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Registration number: 04713088

Music Room Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Music Room Solutions Limited
(Registration number: 04713088)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Music Room Solutions Limited
(Registration number: 04713088)

Company Information

Director

G Gapper

Registered office

The Old Library
116 - 118 New Cross Road
New Cross Gate
London
SE14 5BA

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Music Room Solutions Limited
(Registration number: 04713088)

Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

87,890

108,667

Current assets

 

Stocks

6

25,000

25,000

Debtors

7

14,304

14,300

Cash at bank and in hand

 

3,254

350

 

42,558

39,650

Creditors: Amounts falling due within one year

8

(91,148)

(83,684)

Net current liabilities

 

(48,590)

(44,034)

Total assets less current liabilities

 

39,300

64,633

Creditors: Amounts falling due after more than one year

8

(8,776)

(19,074)

Provisions for liabilities

(2,270)

(4,048)

Net assets

 

28,254

41,511

Capital and reserves

 

Called up share capital

100

100

Retained earnings

28,154

41,411

Shareholders' funds

 

28,254

41,511

 

Music Room Solutions Limited
(Registration number: 04713088)

Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2025
 

.........................................
G Gapper
Director

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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:
The Old Library
116 - 118 New Cross Road
New Cross Gate
London
SE14 5BA

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

The Coronavirus Job Retention Scheme grants, local council grants and Arts Council England grants have been recognised under the accrual model and are credited to other income over the periods in which the compensated costs have been recognised.

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Motor vehicles

20% straight line

Furniture, fittings and equipment

20% straight line

Leasehold improvements

10% 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

20% 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.

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

30,000

30,000

At 31 July 2024

30,000

30,000

Amortisation

At 1 August 2023

30,000

30,000

At 31 July 2024

30,000

30,000

Carrying amount

At 31 July 2024

-

-

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Website development £

Total
£

Cost or valuation

At 1 August 2023

84,443

69,583

9,417

2,500

165,943

Additions

-

383

-

-

383

At 31 July 2024

84,443

69,966

9,417

2,500

166,326

Depreciation

At 1 August 2023

14,753

30,606

9,417

2,500

57,276

Charge for the year

8,446

12,714

-

-

21,160

At 31 July 2024

23,199

43,320

9,417

2,500

78,436

Carrying amount

At 31 July 2024

61,244

26,646

-

-

87,890

At 31 July 2023

69,690

38,977

-

-

108,667

Included within the net book value of land and buildings above is £61,244 (2023 - £69,690) in respect of long leasehold land and buildings.
 

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Other stocks

25,000

25,000

7

Debtors

2024
£

2023
£

Trade debtors

7,925

9,341

Other debtors

-

1,143

Prepayments and accrued income

6,379

3,816

Total current trade and other debtors

14,304

14,300

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,598

20,450

Trade creditors

 

35,685

20,025

Taxation and social security

 

11,372

10,492

Other creditors

 

18,437

13,273

Accrued expenses

 

2,367

2,333

Deferred income

 

12,689

17,111

 

91,148

83,684

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,776

19,074

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,298

10,043

Bank overdrafts

-

10,107

Other borrowings

300

300

10,598

20,450

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,776

19,074

 

Music Room Solutions Limited
(Registration number: 04713088)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Interest free loan

2,518

(2,518)

-