wholly owned subsidiary company. The amount is in respect of cash advanced and net expenses borne on behalf of that company. The amount is unsecured, interest free and repayable on demand.

Included in debtors at the balance sheet date is an amount of £523,073 (2023: £515,963) due from a company owned and controlled by the director. The amount is in respect of expenses borne on behalf of that company. This amount is unsecured, interest free and repayable on demand.

Included in debtors at the balance sheet date is an amount of £5,000 (2023: £5,000) due from a company owned and controlled by a family member of the director. The amount is in respect of a cash loan to that company. This amount is unsecured, interest free and repayable on demand.