Triple G Music Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC347133 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2022

for

Triple G Music Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr D G G Gray

REGISTERED OFFICE:

42 York Place

Edinburgh

EH1 3HU

REGISTERED NUMBER:

SC347133 (Scotland)

ACCOUNTANTS:

Cowan & Partners Limited

60 Constitution Street

Edinburgh

EH6 6RR

FIXED ASSETS

Tangible assets

4

8,392

10,906

CURRENT ASSETS

Debtors

5

182,814

78,567

Cash at bank and in hand

59,008

259,729

241,822

338,296

CREDITORS

Amounts falling due within one year

6

218,615

439,987

NET CURRENT ASSETS/(LIABILITIES)

23,207

(101,691

)

TOTAL ASSETS LESS CURRENT LIABILITIES

31,599

(90,785

)

CREDITORS

Amounts falling due after more than one year

7

33,333

46,667

NET LIABILITIES

(1,734

)

(137,452

)

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

(1,934

)

(137,652

)

SHAREHOLDERS' FUNDS

(1,734

)

(137,452

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 April 2023 and were signed by:

Mr D G G Gray - Director

1.	STATUTORY INFORMATION

Triple G Music Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis, however the company is only able to continue to trade through the monies due from advanced ticket sales for future concerts. The director has confirmed his commitment to the company and is confident profits will be generated in the near future.

Turnover

Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied to customers in the normal course of business, excluding value added tax. The policy is to recognise a sale when the company obtains the right to consideration.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings 25%RB

Motor vehicles 25%SL

Computer equipment 33%SL

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The 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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 August 2021

2,728

41,098

19,922

63,748

Additions

-

-

316

316

At 31 July 2022

2,728

41,098

20,238

64,064

DEPRECIATION

At 1 August 2021

1,444

31,476

19,922

52,842

Charge for year

321

2,405

104

2,830

At 31 July 2022

1,765

33,881

20,026

55,672

NET BOOK VALUE

At 31 July 2022

963

7,217

212

8,392

At 31 July 2021

1,284

9,622

-

10,906

There were no indicators of impairment noted during the year.

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Motor

vehicles

£

COST

At 1 August 2021

and 31 July 2022

29,808

DEPRECIATION

At 1 August 2021

20,186

Charge for year

2,405

At 31 July 2022

22,591

NET BOOK VALUE

At 31 July 2022

7,217

At 31 July 2021

9,622

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade debtors

125,765

5,527

Other debtors

57,049

73,040

182,814

78,567

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Bank loans and overdrafts

10,000

3,333

Trade creditors

52,833

1,472

Taxation and social security

5,627

16,896

Other creditors

150,155

418,286

218,615

439,987

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.22

31.7.21

£

£

Bank loans

33,333

46,667

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2022 and 31 July 2021:

31.7.22

31.7.21

£

£

Mr D G G Gray

Balance outstanding at start of year

16,000

-

Amounts advanced

-

16,000

Amounts repaid

(16,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

16,000

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D G G Gray.