MUSICWORLD_(UK)_LTD - Accounts

MUSICWORLD (UK) LTD - Company Information

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Company Registration No. 08742293 (England and Wales)

MUSICWORLD (UK) LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

MUSICWORLD (UK) LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MUSICWORLD (UK) LTD

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,565

1,956

Current assets

Debtors

5,181

12,197

Cash at bank and in hand

276

8,188

5,457

20,385

Creditors: amounts falling due within one year

(169,558)

(164,838)

Net current liabilities

(164,101)

(144,453)

Total assets less current liabilities

(162,536)

(142,497)

Capital and reserves

Called up share capital

Profit and loss account

(162,537)

(142,498)

Shareholders' funds

(162,536)

(142,497)

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have 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 25 July 2017

Mr Robbie Sherman

Director

Company Registration No. 08742293

MUSICWORLD (UK) LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 2 -

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 January 2015).

The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the Company's current liabilities exceeded its current assets by £164,101 and it made a loss for the year of £24,375.

The Directors consider the going concern basis to be appropriate because, in their opinion, the Company will continue to obtain sufficient funding to enable it to pay its debts as they fall due. If the Company were unable to obtain this funding, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

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

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:

Fixtures, fittings & equipment

20% reducing balance

1.5

Foreign currency translation

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.

MUSICWORLD (UK) LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 November 2015 & at 31 October 2016

2,445

Depreciation

At 1 November 2015

489

Charge for the year

391

At 31 October 2016

880

Net book value

At 31 October 2016

1,565

At 31 October 2015

1,956

Share capital

2016

2015

Allotted, called up and fully paid

1 Ordinary share of £1 each