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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2019 |
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FREESTYLE MUSIC LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2019 |
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FOR |
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FREESTYLE MUSIC LIMITED |
FREESTYLE MUSIC LIMITED (REGISTERED NUMBER: 03394038) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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FREESTYLE MUSIC LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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7 Wellington Road East |
Dewsbury |
West Yorkshire |
WF13 1HF |
FREESTYLE MUSIC LIMITED (REGISTERED NUMBER: 03394038) |
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BALANCE SHEET |
31ST MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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FREESTYLE MUSIC LIMITED (REGISTERED NUMBER: 03394038) |
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BALANCE SHEET - continued |
31ST MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Profit and loss account |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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FREESTYLE MUSIC LIMITED (REGISTERED NUMBER: 03394038) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Freestyle Music Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except |
to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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FREESTYLE MUSIC LIMITED (REGISTERED NUMBER: 03394038) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2019 |
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2. | 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. |
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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. |
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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. |
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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. |
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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. |
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Income recognition |
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership |
have transferred to them. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2018 |
and 31st March 2019 |
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AMORTISATION |
At 1st April 2018 |
and 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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FREESTYLE MUSIC LIMITED (REGISTERED NUMBER: 03394038) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st April 2018 |
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Additions |
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At 31st March 2019 |
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DEPRECIATION |
At 1st April 2018 |
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Charge for year |
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At 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade Creditors |
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Amounts owed to related party |
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Taxation and social security |
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Other creditors |
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8. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the pension scheme are held |
separately from those of the company in an independently administered fund. The pension cost represents |
contributions payable by the company to the fund and amounted to £2,439 (2018: £2,400). Contributions totalling |
£Nil (2018: £Nil) were payable to the fund at the year end and are included in creditors. |
FREESTYLE MUSIC LIMITED (REGISTERED NUMBER: 03394038) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2019 |
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9. | CONTINGENT LIABILITIES |
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The company has a £25,000 bond with HM Revenue and Customs, which is deferred customs and excise vat and |
duty. |
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10. | RELATED PARTY DISCLOSURES |
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Mr. Phil Pilsworth is also a director of Freestyle Case Company Limited, which no longer trades and is dormant. |
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Creditors falling due within one year includes a related party balance of £38,741 (2018: £38,741) owed to Freestyle |
Case Company Limited and a directors loan of £10,355 (2018: £47,766) owed to Mr. Phil Pilsworth. |