Registered number
11810966
SAM OKELL MUSIC LTD
Filleted Accounts
31 March 2025
SAM OKELL MUSIC LTD
Registered number: 11810966
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 1,491,480 1,441,508
Current assets
Debtors 4 3,360 24,271
Investments held as current assets 5 - 6,946
Cash at bank and in hand - 12,873
3,360 44,090
Creditors: amounts falling due within one year 6 (194,454) (308,900)
Net current liabilities (191,094) (264,810)
Total assets less current liabilities 1,300,386 1,176,698
Creditors: amounts falling due after more than one year 7 (718,577) (635,768)
Provisions for liabilities (14,313) (18,500)
Net assets 567,496 522,430
Capital and reserves
Called up share capital 1 1
Profit and loss account 567,495 522,429
Shareholder's funds 567,496 522,430
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Samuel James Okell
Director
Approved by the board on 4 June 2025
SAM OKELL MUSIC LTD
Notes to the Accounts
for the year ended 31 March 2025
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.
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:
Zennor Studio and Additions Nil
Instruments & Equipment 25% reducing balance
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 2025 2024
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Zennor Studio and Additions Instruments & Equipment Total
£ £ £
Cost
At 1 April 2024 1,367,522 149,466 1,516,988
Additions 66,706 2,355 69,061
At 31 March 2025 1,434,228 151,821 1,586,049
Depreciation
At 1 April 2024 - 75,480 75,480
Charge for the year - 19,089 19,089
At 31 March 2025 - 94,569 94,569
Net book value
At 31 March 2025 1,434,228 57,252 1,491,480
At 31 March 2024 1,367,522 73,986 1,441,508
4 Debtors 2025 2024
£ £
Trade debtors 3,360 24,271
5 Investments held as current assets 2025 2024
£ £
Fair value
Unlisted investments - 6,946
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 8,165 -
Trade creditors 9,506 49,449
Director's Loan Account 146,275 200,129
Taxation and social security costs 29,248 58,077
Other creditors 1,260 1,245
194,454 308,900
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 401,077 312,768
Other creditors 317,500 323,000
718,577 635,768
Other creditors comprises unsecured loans made to the Company on an interest free basis
with no fixed repayment term.
8 Loans 2025 2024
£ £
Creditors include:
Secured bank loans 401,077 312,768
The bank loans are repayable over 20 years and are secured on the Zennor Studio.
9 Other information
SAM OKELL MUSIC LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 Rosemundy
St Agnes
Cornwall
TR5 0UF
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