Levelsound Music Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03716060 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

LEVELSOUND MUSIC LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr G R Brown

REGISTERED OFFICE:

Pincombe House

Woodhill

Stoke St Gregory

Taunton

Somerset

TA3 6EW

REGISTERED NUMBER:

03716060 (England and Wales)

FIXED ASSETS

Tangible assets

4

39,922

42,266

CURRENT ASSETS

Debtors

246

351

Cash at bank

451

273

697

624

CREDITORS

Amounts falling due within one year

489,646

474,285

NET CURRENT LIABILITIES

(488,949

)

(473,661

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(449,027

)

(431,395

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(449,029

)

(431,397

)

SHAREHOLDERS' FUNDS

(449,027

)

(431,395

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 22 November 2023 and were signed by:

Mr G R Brown - Director

1.	STATUTORY INFORMATION

Levelsound Music Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that 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 at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2022

219,070

Additions

3,946

At 28 February 2023

223,016

DEPRECIATION

At 1 March 2022

176,804

Charge for year

6,290

At 28 February 2023

183,094

NET BOOK VALUE

At 28 February 2023

39,922

At 28 February 2022

42,266

5.	ULTIMATE CONTROLLING PARTY

The controlling party was Mr G R Brown by virtue of his ownership of 100% of the company's issued share capital.