Company Registration No. 07132875 (England and Wales)
BEAUMONT MUSIC LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
BEAUMONT MUSIC LIMITED
COMPANY INFORMATION
Directors
Ms T Paraskevaides
Dr T Walker
Secretary
Dr T Walker
Company number
07132875
Registered office
Suite 260
Regency House
91 Western Road
Brighton
East Sussex
BN1 2LB
Accountants
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
BEAUMONT MUSIC LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 9
BEAUMONT MUSIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2016
- 1 -
The directors present their report and financial statements for the year ended 31 January 2016.
Principal activities
The principal activity of the company continued to be that of retail sale of musical instruments.
Directors
The following directors have held office since 1 February 2015:
Ms T Paraskevaides
Dr T Walker
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Dr T Walker
Director
23 October 2016
BEAUMONT MUSIC LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BEAUMONT MUSIC LIMITED FOR THE YEAR ENDED 31 JANUARY 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beaumont Music Limited for the year ended 31 January 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Beaumont Music Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Beaumont Music Limited and state those matters that we have agreed to state to the Board of Directors of Beaumont Music Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beaumont Music Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Beaumont Music Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Beaumont Music Limited. You consider that Beaumont Music Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Beaumont Music Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
31 October 2016
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
BEAUMONT MUSIC LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
Year
Year
ended
ended
31 January
31 January
2016
2015
Notes
£
£
Turnover
66,573
38,555
Cost of sales
(48,121)
(10,974)
Gross profit
18,452
27,581
Administrative expenses
(26,772)
(28,722)
Other operating income
1,130
6,900
(Loss)/profit on ordinary activities before taxation
2
(7,190)
5,759
Tax on (loss)/profit on ordinary activities
3
-
-
(Loss)/profit for the year
10
(7,190)
5,759
BEAUMONT MUSIC LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,739
3,546
Tangible assets
5
8,322
9,169
13,061
12,715
Current assets
Stocks
18,554
24,050
Debtors
6
11,912
4,716
Cash at bank and in hand
673
69
31,139
28,835
Creditors: amounts falling due within one year
7
(30,023)
(20,183)
Net current assets
1,116
8,652
Total assets less current liabilities
14,177
21,367
Creditors: amounts falling due after more than one year
8
(46,472)
(46,472)
(32,295)
(25,105)
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
10
(32,297)
(25,107)
Shareholders' funds
(32,295)
(25,105)
BEAUMONT MUSIC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2016
31 January 2016
- 5 -
For the financial year ended 31 January 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 23 October 2016
Ms T Paraskevaides
Dr T Walker
Director
Director
Company Registration No. 07132875
BEAUMONT MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 6 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The accounts have been prepared on a going concern basis, which assumes that the company will continue trading for the foreseeable future. The directors are happy to provide their continued support in meeting the company's liabilities as needed. The financial statements do not include any adjustment that would result from a withdrawal of their support.
1.2
Turnover
Turnover represents amounts receivable for goods.
1.3
Trademarks
Trademarks are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over the estimated useful life of 10 years.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Office equipment
25% per annum straight line
Website development
10% per annum straight line
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.8
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
BEAUMONT MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 7 -
2
Operating (loss)/profit
2016
2015
£
£
Operating (loss)/profit is stated after charging:
Amortisation of intangible assets
503
262
Depreciation of tangible assets
2,122
1,681
and after crediting:
Government grants
1,130
6,900
3
Taxation
Due to the availability of tax losses brought forward
,
no provision has been made for corporation tax.
4
Intangible fixed assets
Trademarks
£
Cost
At 1 February 2015
4,038
Additions
1,696
At 31 January 2016
5,734
Amortisation
At 1 February 2015
492
Charge for the year
503
At 31 January 2016
995
Net book value
At 31 January 2016
4,739
At 31 January 2015
3,546
BEAUMONT MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 8 -
5
Tangible fixed assets
Office equipment
Website development
Total
£
£
£
Cost
At 1 February 2015
6,878
5,710
12,588
Additions
-
1,275
1,275
At 31 January 2016
6,878
6,985
13,863
Depreciation
At 1 February 2015
3,204
215
3,419
Charge for the year
1,515
607
2,122
At 31 January 2016
4,719
822
5,541
Net book value
At 31 January 2016
2,159
6,163
8,322
At 31 January 2015
3,674
5,495
9,169
6
Debtors
2016
2015
£
£
Trade debtors
11,912
4,716
7
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
2,551
603
Trade creditors
285
599
Other creditors
27,187
18,981
30,023
20,183
The bank overdraft is secured
.
8
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
46,472
46,472
BEAUMONT MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 9 -
9
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
10
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 February 2015
(25,107)
Loss for the period
(7,190)
Balance at 31 January 2016
(32,297)
11
Control
Throughout the year, the company was under the control of its directors who act in concert.
12
Related party relationships and transactions
Included in 'Other creditors' is an amount of £72,099 (2015: £63,893) owing to Dr T Walker and Ms T Paraskevaides, the directors and shareholders of the company.
BEAUMONT MUSIC LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2016
BEAUMONT MUSIC LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 JANUARY 2016
Year
Year
ended
ended
31 January
31 January
2016
2015
£
£
Administrative expenses
Rates
156
156
Development costs
455
1,445
Insurance
278
241
Printing, postage and stationery
1,303
2,634
Advertising
3,910
3,210
Exhibition costs
452
3,579
Telephone
2,131
2,027
Computer running costs
3,390
1,641
Travelling expenses
2,811
4,128
Entertaining
681
330
Legal and professional fees
3,370
2,921
Accountancy
1,920
1,260
Bank charges
1,044
734
eBay and Paypal fees
1,098
1,313
Bad debts
115
-
Profit on foreign currency
(287)
(249)
Canteen
299
214
Sundry expenses
386
349
Charitable donations
20
-
Subscriptions
615
846
Amortisation of trademarks
503
262
Depreciation on office equipment
1,515
1,466
Depreciation on website development
607
215
26,772
28,722
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