| John Fortis Music Ltd |
| Registered number: |
08222414 |
| Balance Sheet |
| as at 30 September 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
5 |
|
|
4,361 |
|
|
7,494 |
|
| Current assets |
| Debtors |
6 |
|
2,441 |
|
|
2,773 |
| Cash at bank and in hand |
|
|
56,331 |
|
|
81,000 |
|
|
|
58,772 |
|
|
83,773 |
|
| Creditors: amounts falling due within one year |
7 |
|
(64,922) |
|
|
(88,247) |
|
| Net current liabilities |
|
|
|
(6,150) |
|
|
(4,474) |
|
| Total assets less current liabilities |
|
|
|
(1,789) |
|
|
3,020 |
|
|
| Provisions for liabilities |
|
|
|
(828) |
|
|
(1,424) |
|
|
| Net (liabilities)/assets |
|
|
|
(2,617) |
|
|
1,596 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
(2,618) |
|
|
1,595 |
|
| Shareholder's funds |
|
|
|
(2,617) |
|
|
1,596 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| John Fortis |
| Director |
| Approved by the board on 5 March 2022 |
|
| John Fortis Music Ltd |
| Notes to the Accounts |
| for the year ended 30 September 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Grants |
|
Various grants have been made available to companies due to the Cororavirus pandemic. These are recognised as other operating income to separate them from normal trading income. |
|
|
| 2 |
Other Operating Income |
2021 |
|
2020 |
| £ |
£ |
|
|
Haringey Council Grants |
7,604 |
|
10,000 |
|
|
|
|
|
|
7,604 |
|
10,000 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 October 2020 |
150,000 |
|
At 30 September 2021 |
150,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 October 2020 |
150,000 |
|
At 30 September 2021 |
150,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 5 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 October 2020 |
70,628 |
|
Additions |
128 |
|
At 30 September 2021 |
70,756 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2020 |
63,134 |
|
Charge for the year |
3,261 |
|
At 30 September 2021 |
66,395 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2021 |
4,361 |
|
At 30 September 2020 |
7,494 |
|
|
| 6 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Taxation and social security costs |
641 |
|
973 |
|
Other debtors |
1,800 |
|
1,800 |
|
|
|
|
|
|
2,441 |
|
2,773 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade creditors |
894 |
|
1,001 |
|
Director's account |
63,583 |
|
86,845 |
|
Other creditors |
445 |
|
401 |
|
|
|
|
|
|
64,922 |
|
88,247 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Events after the reporting date |
|
|
Since the period under review, the repid spreading of COVID-19 has continued to be a significant emerging risk to the global economy. The director continue to monitor the impact of the virus on hte business as more information about the epidemic emerges. |
|
|
| 9 |
Related party transactions |
|
|
During the year the director received a salary of £8,814 (2020: £8,706) and was paid dividends of £Nil (2020: £Nil). At the year end the company owed John Fortis £91,906 (2020: £86,845 ). |
|
|
| 10 |
Controlling party |
|
|
The company is controlled by John Fortis, sole director and shareholder. |
|
|
| 11 |
Other information |
|
|
John Fortis Music Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
69 Loughborough Road |
|
West Bridgford |
|
Nottingham |
|
NG2 7LA |
