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REGISTERED NUMBER: 04750898











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JULY 2024

FOR

RESIDENT MUSIC LIMITED

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RESIDENT MUSIC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JULY 2024







DIRECTORS: D J Watkins
Ms N Youngs





SECRETARY: Ms N Youngs





REGISTERED OFFICE: 15 West Street
Brighton
East Sussex
BN1 2RL





REGISTERED NUMBER: 04750898





ACCOUNTANTS: Galloways Accounting (Hove) Limited
15 West Street
Brighton
East Sussex
BN1 2RL

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

BALANCE SHEET
30 JULY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 109,453 68,613
109,453 68,613

CURRENT ASSETS
Stocks 5 152,678 167,620
Debtors 6 64,390 75,977
Cash at bank 34,514 19,409
251,582 263,006
CREDITORS
Amounts falling due within one year 7 (306,778 ) (252,844 )
NET CURRENT (LIABILITIES)/ASSETS (55,196 ) 10,162
TOTAL ASSETS LESS CURRENT
LIABILITIES

54,257

78,775

CREDITORS
Amounts falling due after more than one
year

8

(8,334

)

(18,334

)

PROVISIONS FOR LIABILITIES (25,933 ) (15,410 )
NET ASSETS 19,990 45,031

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 19,988 45,029
19,990 45,031

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

BALANCE SHEET - continued
30 JULY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





D J Watkins - Director


RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024


1. ACCOUNTING POLICIES

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

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Website - 20% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

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

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 25 ) .

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2024


3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 31 July 2023
and 30 July 2024 45,357
AMORTISATION
At 31 July 2023
and 30 July 2024 45,357
NET BOOK VALUE
At 30 July 2024 -
At 30 July 2023 -

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 31 July 2023 23,171 120,864 16,343
Additions - 253 292
Disposals - - -
At 30 July 2024 23,171 121,117 16,635
DEPRECIATION
At 31 July 2023 5,909 103,823 8,627
Charge for year 2,318 4,299 1,953
Eliminated on disposal - - -
At 30 July 2024 8,227 108,122 10,580
NET BOOK VALUE
At 30 July 2024 14,944 12,995 6,055
At 30 July 2023 17,262 17,041 7,716

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2024


4. TANGIBLE FIXED ASSETS - continued

Computer
Website equipment Totals
£    £    £   
COST
At 31 July 2023 37,644 28,418 226,440
Additions 72,000 1,977 74,522
Disposals (37,644 ) (7,746 ) (45,390 )
At 30 July 2024 72,000 22,649 255,572
DEPRECIATION
At 31 July 2023 28,101 11,367 157,827
Charge for year 9,029 3,701 21,300
Eliminated on disposal (28,101 ) (4,907 ) (33,008 )
At 30 July 2024 9,029 10,161 146,119
NET BOOK VALUE
At 30 July 2024 62,971 12,488 109,453
At 30 July 2023 9,543 17,051 68,613

5. STOCKS
2024 2023
£    £   
Stocks 152,678 167,620

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,526 8,046
Other debtors 17,153 29,001
Prepayments and accrued income 41,711 38,930
64,390 75,977

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 118,207 126,705
Tax 77,982 31,283
Social security and other taxes 9,306 8,580
VAT 29,507 37,454
Other creditors 22,673 38,822
Directors' loan accounts 34,963 -
Accrued expenses 4,140 -
306,778 252,844

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,334 10,000
Bank loans - 2-5 years - 8,334
8,334 18,334

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 99,000 99,000
Between one and five years 396,000 396,000
In more than five years 148,500 247,500
643,500 742,500

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, D Watkins made loan to the company. As at 30 July 2024, the company owed him £30,973. This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N Youngs and D J Watkins.

This was by virtue of their 100% holding of the issued share capital.