| MAESTRO MUSIC PRODUCTIONS LIMITED |
| Registered number: |
05516966 |
| Balance Sheet |
| as at 31 July 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
11,709 |
|
|
10,724 |
|
| Current assets |
| Cash at bank and in hand |
|
|
257,442 |
|
|
206,558 |
|
| Creditors: amounts falling due within one year |
4 |
|
(21,689) |
|
|
(8,867) |
|
| Net current assets |
|
|
|
235,753 |
|
|
197,691 |
|
| Total assets less current liabilities |
|
|
|
247,462 |
|
|
208,415 |
|
|
| Provisions for liabilities |
|
|
|
(2,225) |
|
|
(2,038) |
|
|
| Net assets |
|
|
|
245,237 |
|
|
206,377 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
245,236 |
|
|
206,376 |
|
| Shareholder's funds |
|
|
|
245,237 |
|
|
206,377 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Bjorn Dobbelaere |
| Director |
| Approved by the board on 20 March 2025 |
|
| MAESTRO MUSIC PRODUCTIONS LIMITED |
| Notes to the Accounts |
| for the year ended 31 July 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), and with the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
|
The financial statements are prepared in Sterling (£) which is the functional currency of the company. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative 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: |
|
|
Instruments and equipment |
25% reducing balance |
|
|
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
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 within the profit and loss account. |
|
|
Financial instruments |
|
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
|
|
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. |
|
|
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. |
|
|
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 that 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. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 August 2023 |
50,091 |
|
Additions |
4,905 |
|
At 31 July 2024 |
54,996 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2023 |
39,367 |
|
Charge for the year |
3,920 |
|
At 31 July 2024 |
43,287 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2024 |
11,709 |
|
At 31 July 2023 |
10,724 |
|
|
| 4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Taxation and social security costs |
3,101 |
|
- |
|
Directors Loan Account |
17,448 |
|
7,924 |
|
Other creditors |
1,140 |
|
943 |
|
|
|
|
|
|
21,689 |
|
8,867 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Pension commitments |
|
|
The company operates a defined contribution pension scheme, for the director. The assets of the scheme are held seperately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £nil (2022: £nil) were due to the fund. They are included in other creditors. |
|
|
| 6 |
Controlling party |
|
|
The company is controlled by the director by virtue of his majority shareholding. |
|
|
| 5 |
Other information |
|
|
MAESTRO MUSIC PRODUCTIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
69 Loughborough Road |
|
West Bridgford |
|
Nottingham |
|
NG2 7LA |