Company Registration No. 08207036 (England and Wales)
FOOTESMUSIC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
FOOTESMUSIC LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FOOTESMUSIC LTD
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,029
1,959
Tangible assets
5
3,507
6,684
4,536
8,643
Current assets
Stocks
73,269
117,818
Debtors
6
22,851
29,228
Cash at bank and in hand
14,408
10,405
110,528
157,451
Creditors: amounts falling due within one year
7
(140,933)
(169,027)
Net current liabilities
(30,405)
(11,576)
Total assets less current liabilities
(25,869)
(2,933)
Creditors: amounts falling due after more than one year
8
(363,016)
(270,972)
Net liabilities
(388,885)
(273,905)
Capital and reserves
Called up share capital
3,700
3,700
Share premium account
335,600
335,600
Profit and loss reserves
(728,185)
(613,205)
Total equity
(388,885)
(273,905)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FOOTESMUSIC LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 March 2023 and are signed on its behalf by:
Mr R J Wilson
Director
Company Registration No. 08207036
FOOTESMUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Footesmusic Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
41 Store Street, London, WC1E 7DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors are of the opinion that the majority shareholders will continue to provide financial support by way of acting as guarantor for the foreseeable future until the company is in a position to support itself.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
from the retail and hire of musical instruments,
net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
They consist of website development assets. The website became operational in year ended 31 January 2016 and amortisation was provided since that year.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development
5 years straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Term of the lease
Fixtures and fittings
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
FOOTESMUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
FOOTESMUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
4
Intangible fixed assets
Other
£
Cost
At 1 July 2021 and 30 June 2022
38,966
Amortisation and impairment
At 1 July 2021
37,007
Amortisation charged for the year
930
At 30 June 2022
37,937
Carrying amount
At 30 June 2022
1,029
At 30 June 2021
1,959
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2021 and 30 June 2022
27,855
5,717
33,572
Depreciation and impairment
At 1 July 2021
24,031
2,857
26,888
Depreciation charged in the year
2,415
762
3,177
At 30 June 2022
26,446
3,619
30,065
Carrying amount
At 30 June 2022
1,409
2,098
3,507
At 30 June 2021
3,824
2,860
6,684
FOOTESMUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
22,851
29,228
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
121,984
148,402
Taxation and social security
5,749
8,082
Other creditors
13,200
12,543
140,933
169,027
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
30,016
40,972
Other creditors
333,000
230,000
363,016
270,972
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
17,500
47,500