REGISTERED NUMBER: 05285423 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RICH TONE MUSIC LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J C Ferguson

Mr J A Ferguson

Mr R F Thomas

Mrs L H Thomas

SECRETARY:

Mr R F Thomas

REGISTERED OFFICE:

64-82 Broadfield Road

Sheffield

South Yorkshire

S8 0XL

REGISTERED NUMBER:

05285423 (England and Wales)

ACCOUNTANTS:

Sutton McGrath Hartley Limited

5 Westbrook Court

Sharrowvale Road

Sheffield

S11 8YZ

FIXED ASSETS

Tangible assets

4

515,819

362,921

CURRENT ASSETS

Stocks

5

909,000

1,407,860

Debtors

6

406,258

349,402

Cash at bank and in hand

86,217

149,681

1,401,475

1,906,943

CREDITORS

Amounts falling due within one year

7

882,945

1,147,267

NET CURRENT ASSETS

518,530

759,676

TOTAL ASSETS LESS CURRENT LIABILITIES

1,034,349

1,122,597

CREDITORS

Amounts falling due after more than one year

8

(535,272

)

(686,285

)

PROVISIONS FOR LIABILITIES

10

(143,104

)

(90,730

)

NET ASSETS

355,973

345,582

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

355,969

345,578

SHAREHOLDERS' FUNDS

355,973

345,582

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 10 September 2025 and were signed on its behalf by:

Mr R F Thomas - Director

1.	STATUTORY INFORMATION

Rich Tone Music Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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 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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

71,215

4,434

114,768

Additions

-

-

655

At 31 December 2024

71,215

4,434

115,423

DEPRECIATION

At 1 January 2024

62,371

2,204

94,478

Charge for year

699

446

4,069

At 31 December 2024

63,070

2,650

98,547

NET BOOK VALUE

At 31 December 2024

8,145

1,784

16,876

At 31 December 2023

8,844

2,230

20,290

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

324,224

354,283

868,924

Additions

204,774

4,063

209,492

At 31 December 2024

528,998

358,346

1,078,416

DEPRECIATION

At 1 January 2024

76,383

270,567

506,003

Charge for year

34,157

17,223

56,594

At 31 December 2024

110,540

287,790

562,597

NET BOOK VALUE

At 31 December 2024

418,458

70,556

515,819

At 31 December 2023

247,841

83,716

362,921

5.

STOCKS

2024

2023

£

£

Stocks

909,000

1,407,860

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

31,333

18,795

Other debtors

26,554

12,238

Directors' current accounts

309,193

281,736

Prepayments

39,178

36,633

406,258

349,402

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

279,927

277,225

Hire purchase contracts (see note 9)

76,835

45,803

Trade creditors

314,289

611,916

Tax

100,919

113,731

Social security and other taxes

6,354

6,354

Pension Control

1,483

1,382

VAT

86,427

60,108

Other creditors

9,564

23,475

Accrued expenses

7,147

7,273

882,945

1,147,267

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-5 years

242,194

518,584

Hire purchase contracts (see note 9)

293,078

167,701

535,272

686,285

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2024

2023

£

£

Net obligations repayable:

Within one year

76,835

45,803

Between one and five years

293,078

167,701

369,913

213,504

Non-cancellable operating

leases

2024

2023

£

£

Within one year

50,000

50,000

Between one and five years

200,000

200,000

In more than five years

200,000

250,000

450,000

500,000

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

143,104

90,730

Deferred

tax

£

Balance at 1 January 2024

90,730

Provided during year

52,374

Balance at 31 December 2024

143,104

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

4

Ordinary

1

4

4