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REGISTERED NUMBER: SC349446 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

ESP Music Rentals Limited

ESP Music Rentals Limited (Registered number: SC349446)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

ESP Music Rentals Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: R Wilson
Mrs J Wilson





REGISTERED OFFICE: 29 Brandon Street
Hamilton
South Lanarkshire
ML3 6DA





REGISTERED NUMBER: SC349446 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

ESP Music Rentals Limited (Registered number: SC349446)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 45,141 74,153

CURRENT ASSETS
Debtors 6 104,359 97,507
Cash at bank 57,462 60,845
161,821 158,352
CREDITORS
Amounts falling due within one year 7 68,408 41,883
NET CURRENT ASSETS 93,413 116,469
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,554

190,622

CREDITORS
Amounts falling due after more than one
year

8

(38,123

)

(61,507

)

PROVISIONS FOR LIABILITIES (11,285 ) (14,088 )
NET ASSETS 89,146 115,027

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 89,144 115,025
SHAREHOLDERS' FUNDS 89,146 115,027

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

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

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 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.

ESP Music Rentals Limited (Registered number: SC349446)

Balance Sheet - continued
31 October 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 Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mrs J Wilson - Director


ESP Music Rentals Limited (Registered number: SC349446)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

ESP Music Rentals Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from event management services and musical equipment hire supplied by the company.

Turnover is measured at the fair value of services and hire supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred

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 balance sheet date.


ESP Music Rentals Limited (Registered number: SC349446)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023 112,508
Additions 2,496
Disposals (1,040 )
At 31 October 2024 113,964
DEPRECIATION
At 1 November 2023 38,355
Charge for year 31,508
Eliminated on disposal (1,040 )
At 31 October 2024 68,823
NET BOOK VALUE
At 31 October 2024 45,141
At 31 October 2023 74,153

ESP Music Rentals Limited (Registered number: SC349446)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2023
and 31 October 2024 69,311
DEPRECIATION
At 1 November 2023 15,788
Charge for year 22,872
At 31 October 2024 38,660
NET BOOK VALUE
At 31 October 2024 30,651
At 31 October 2023 53,523

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 26,004 33,943
Other debtors 78,355 63,564
104,359 97,507

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,332 10,077
Hire purchase contracts 13,051 13,051
Trade creditors - 237
Taxation and social security 32,297 13,947
Other creditors 12,728 4,571
68,408 41,883

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,033 17,365
Hire purchase contracts 31,090 44,142
38,123 61,507

ESP Music Rentals Limited (Registered number: SC349446)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 17,365 27,442
Hire purchase contracts 44,141 57,193
61,506 84,635

The bank loan is supported by a 100% guarantee from the UK Government.

Hire purchase contacts are secured over the assets concerned.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company operates a loan account with the directors.

During the year, the director advanced loans totalling £8,083 the company. The balance due to the directors at the year end was £9,392 (2023 - £1,309). This loan is unsecured, interest free and has no fixed repayment terms.

11. RELATED PARTY DISCLOSURES

ESP Property (Scotland) Ltd

A company in which the directors are also involved in.

During the year, the company advanced loans totalling £15,000 to ESP Property (Scotland) Ltd. The balance due to the company at the year end was £75,000 (2023 - £60,000). This loan is unsecured, interest free and has no fixed repayment terms.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
ESP Music Rentals Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ESP Music Rentals Limited for the year ended 31 October 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of ESP Music Rentals Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ESP Music Rentals Limited and state those matters that we have agreed to state to the Board of Directors of ESP Music Rentals Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that ESP Music Rentals Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ESP Music Rentals Limited. You consider that ESP Music Rentals Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of ESP Music Rentals Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


25 June 2025