Abbreviated Company Accounts - EUROMUSIC LIMITED

Abbreviated Company Accounts - EUROMUSIC LIMITED

EUROMUSIC LIMITED - Company Information

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Registered Number SC089751

EUROMUSIC LIMITED

Abbreviated Accounts

31 May 2015

EUROMUSIC LIMITED Registered Number SC089751

Abbreviated Balance Sheet as at 31 May 2015

Notes 2015 2014
£ £
Current assets
Stocks 112,124 166,241
Debtors 93,407 249,683
205,531 415,924
Creditors: amounts falling due within one year (147,493) (342,695)
Net current assets (liabilities) 58,038 73,229
Total assets less current liabilities 58,038 73,229
Total net assets (liabilities) 58,038 73,229
Reserves
Income and expenditure account 58,038 73,229
Members' funds 58,038 73,229
  • For the year ending 31 May 2015 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.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 19 February 2016

And signed on their behalf by:
M Barnfield, Director

EUROMUSIC LIMITED Registered Number SC089751

Notes to the Abbreviated Accounts for the period ended 31 May 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Valuation information and policy
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

2Company limited by guarantee
The company is limited by guarantee. The liability of each member is limited to £700 in the event of the company being wound up or ceasing to trade.