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Registration number: 04503609

M G Music Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 August 2025

M G Music Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 7

M G Music Ltd

Company Information

Directors | Wendy Goodall Medwyn Goodall

Registered office | Enys Tresowes Ashton Helston TR13 9SY

Accountants | Julia Evans Accountants Ltd 79-81 Boslowick Road Falmouth Road Falmouth Cornwall TR11 4QD

M G Music Ltd

(Registration number: 04503609)
Balance Sheet as at 31 August 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 1,132 | 1,167
Current assets |  |  |
Stocks |  | 852 | 1,448
Debtors | 5 | 3,324 | 4,103
Cash at bank and in hand |  | 12,779 | 5,717
|  | 16,955 | 11,268
Creditors: Amounts falling due within one year | 6 | (13,521) | (12,184)
Net current assets/(liabilities) |  | 3,434 | (916)
Total assets less current liabilities |  | 4,566 | 251
Provisions for liabilities |  | (215) | (222)
Net assets |  | 4,351 | 29
Capital and reserves |  |  |
Called up share capital | 7 | 2 | 2
Retained earnings |  | 4,349 | 27
Shareholders' funds |  | 4,351 | 29

For the financial year ending 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

M G Music Ltd

(Registration number: 04503609)
Balance Sheet as at 31 August 2025

Approved and authorised by the Board on 4 March 2026 and signed on its behalf by:

......................................... Wendy Goodall Director

M G Music Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Enys
Tresowes
Ashton
Helston
TR13 9SY

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

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.

M G Music Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

Deferred tax is recognised on all 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. 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 the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant & machinery | 25% reducing balance
Fixtures & fittings | 25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

M G Music Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Other tangible assets £ | Total £
Cost or valuation
At 1 September 2024 | 8,809 | 37,187 | 45,996
Additions | - | 342 | 342
At 31 August 2025 | 8,809 | 37,529 | 46,338
Depreciation
At 1 September 2024 | 8,772 | 36,057 | 44,829
Charge for the year | 9 | 368 | 377
At 31 August 2025 | 8,781 | 36,425 | 45,206
Carrying amount
At 31 August 2025 | 28 | 1,104 | 1,132
At 31 August 2024 | 37 | 1,130 | 1,167

5 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | - | 121
Prepayments | 528 | 400
Other debtors | 2,796 | 3,582
| 3,324 | 4,103

M G Music Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

6 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 139 | 138
Taxation and social security | 11,661 | 10,421
Accruals and deferred income | 1,640 | 1,625
Other creditors | 81 | -
| 13,521 | 12,184

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 2 | 2 | 2 | 2