2 2 Play It By Ear Ltd 08003089 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is audio and video production Digita Accounts Production Advanced 6.30.9574.0 true 08003089 2024-04-01 2025-03-31 08003089 2025-03-31 08003089 core:CurrentFinancialInstruments 2025-03-31 08003089 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 08003089 core:Non-currentFinancialInstruments 2025-03-31 08003089 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 08003089 core:Goodwill 2025-03-31 08003089 core:FurnitureFittingsToolsEquipment 2025-03-31 08003089 bus:SmallEntities 2024-04-01 2025-03-31 08003089 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 08003089 bus:FilletedAccounts 2024-04-01 2025-03-31 08003089 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 08003089 bus:RegisteredOffice 2024-04-01 2025-03-31 08003089 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 08003089 bus:Director1 2024-04-01 2025-03-31 08003089 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 08003089 bus:Agent1 2024-04-01 2025-03-31 08003089 core:Goodwill 2024-04-01 2025-03-31 08003089 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 08003089 core:OfficeEquipment 2024-04-01 2025-03-31 08003089 countries:EnglandWales 2024-04-01 2025-03-31 08003089 2024-03-31 08003089 core:Goodwill 2024-03-31 08003089 core:FurnitureFittingsToolsEquipment 2024-03-31 08003089 2023-04-01 2024-03-31 08003089 2024-03-31 08003089 core:CurrentFinancialInstruments 2024-03-31 08003089 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08003089 core:Non-currentFinancialInstruments 2024-03-31 08003089 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08003089 core:FurnitureFittingsToolsEquipment 2024-03-31 xbrli:pure iso4217:GBP

Registration number: 08003089

Play It By Ear Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Play It By Ear Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Play It By Ear Ltd

Company Information

Directors

Mr M Buchanan

Mrs K Buchanan

Company secretary

Mrs K Buchanan

Registered office

Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

Accountants

Blackman Terry Accountants Ltd
Chartered Certified AccountantBolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

 

Play It By Ear Ltd

(Registration number: 08003089)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

43

463

Current assets

 

Debtors

6

411

3,300

Cash at bank and in hand

 

115

10,599

 

526

13,899

Creditors: Amounts falling due within one year

7

(14,906)

(11,636)

Net current (liabilities)/assets

 

(14,380)

2,263

Total assets less current liabilities

 

(14,337)

2,726

Creditors: Amounts falling due after more than one year

7

(634)

(2,533)

Net (liabilities)/assets

 

(14,971)

193

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(15,071)

93

Shareholders' (deficit)/funds

 

(14,971)

193

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
Mr M Buchanan
Director

 

Play It By Ear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

The principal place of business is:
Hollytrees
School Lane
Peasmarsh
East Sussex
TN31 6UT

These financial statements were authorised for issue by the Board on 15 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Play It By Ear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Play It By Ear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

Play It By Ear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2024

21,000

21,000

At 31 March 2025

21,000

21,000

Amortisation

At 1 April 2024

21,000

21,000

At 31 March 2025

21,000

21,000

Carrying amount

At 31 March 2025

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

11,502

11,502

At 31 March 2025

11,502

11,502

Depreciation

At 1 April 2024

11,039

11,039

Charge for the year

420

420

At 31 March 2025

11,459

11,459

Carrying amount

At 31 March 2025

43

43

At 31 March 2024

463

463

 

Play It By Ear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Debtors

Current

2025
£

2024
£

Trade debtors

-

792

Other debtors

411

2,508

 

411

3,300

 

Play It By Ear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

1,900

1,900

Taxation and social security

 

8

3,359

Accruals and deferred income

 

1,582

1,582

Other creditors

 

11,416

4,795

 

14,906

11,636

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

634

2,533

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

634

2,533

Current loans and borrowings

2025
£

2024
£

Bank borrowings

1,900

1,900