Holywell Music Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03097217 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

HOLYWELL MUSIC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs C D Clarke

Mrs J T Torres

SECRETARY:

K. R. B (Secretaries) Ltd

REGISTERED OFFICE:

29 Harbour Exchange Square

London

E14 9GE

BUSINESS ADDRESS:

C/o Bow Brand International Limited

Highgate

King's Lynn

PE30 1PT

REGISTERED NUMBER:

03097217 (England and Wales)

AUDITORS:

Wheelers

Chartered Accountants, Tax Consultants

& Statutory Auditors

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

BANKERS:

HSBC

Southwark Branch

28 Borough High Street

Southwark

London

SE1 1YB

FIXED ASSETS

Tangible assets

4

-

118,705

CURRENT ASSETS

Stocks

1,000

167,480

Debtors

5

162,883

70,208

Cash at bank and in hand

69,062

106,945

232,945

344,633

CREDITORS

Amounts falling due within one year

6

128,653

104,408

NET CURRENT ASSETS

104,292

240,225

TOTAL ASSETS LESS CURRENT LIABILITIES

104,292

358,930

PROVISIONS FOR LIABILITIES

-

22,000

NET ASSETS

104,292

336,930

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

94,292

326,930

SHAREHOLDERS' FUNDS

104,292

336,930

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2018 and were signed on its behalf by:

Mrs C D Clarke - Director

1.	STATUTORY INFORMATION

Holywell Music 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company closed its showroom on 31 December 2017 and made the decision to gradually reduce its trading

activities and intends to sell all of its trade and assets over the next 12 months. As the company will cease to

trade within 12 months from the signing of the financial statements the directors consider it inappropriate to

prepare the financial statements on a going concern basis and therefore the directors have prepared these

financial statements on a break-up basis.

In adopting the break-up basis, at the year end, the following policies and procedures were implemented:

-

At 31 December 2017 all fixed assets are considered as realisable, hence reclassified as current

assets and are valued at the lower of cost and net realisable value;

-

All assets have been disclosed at values at which they are expected to be realised;

-

All liabilities reflect the full amount at which they are expected to materialise, including any costs of

early settlement; and

-

Any other costs associated with winding up the business are recognised.

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.

Long leasehold

-

over term of the lease

Plant and machinery

-

5% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

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.

Deferred tax

Deferred 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 difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2017

45,016

114,183

131,477

Additions

-

60,300

-

Disposals

-

(59,979

)

-

Reclassification to current assets

(45,016

)

(114,504

)

(131,477

)

At 31 December 2017

-

-

-

DEPRECIATION

At 1 January 2017

45,016

15,025

120,860

Charge for year

-

2,859

2,529

Eliminated on disposal

-

116,038

(123,389

)

Reclassification to current assets

(45,016

)

(133,922

)

-

At 31 December 2017

-

-

-

NET BOOK VALUE

At 31 December 2017

-

-

-

At 31 December 2016

-

99,158

10,617

Motor

Office

vehicles

Equipment

Totals

£

£

£

COST

At 1 January 2017

14,089

7,694

312,459

Additions

15,373

-

75,673

Disposals

(14,089

)

-

(74,068

)

Reclassification to current assets

(15,373

)

(7,694

)

(314,064

)

At 31 December 2017

-

-

-

DEPRECIATION

At 1 January 2017

8,927

3,926

193,754

Charge for year

3,523

942

9,853

Eliminated on disposal

(8,926

)

-

(16,277

)

Reclassification to current assets

(3,524

)

(4,868

)

(187,330

)

At 31 December 2017

-

-

-

NET BOOK VALUE

At 31 December 2017

-

-

-

At 31 December 2016

5,162

3,768

118,705

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

40,225

29,597

Amounts owed by group undertakings

41,663

27,421

Other debtors

578

578

Tangible assets held for resale

67,877

-

Prepayments and accrued income

12,540

12,612

162,883

70,208

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

8,868

20,505

Amounts owed to group undertakings

13,793

13,793

Taxation and social security

36,501

40,433

Other creditors

69,491

29,677

128,653

104,408

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Garrett BA FCA CTA (Senior Statutory Auditor)

for and on behalf of Wheelers

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY