MusicStreet Guitars Limited - Accounts to registrar - small 17.2

MUSICSTREET GUITARS LIMITED - Company Information

IRIS Accounts Production v17.2.0.336 08710207 Board of Directors 1.1.16 31.12.16 31.12.16 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure087102072015-12-31087102072016-12-31087102072016-01-012016-12-31087102072014-12-31087102072015-01-012015-12-31087102072015-12-3108710207ns15:EnglandWales2016-01-012016-12-3108710207ns14:PoundSterling2016-01-012016-12-3108710207ns10:Director12016-01-012016-12-3108710207ns10:PrivateLimitedCompanyLtd2016-01-012016-12-3108710207ns10:SmallEntities2016-01-012016-12-3108710207ns10:AuditExemptWithAccountantsReport2016-01-012016-12-3108710207ns10:SmallCompaniesRegimeForDirectorsReport2016-01-012016-12-3108710207ns10:SmallCompaniesRegimeForAccounts2016-01-012016-12-3108710207ns10:FullAccounts2016-01-012016-12-3108710207ns10:OrdinaryShareClass12016-01-012016-12-3108710207ns10:Director22016-01-012016-12-3108710207ns10:RegisteredOffice2016-01-012016-12-3108710207ns5:CurrentFinancialInstruments2016-12-3108710207ns5:CurrentFinancialInstruments2015-12-3108710207ns5:Non-currentFinancialInstruments2016-12-3108710207ns5:Non-currentFinancialInstruments2015-12-3108710207ns5:ShareCapital2016-12-3108710207ns5:ShareCapital2015-12-3108710207ns5:RetainedEarningsAccumulatedLosses2016-12-3108710207ns5:RetainedEarningsAccumulatedLosses2015-12-3108710207ns5:FurnitureFittings2016-01-012016-12-3108710207ns5:ComputerEquipment2016-01-012016-12-3108710207ns5:LandBuildingsns5:ShortLeaseholdAssets2015-12-3108710207ns5:FurnitureFittings2015-12-3108710207ns5:ComputerEquipment2015-12-3108710207ns5:LandBuildingsns5:ShortLeaseholdAssets2016-01-012016-12-3108710207ns5:LandBuildingsns5:ShortLeaseholdAssets2016-12-3108710207ns5:FurnitureFittings2016-12-3108710207ns5:ComputerEquipment2016-12-3108710207ns5:LandBuildingsns5:ShortLeaseholdAssets2015-12-3108710207ns5:FurnitureFittings2015-12-3108710207ns5:ComputerEquipment2015-12-3108710207ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-12-3108710207ns5:CurrentFinancialInstrumentsns5:WithinOneYear2015-12-3108710207ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2016-12-3108710207ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2015-12-3108710207ns5:WithinOneYear2016-12-3108710207ns5:WithinOneYear2015-12-3108710207ns5:BetweenOneFiveYears2016-12-3108710207ns5:BetweenOneFiveYears2015-12-3108710207ns5:MoreThanFiveYears2016-12-3108710207ns5:MoreThanFiveYears2015-12-3108710207ns5:AllPeriods2016-12-3108710207ns5:AllPeriods2015-12-3108710207ns5:Secured2016-12-3108710207ns5:Secured2015-12-3108710207ns10:OrdinaryShareClass12016-12-31

REGISTERED NUMBER: 08710207 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

MUSICSTREET GUITARS LIMITED

Page

Company Information

Balance Sheet

Notes to the Financial Statements

Report of the Accountant

DIRECTORS:

A R Rawson

Mrs C L Rawson

REGISTERED OFFICE:

10 Chequers Court

Huntingdon

Cambridgeshire

PE29 3LJ

REGISTERED NUMBER:

08710207 (England and Wales)

ACCOUNTANT:

HW Huntingdon Limited

2a Chequers Court

Huntingdon

Cambridgeshire

PE29 3LJ

FIXED ASSETS

Tangible assets

9,088

4,136

CURRENT ASSETS

Stocks

138,382

136,144

Debtors

17,242

13,180

Cash at bank and in hand

25,463

23,715

181,087

173,039

CREDITORS

Amounts falling due within one year

177,944

169,370

NET CURRENT ASSETS

3,143

3,669

TOTAL ASSETS LESS CURRENT
LIABILITIES

12,231

7,805

CREDITORS

Amounts falling due after more than one
year

15,417

20,000

NET LIABILITIES

(3,186

)

(12,195

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(3,286

)

(12,295

)

SHAREHOLDERS' FUNDS

(3,186

)

(12,195

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 September 2017 and were signed on its behalf
by:

A R Rawson - Director

1.	STATUTORY INFORMATION

MusicStreet Guitars 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

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and have also been consistently applied within the same

accounts.

Compliance with accounting standards

These financial statements have been prepared in accordance with the provisions of Section 1A "Smaller

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" and the Companies Act 2006.

There were no material departures from that standard.

Transition to FRS 102

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 January 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously, however there has been no material impact on the financial statements.

First year adoption

The company has adopted FRS 102 for the first time in the year ended 31 December 2016.

The effect of the transition from the previous financial reporting framework to FRS 102 has been considered.

There has been no material impact in relation to the following:

- changes in accounting policies.

- changes in shareholders funds.

- comparative year profit or loss.

On that basis, no restatement has been undertaken.

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.

Fixtures and fittings

25% on reducing balance

Office Equipment

25% on reducing balance

Stocks

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

moving items.

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.

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 7 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Office

leasehold

fittings

Equipment

Totals

COST

At 1 January 2016

1,998

1,622

3,202

6,822

Additions

6,435

1,628

8,063

At 31 December 2016

1,998

8,057

4,830

14,885

DEPRECIATION

At 1 January 2016

968

517

1,201

2,686

Charge for year

319

1,885

907

3,111

At 31 December 2016

1,287

2,402

2,108

5,797

NET BOOK VALUE

At 31 December 2016

711

5,655

2,722

9,088

At 31 December 2015

1,030

1,105

2,001

4,136

STOCKS

31.12.16

31.12.15

Stocks

138,382

136,144

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

Trade debtors

5,297

288

Prepayments

11,945

12,892

17,242

13,180

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

Bank loans and overdrafts

5,000

Trade creditors

84,365

67,785

Social security and other taxes

1,327

1,019

VAT

543

6,025

Other creditors

2,178

Directors' current accounts

83,531

84,491

Accrued expenses

1,000

5,050

177,944

169,370

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.16

31.12.15

Bank loans - 1-2 years

15,417

20,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.16

31.12.15

Within one year

33,360

Between one and five years

133,440

In more than five years

75,060

108,420

241,860

275,220

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

Bank loans

20,417

25,000

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

100

Ordinary

100

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The directors loan balance at 31 December 2016 was a balance of £83,709 (2015 - £84,490). This loan is interest

free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is A R Rawson.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2016 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.

HW Huntingdon Limited

2a Chequers Court

Huntingdon

Cambridgeshire

PE29 3LJ

29 September 2017