Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-312025-05-26112023-09-01falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05239675 2023-09-01 2024-08-31 05239675 2022-09-01 2023-08-31 05239675 2024-08-31 05239675 2023-08-31 05239675 c:Director1 2023-09-01 2024-08-31 05239675 d:OfficeEquipment 2023-09-01 2024-08-31 05239675 d:OfficeEquipment 2024-08-31 05239675 d:OfficeEquipment 2023-08-31 05239675 d:ComputerSoftware 2024-08-31 05239675 d:ComputerSoftware 2023-08-31 05239675 d:OtherResidualIntangibleAssets 2023-09-01 2024-08-31 05239675 d:CurrentFinancialInstruments 2024-08-31 05239675 d:CurrentFinancialInstruments 2023-08-31 05239675 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05239675 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05239675 d:RetainedEarningsAccumulatedLosses 2024-08-31 05239675 d:RetainedEarningsAccumulatedLosses 2023-08-31 05239675 c:FRS102 2023-09-01 2024-08-31 05239675 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05239675 c:FullAccounts 2023-09-01 2024-08-31 05239675 c:CompanyLimitedByGuarantee 2023-09-01 2024-08-31 05239675 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure
Registered number: 05239675








MUSICDEVON CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024



 















img6d2e.png

 
MUSICDEVON CO-OPERATIVE LIMITED
  
(A Company Limited by Guarantee)
REGISTERED NUMBER:05239675

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 6 
8,544
4,293

Cash at bank and in hand
  
9,711
8,028

  
18,255
12,321

Creditors: amounts falling due within one year
 7 
(570)
(152)

Net current assets
  
 
 
17,685
 
 
12,169

Total assets less current liabilities
  
17,685
12,169

  

Net assets
  
17,685
12,169


Capital and reserves
  

Profit and loss account
  
17,685
12,169

  
17,685
12,169


Page 1

 
MUSICDEVON CO-OPERATIVE LIMITED
  
(A Company Limited by Guarantee)
REGISTERED NUMBER:05239675
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2025.




S Bull
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MUSICDEVON CO-OPERATIVE LIMITED
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Musicdevon Co-operative Limited is a private company, limited by guarantee, domiciled in England. The registered office address is Courtenay House, Pynes Hill, Exeter, England, EX2 5AZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.  

 
2.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Due to the nature of the company's operations providing administration service to it's members, transactions inevitably take place between the company and the members and directors.

Page 3

 
MUSICDEVON CO-OPERATIVE LIMITED
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Website
-
25%
Straight Line

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MUSICDEVON CO-OPERATIVE LIMITED
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.


 

Page 5

 
MUSICDEVON CO-OPERATIVE LIMITED
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including the directors, during the year was 1 (2023 - 1).

Page 6

 
MUSICDEVON CO-OPERATIVE LIMITED
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Intangible assets




Website

£



Cost


At 1 September 2023
2,000



At 31 August 2024

2,000



Amortisation


At 1 September 2023
2,000



At 31 August 2024

2,000



Net book value



At 31 August 2024
-



At 31 August 2023
-



Page 7

 
MUSICDEVON CO-OPERATIVE LIMITED
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 September 2023
1,418



At 31 August 2024

1,418



Depreciation


At 1 September 2023
1,418



At 31 August 2024

1,418



Net book value



At 31 August 2024
-



At 31 August 2023
-


6.


Debtors

2024
2023
£
£


Trade debtors
8,544
4,293

8,544
4,293



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
367
-

Other taxation and social security
173
65

Other creditors
30
87

570
152


Page 8

 
MUSICDEVON CO-OPERATIVE LIMITED
 
(A Company Limited by Guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


8.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £550 (2023- £450). Contributions totalling £30 (2023 - £87) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9