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360 Mastering Ltd.
Unaudited Financial Statements
For The Year Ended 31 August 2024
Fast Accounting Services Ltd
15 Marston Business Park
Lower Hazeldines
Marston Moretaine
Bedfordshire
MK43 0XT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03956078
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 43,087 55,623
43,087 55,623
CURRENT ASSETS
Debtors 5 22,781 38,128
Cash at bank and in hand 12,958 14,679
35,739 52,807
Creditors: Amounts Falling Due Within One Year 6 (75,396 ) (66,828 )
NET CURRENT ASSETS (LIABILITIES) (39,657 ) (14,021 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,430 41,602
NET ASSETS 3,430 41,602
CAPITAL AND RESERVES
Called up share capital 7 55 55
Other reserves (26,007 ) (26,007 )
Profit and Loss Account 29,382 67,554
SHAREHOLDERS' FUNDS 3,430 41,602
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Beetham
Director
16th April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
360 Mastering Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03956078 . The registered office is Portland House, 10 Portland Place, Hastings, East Sussex, TN34 1QN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the life of the lease, being 15 years
Plant & Machinery 15% reducing balance
Fixtures & Fittings 15% reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 September 2023 128,996 108,148 20,936 258,080
Additions - 250 158 408
As at 31 August 2024 128,996 108,398 21,094 258,488
Depreciation
As at 1 September 2023 102,435 81,813 18,209 202,457
Provided during the period 8,523 3,988 433 12,944
As at 31 August 2024 110,958 85,801 18,642 215,401
Net Book Value
As at 31 August 2024 18,038 22,597 2,452 43,087
As at 1 September 2023 26,561 26,335 2,727 55,623
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,781 37,228
Other debtors - 900
22,781 38,128
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,592 4,739
Bank loans and overdrafts 26,589 30,832
Other taxes and social security 694 1,046
VAT 3,499 505
Other creditors 5,614 6,514
Accruals and deferred income 300 300
Director's loan account 36,108 22,892
75,396 66,828
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 55 55
Page 5