Music Bugs Ltd - Limited company - abbreviated - 11.6
Music Bugs Ltd - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| MUSIC BUGS LTD |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED |
| 30TH JUNE 2014 |
| MUSIC BUGS LTD (REGISTERED NUMBER: 05858224) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30TH JUNE 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 3 | to | 4 |
| MUSIC BUGS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH JUNE 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| MUSIC BUGS LTD (REGISTERED NUMBER: 05858224) |
| ABBREVIATED BALANCE SHEET |
| 30TH JUNE 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Profit and loss account | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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 were approved by the Board of Directors on on its behalf by: |
| MUSIC BUGS LTD (REGISTERED NUMBER: 05858224) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30TH JUNE 2014 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors have assessed the forthcoming period in terms of profitability and cashflows and feel |
| that the going concern principle remains appropriate. |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in |
| accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover represents franchise income, management service fees received from the franchisees and |
| income from merchandise sales. |
| Intangible assets |
| Intangible assets are amortised at the following rates to write off each asset over its estimated |
| useful life. |
| Trademark costs - straight line method over 10 years |
| Franchise costs - straight line method over 10 years |
| Music - straight line method over 10 years |
| Web site design - straight line method over 5 years |
| Tangible fixed assets |
| Equipment | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
| at the balance sheet date. |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1st July 2013 |
| and 30th June 2014 |
| AMORTISATION |
| At 1st July 2013 |
| Amortisation for year |
| At 30th June 2014 |
| NET BOOK VALUE |
| At 30th June 2014 |
| At 30th June 2013 |
| MUSIC BUGS LTD (REGISTERED NUMBER: 05858224) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30TH JUNE 2014 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1st July 2013 |
| Additions |
| At 30th June 2014 |
| DEPRECIATION |
| At 1st July 2013 |
| Charge for year |
| At 30th June 2014 |
| NET BOOK VALUE |
| At 30th June 2014 |
| At 30th June 2013 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £1 |
| 5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30th June 2014 |
| and 30th June 2013: |
| 2014 | 2013 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year | ( |
) |
| 6. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |