Rock Choir Ltd
Rock Choir Ltd
Registered number: 05998336
Unaudited Financial Statements
For The Year Ended 31 August 2023
Rock Choir Ltd
Contents
Contents
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Rock Choir Ltd
Balance Sheet
As At
31 August 2023
Balance Sheet
Registered number:
05998336
For the year ending 31 August 2023 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 499,155 | 364,895 | |||
Rock Choir Ltd
Balance Sheet (continued)
As At
31 August 2023
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Rock Choir Ltd
Notes to the Financial Statements
For The Year Ended 31 August 2023
Notes to the Financial Statements
1.
General Information
Rock Choir Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
05998336
. The registered office is Unit 7 Hurlands Business Centre, Farnham, Surrey, GU9 9JE.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover from annual membership subscriptions is due throughout the year and recognised accordingly. Income from shows and workshops is recognised using the date of the event.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Trademarks are being amortised evenly over their estimated useful life of ten years. The legal costs associated with the trademark is expensed to the profit and loss account immediately and not capitalised.
Development costs have been capitalised where they relate to the ongoing development of an interactive website and app that will offer tools for members and choir leaders. They are being amortised evenly over their estimated useful life of five years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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Additions will only be capitalised if the cost is in excess of £500.
2.5.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Rock Choir Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees during the year was as follows: 43 (2022: 42)
Rock Choir Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
4.
Intangible Assets
| Other | Development Costs | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at 1 September 2022 |
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| As at 31 August 2023 |
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| Amortisation | |||
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| Provided during the period |
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| As at 31 August 2023 |
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| Net Book Value | |||
| As at 31 August 2023 |
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| As at 1 September 2022 |
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5.
Tangible Assets
| Land & Property | |||
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| Leasehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
| As at 1 September 2022 |
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| Additions |
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| Disposals |
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| As at 31 August 2023 |
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| Depreciation | |||
| As at 1 September 2022 |
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||
| As at 31 August 2023 |
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| As at 1 September 2022 |
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6.
Stocks
| 2023 | 2022 | ||
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| £ | £ | ||
| Stock |
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Rock Choir Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
7.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts owed by participating interests | 218,403 | 207,055 | |
| Other debtors | 441,822 | 445,856 | |
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Included in debtors are amounts due from companies under common control. These loans are interest free and are repayable upon demand, although the directors have confirmed that they will not withdraw the company's financial support to the detriment of those companies or their creditors.
8.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Other creditors | 438,313 | 353,522 | |
| Taxation and social security |
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10.
Contingent Liabilities
The company has a commitment to its distributor for old branded finished stock that it holds on the company's behalf. As the contract relating to this stock is ongoing, there is no cost to the stock. A charge would only arise if the contract were to be cancelled. No costs relating to this have been recorded in the accounts.
11.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2023 | 2022 | ||
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| Not later than one year |
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| Later than one year and not later than five years | - |
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