| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1 July 2023 to 29 June 2024 |
| for |
| Music Stuff |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1 July 2023 to 29 June 2024 |
| for |
| Music Stuff |
| Music Stuff (Registered number: 04404965) |
| Contents of the Financial Statements |
| for the Period 1 July 2023 to 29 June 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Music Stuff |
| Company Information |
| for the Period 1 July 2023 to 29 June 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Music Stuff (Registered number: 04404965) |
| Statement of Financial Position |
| 29 June 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| RESERVES |
| Income and expenditure account | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their 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 surplus or deficit 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Music Stuff (Registered number: 04404965) |
| Notes to the Financial Statements |
| for the Period 1 July 2023 to 29 June 2024 |
| 1. | STATUTORY INFORMATION |
| Music Stuff is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern. The company's funding is dependent upon Local Authorities and Academies paying for services provided for them promptly and at an appropriate level. Since the onset of the COVID pandemic this cashflow has become unreliable due to both internal and external issues. This has resulted in a significant liability being built up with HMRC. The company is working with HMRC to ensure payment of this debt in the short to medium term. The directors have also moved to a more sustainable business plan and agreed new funding details with local authorities which has already began to improve income levels. These are expected to improve considerably further from the beginning of the 2025-26 academic term. They have also instigated changes to their internal systems to ensure increased working capital provisions |
| . |
| This does not however take into account any possible future policy changes by Government or local authorities for the provision of special needs educational funding. |
| The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| Music Stuff (Registered number: 04404965) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2023 to 29 June 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 July 2023 |
| Additions |
| At 29 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for period |
| At 29 June 2024 |
| NET BOOK VALUE |
| At 29 June 2024 |
| At 30 June 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |