IRIS Accounts Production v25.1.0.734 04043251 director 1.8.23 31.7.24 31.7.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040432512023-07-31040432512024-07-31040432512023-08-012024-07-31040432512022-07-31040432512022-08-012023-07-31040432512023-07-3104043251ns15:EnglandWales2023-08-012024-07-3104043251ns14:PoundSterling2023-08-012024-07-3104043251ns10:Director12023-08-012024-07-3104043251ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3104043251ns10:SmallEntities2023-08-012024-07-3104043251ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3104043251ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3104043251ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3104043251ns10:FullAccounts2023-08-012024-07-310404325112023-08-012024-07-3104043251ns5:CurrentFinancialInstruments2024-07-3104043251ns5:CurrentFinancialInstruments2023-07-3104043251ns5:ShareCapital2024-07-3104043251ns5:ShareCapital2023-07-3104043251ns5:RetainedEarningsAccumulatedLosses2024-07-3104043251ns5:RetainedEarningsAccumulatedLosses2023-07-3104043251ns5:NetGoodwill2023-08-012024-07-3104043251ns5:NetGoodwill2023-07-3104043251ns5:NetGoodwill2024-07-3104043251ns5:NetGoodwill2023-07-3104043251ns5:LandBuildings2023-07-3104043251ns5:PlantMachinery2023-07-3104043251ns5:FurnitureFittings2023-07-3104043251ns5:MotorVehicles2023-07-3104043251ns5:LandBuildings2023-08-012024-07-3104043251ns5:PlantMachinery2023-08-012024-07-3104043251ns5:FurnitureFittings2023-08-012024-07-3104043251ns5:MotorVehicles2023-08-012024-07-3104043251ns5:LandBuildings2024-07-3104043251ns5:PlantMachinery2024-07-3104043251ns5:FurnitureFittings2024-07-3104043251ns5:MotorVehicles2024-07-3104043251ns5:LandBuildings2023-07-3104043251ns5:PlantMachinery2023-07-3104043251ns5:FurnitureFittings2023-07-3104043251ns5:MotorVehicles2023-07-3104043251ns5:CostValuation2024-07-3104043251ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3104043251ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-310404325112023-08-012024-07-31
REGISTERED NUMBER: 04043251 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

MUSIC MANIA LIMITED

MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 105,190 106,595
Investments 7 246 246
105,436 106,841

CURRENT ASSETS
Stocks 37,188 34,055
Debtors 8 51,254 76,687
Cash at bank and in hand 876,906 735,242
965,348 845,984
CREDITORS
Amounts falling due within one year 9 (741,725 ) (643,123 )
NET CURRENT ASSETS 223,623 202,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

329,059

309,702

PROVISIONS FOR LIABILITIES (1,467 ) (1,734 )
NET ASSETS 327,592 307,968

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 327,492 307,868
327,592 307,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

STATEMENT OF FINANCIAL POSITION - continued
31 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 director and authorised for issue on 22 April 2025 and were signed by:





M N Lloyd - Director


MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4-6 Piccadilly Arcade, Hanley, Stoke on Trent, Staffordshire, ST1 1DL.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

BASIS OF PREPARATION
The financial statements are prepared in sterling, which is the functional currency of the entity.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets.

MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

GOODWILL
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful life of that asset as follows:

Goodwill - 5 years straight line

MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 15% reducing balance
Motor Vehicles - 25% reducing balance
Plant & Machinery - 15% reducing balance

Depreciation on freehold buildings is not provided as any uncharged depreciation for the year and any accumulated uncharged depreciation, would be immaterial in aggregate as a result of the company's policy to maintain its properties in good condition, which substantially prolongs their useful economic life and the estimated high residual value of the properties.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

INVESTMENTS IN ASSOCIATES
Investments in associate undertakings are recognised at cost.

STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 26,800
AMORTISATION
At 1 August 2023
and 31 July 2024 26,800
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

6. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023
and 31 July 2024 108,157 1,700 54,650 1,500 166,007
DEPRECIATION
At 1 August 2023 10,690 946 46,631 1,145 59,412
Charge for year - 113 1,203 89 1,405
At 31 July 2024 10,690 1,059 47,834 1,234 60,817
NET BOOK VALUE
At 31 July 2024 97,467 641 6,816 266 105,190
At 31 July 2023 97,467 754 8,019 355 106,595

7. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 August 2023
and 31 July 2024 246
NET BOOK VALUE
At 31 July 2024 246
At 31 July 2023 246

MUSIC MANIA LIMITED (REGISTERED NUMBER: 04043251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 1,000 2,326
Amounts owed by group undertakings - 33,709
Other debtors 50,254 40,652
51,254 76,687

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 8,700 9,747
Amounts owed to group undertakings 35 560
Amounts owed to participating interests 246 246
Taxation and social security 10,674 2,913
Other creditors 722,070 629,657
741,725 643,123

10. RELATED PARTY DISCLOSURES

Transactions with directors are under normal market conditions and or not material.

11. POST BALANCE SHEET EVENTS

There was no material events up to the date of approval of the financial statements by the board.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Music Mania Holdings Limited, a company registered in England & Wales