MERCHANT CITY MUSIC LIMITED

MERCHANT CITY MUSIC LIMITED

MERCHANT CITY MUSIC LIMITED - Company Information

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MERCHANT CITY MUSIC LIMITED

Company Registration Number:
SC141135 (Scotland)

Unaudited abridged accounts for the year ended 30 April 2017

Period of accounts

Start date: 01 May 2016

End date: 30 April 2017

MERCHANT CITY MUSIC LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2017

Balance sheet
Notes

MERCHANT CITY MUSIC LIMITED

Balance sheet

As at 30 April 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 3 61,669 68,715
Total fixed assets: 61,669 68,715
Current assets
Stocks: 112,306 133,149
Debtors:   562,904 563,203
Cash at bank and in hand: 8,350 5,626
Total current assets: 683,560 701,978
Creditors: amounts falling due within one year:   (120,124) (146,470)
Net current assets (liabilities): 563,436 555,508
Total assets less current liabilities: 625,105 624,223
Provision for liabilities: (2,036) (2,036)
Total net assets (liabilities): 623,069 622,187
Capital and reserves
Called up share capital: 80 80
Share premium account: 20 20
Profit and loss account: 622,969 622,087
Shareholders funds: 623,069 622,187

The notes form part of these financial statements

MERCHANT CITY MUSIC LIMITED

Balance sheet statements

For the year ending 30 April 2017 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 14 February 2018
and signed on behalf of the board by:

Name: Richard Cameron
Status: Director

The notes form part of these financial statements

MERCHANT CITY MUSIC LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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 and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Short leasehold - 10 % on costFixtures and fittings - 20% on costComputer equipment - 25% on cost, 25% on reducing balance and 15% on reducing balance.

Valuation and information policy

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

Pension costs and other post-retirement benefitsThe company operates a defined contribution pension scheme. Contributions payable to the company's scheme are charged to profit or loss in the period to which they relate.Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing differences.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MERCHANT CITY MUSIC LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2017

2. Employees

2017 2016
Average number of employees during the period 6 5

MERCHANT CITY MUSIC LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2017


3. Tangible Assets

Total
Cost £
At 01 May 2016 183,950
Additions 4,899
At 30 April 2017 188,849
Depreciation
At 01 May 2016 115,235
Charge for year 11,945
At 30 April 2017 127,180
Net book value
At 30 April 2017 61,669
At 30 April 2016 68,715