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Registered number: 01405070
Rimmers Music Ltd.
Unaudited Financial Statements
For The Year Ended 31 March 2025
Digi Accounts and Tax Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01405070
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,398,271 2,300,451
2,398,271 2,300,451
CURRENT ASSETS
Stocks 6 1,139,905 1,315,539
Debtors 7 115,245 97,401
Cash at bank and in hand 73,394 990
1,328,544 1,413,930
Creditors: Amounts Falling Due Within One Year 8 (1,324,813 ) (1,233,888 )
NET CURRENT ASSETS (LIABILITIES) 3,731 180,042
TOTAL ASSETS LESS CURRENT LIABILITIES 2,402,002 2,480,493
Creditors: Amounts Falling Due After More Than One Year 9 (62,980 ) (57,894 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (36,034 ) (28,281 )
NET ASSETS 2,302,988 2,394,318
CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Profit and Loss Account 2,292,988 2,384,318
SHAREHOLDERS' FUNDS 2,302,988 2,394,318
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For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Gary Tate
Director
20 August 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rimmers Music Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 01405070 . The registered office is Unit 7 Ribbleton Lane Trading Estate, Crook Street, Preston, Lancs, PR1 5LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Leasehold 10% on cost
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% on cost
Computer Equipment 25% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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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 years 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.
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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 17 (2024: 17)
17 17
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 136,000
As at 31 March 2025 136,000
Amortisation
As at 1 April 2024 136,000
As at 31 March 2025 136,000
Net Book Value
As at 31 March 2025 -
As at 1 April 2024 -
5. Tangible Assets
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2024 2,500,242 414,568 171,555 529,858
Additions - 139,544 51,780 41,569
As at 31 March 2025 2,500,242 554,112 223,335 571,427
...CONTINUED
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Depreciation
As at 1 April 2024 603,472 214,138 45,671 454,456
Provided during the period 50,005 28,041 41,181 15,789
As at 31 March 2025 653,477 242,179 86,852 470,245
Net Book Value
As at 31 March 2025 1,846,765 311,933 136,483 101,182
As at 1 April 2024 1,896,770 200,430 125,884 75,402
Computer Equipment Total
£ £
Cost
As at 1 April 2024 74,906 3,691,129
Additions 499 233,392
As at 31 March 2025 75,405 3,924,521
Depreciation
As at 1 April 2024 72,941 1,390,678
Provided during the period 556 135,572
As at 31 March 2025 73,497 1,526,250
Net Book Value
As at 31 March 2025 1,908 2,398,271
As at 1 April 2024 1,965 2,300,451
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2025 2024
£ £
Motor Vehicles 115,024 97,271
6. Stocks
2025 2024
£ £
Stock 1,139,905 1,315,539
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 103,056 52,167
Prepayments and accrued income 12,189 13,595
Other debtors - 31,639
115,245 97,401
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8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 38,363 31,573
Trade creditors 673,174 239,478
Bank loans and overdrafts - 130,932
Corporation tax 48,258 45,422
Other taxes and social security 42,483 7,875
Other creditors 74,686 59,213
Accruals and deferred income 178,056 86,387
Directors' loan accounts 269,793 633,008
1,324,813 1,233,888
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 62,980 57,894
10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 38,363 31,573
Later than one year and not later than five years 62,980 57,894
101,343 89,467
101,343 89,467
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 10,000 10,000
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2025 2024
£ £
Not later than one year 56,375 57,219
Later than one year and not later than five years 141,500 141,500
Later than five years 286,531 318,906
484,406 517,625
13. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent company is G & C Tate Holdings Limited . The ultimate controlling party is Mr G Tate by virtue of holding 100% of the share capital of G & C Tate Holdings Limited.
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