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Registered number: 02470948
Tumi (Music) Limited
Financial Statements
For The Year Ended 31 August 2024
Davey Accounting Services
11 Abrahams Close
Trowbridge
Wiltshire
BA14 0ND
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02470948
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 781 1,098
781 1,098
CURRENT ASSETS
Stocks 5 2,000 5,000
Debtors 6 2,657 1,483
Cash at bank and in hand 63,917 63,037
68,574 69,520
Creditors: Amounts Falling Due Within One Year 7 (88,200 ) (102,838 )
NET CURRENT ASSETS (LIABILITIES) (19,626 ) (33,318 )
TOTAL ASSETS LESS CURRENT LIABILITIES (18,845 ) (32,220 )
Creditors: Amounts Falling Due After More Than One Year 8 (6,417 ) (34,299 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (265 ) (209 )
NET LIABILITIES (25,527 ) (66,728 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (25,627 ) (66,828 )
SHAREHOLDERS' FUNDS (25,527) (66,728)
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mohammad Fini
Director
27th June 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tumi (Music) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02470948 . The registered office is Mill Cottage, St. Catherine, Bath, BA1 8EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Going Concern Disclosure
The company meets its day to day working capital requirements through finance provided by its director, M S Fini. The director has confirmed that he will continue to provide financial support to the company for the foreseeable future. On this basis the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the director's financial support.
2.3. Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks.

Costs includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
2.6. Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differerences are taken into account in arriving at the operating result.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.7. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 September 2023 17,017
Additions 845
As at 31 August 2024 17,862
Depreciation
As at 1 September 2023 15,919
Provided during the period 1,162
As at 31 August 2024 17,081
Net Book Value
As at 31 August 2024 781
As at 1 September 2023 1,098
5. Stocks
2024 2023
£ £
Stock 2,000 5,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 916 181
VAT 1,741 1,302
2,657 1,483
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 2,882 -
Other creditors 1,000 1,000
Accruals and deferred income 560 560
Director's loan account 35,709 52,148
Amounts owed to group undertakings 48,049 49,130
88,200 102,838
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,417 9,917
Directors loan account - 24,382
6,417 34,299
9. Deferred Taxation
2024 2023
£ £
Other timing differences 265 209
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Controlling Party
The company's controlling party is Mr M S Fini by virtue of his ownership of 99% of the issued share capital in the company.
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