HORUS_MUSIC_LTD - Accounts

HORUS MUSIC LIMITED - Company Information

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Company Registration No. 05914312 (England and Wales)

HORUS MUSIC LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

HORUS MUSIC LTD

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 5

HORUS MUSIC LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HORUS MUSIC LTD FOR THE YEAR ENDED 31 DECEMBER 2013

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horus Music Ltd for the year ended 31 December 2013 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Horus Music Ltd, as a body, in accordance with the terms of our engagement letter dated 9 May 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Horus Music Ltd and state those matters that we have agreed to state to the Board of Directors of Horus Music Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horus Music Ltd and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Horus Music Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Horus Music Ltd. You consider that Horus Music Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Horus Music Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Clear & Lane Limited

Chartered Accountants

340 Melton Road

Leicester

LE4 7SL

24 September 2014

HORUS MUSIC LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2013

- 2 -

2013

2012

Notes

Fixed assets

Intangible assets

9,717

Tangible assets

20,189

2,965

29,906

2,965

Current assets

Stocks

150

2,150

Debtors

39,066

7,357

Cash at bank and in hand

49,720

2,598

88,936

12,105

Creditors: amounts falling due within one year

(47,807)

(32,525)

Net current assets/(liabilities)

41,129

(20,420)

Total assets less current liabilities

71,035

(17,455)

Creditors: amounts falling due after more than one year

(15,764)

55,271

(17,455)

Capital and reserves

Called up share capital

100

Profit and loss account

55,171

(17,555)

Shareholders' funds

55,271

(17,455)

HORUS MUSIC LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2013

- 3 -

For the financial year ended 31 December 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 September 2014

Mr N Dunn

Director

Company Registration No. 05914312

HORUS MUSIC LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Website

The website costs are written off in equal annual instalments over its estimated useful economic life of 4 years.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Office equipment

50% straight line

Fixtures & fittings

25% straight line

Computer equipment

25% straight line

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Net realisable value is based on selling price less anticipated costs to completion and selling costs.

1.7

Foreign currency translation

1.8

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

HORUS MUSIC LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 5 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2013

12,522

Additions

10,600

26,729

37,329

Disposals

(11,653)

At 31 December 2013

10,600

27,598

38,198

Depreciation

At 1 January 2013

9,555

On disposals

(4,334)

Charge for the year

883

2,188

3,071

At 31 December 2013

883

7,409

8,292

Net book value

At 31 December 2013

9,717

20,189

29,906

At 31 December 2012

2,965

Share capital

2013

2012

Allotted, called up and fully paid

100 Ordinary of £1 each

100