MERCHANT CITY MUSIC LIMITED

MERCHANT CITY MUSIC LIMITED

MERCHANT CITY MUSIC LIMITED - Company Information

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MERCHANT CITY MUSIC LIMITED

Company Registration Number:
SC141135 (Scotland)

Unaudited abridged accounts for the year ended 30 April 2020

Period of accounts

Start date: 01 May 2019

End date: 30 April 2020

MERCHANT CITY MUSIC LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2020

Balance sheet
Notes

MERCHANT CITY MUSIC LIMITED

Balance sheet

As at 30 April 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 31,151 41,630
Total fixed assets: 31,151 41,630
Current assets
Stocks: 165,064 123,217
Debtors:   562,870 549,256
Cash at bank and in hand: 208,399 36,222
Total current assets: 936,333 708,695
Creditors: amounts falling due within one year: 4 (264,391) (107,685)
Net current assets (liabilities): 671,942 601,010
Total assets less current liabilities: 703,093 642,640
Provision for liabilities:   (2,036)
Total net assets (liabilities): 703,093 640,604
Capital and reserves
Called up share capital: 80 80
Other reserves: 20 20
Profit and loss account: 702,993 640,504
Shareholders funds: 703,093 640,604

The notes form part of these financial statements

MERCHANT CITY MUSIC LIMITED

Balance sheet statements

For the year ending 30 April 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 November 2020
and signed on behalf of the board by:

Name: Richard Cameron
Status: Director

The notes form part of these financial statements

MERCHANT CITY MUSIC LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Short leasehold - 10% on costFixtures and fittings - 20% on costComputer equipment - 25% on cost, 25% on reducing balance and 15% on reducing balance

Other accounting policies

Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised a the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Pension costs and other post-retirement benefitsThe 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

MERCHANT CITY MUSIC LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2020

2. Employees

2020 2019
Average number of employees during the period 8 7

MERCHANT CITY MUSIC LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2020

3. Tangible Assets

Total
Cost £
At 01 May 2019 192,102
At 30 April 2020 192,102
Depreciation
At 01 May 2019 150,472
Charge for year 10,479
At 30 April 2020 160,951
Net book value
At 30 April 2020 31,151
At 30 April 2019 41,630

MERCHANT CITY MUSIC LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2020

4. Creditors: amounts falling due within one year note

Trade Creditors30.04.20 £ 199,27430.04.19 £ 77,781Taxation30.04.20 £ 53,10030.04.19 £ 18,450Other creditors30.04.20 £ 12,01730.04.19 £ 11,454