Registered number
04256325
Project Music (South West) Limited
Filleted Accounts
31 August 2024
Project Music (South West) Limited
Registered number: 04256325
Balance Sheet
as at 31 August 2024
Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,965 2,650
Current assets
Stocks 353,232 432,820
Debtors 5 115,629 94,717
Cash at bank and in hand 14,142 20,979
483,003 548,516
Creditors: amounts falling due within one year 6 (235,057) (229,973)
Net current assets 247,946 318,543
Total assets less current liabilities 249,911 321,193
Creditors: amounts falling due after more than one year 7 (11,442) (22,427)
Provisions for liabilities (251) (687)
Net assets 238,218 298,079
Capital and reserves
Called up share capital 200 200
Profit and loss account 238,018 297,879
Shareholders' funds 238,218 298,079
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L St Pier
Director
Approved by the board on 30 April 2025
Project Music (South West) Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 5 years
Plant and machinery at various rates
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 7,500
At 31 August 2024 7,500
Amortisation
At 1 September 2023 7,500
At 31 August 2024 7,500
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 29,301 18,660 47,961
Additions - 659 659
At 31 August 2024 29,301 19,319 48,620
Depreciation
At 1 September 2023 29,301 16,010 45,311
Charge for the year - 1,344 1,344
At 31 August 2024 29,301 17,354 46,655
Net book value
At 31 August 2024 - 1,965 1,965
At 31 August 2023 - 2,650 2,650
5 Debtors 2024 2023
£ £
Trade debtors 6,138 6,198
Amounts owed by group undertakings and undertakings in which the company has a participating interest 106,000 85,000
Other debtors 3,491 3,519
115,629 94,717
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 47,681 10,324
Trade creditors 129,223 94,339
Taxation and social security costs 46,308 34,873
Other creditors 11,845 90,437
235,057 229,973
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,442 22,427
8 Other information
Project Music (South West) Limited is a private company limited by shares and incorporated in England. Its registered office is:
16 Bartholomew Street East
Exeter
Devon
EX4 3BG
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