Company registration number SC279221 (Scotland)
Musical Vision Limited
Unaudited financial statements
for the year ended 30 June 2023
Pages for filing with registrar
Musical Vision Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Musical Vision Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Musical Vision Limited for the year ended 30 June 2023 which comprise, the statement of financial position 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Musical Vision Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Musical Vision Limited and state those matters that we have agreed to state to the Board of Directors of Musical Vision Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Musical Vision Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Musical Vision Limited 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 loss of Musical Vision Limited. You consider that Musical Vision Limited 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 Musical Vision Limited. 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
13 May 2024
Musical Vision Limited
Statement of financial position
at 30 June 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,475
4,635
Current assets
Debtors
5,374
3,095
Cash at bank and in hand
5,353
11,622
10,727
14,717
Creditors: amounts falling due within one year
(8,894)
(9,699)
Net current assets
1,833
5,018
Net liabilities
5,308
9,653
Capital and reserves
Called up share capital
25
25
Profit and loss reserves
5,283
9,628
Total equity
5,308
9,653
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Musical Vision Limited
Statement of financial position (continued)
at 30 June 2023
3
The financial statements were approved and signed by the director and authorised for issue on 6 May 2024
Scott Cruickshank
Director
Company Registration No. SC279221
Musical Vision Limited
Notes to the financial statements
for the year ended 30 June 2023
4
1
Accounting policies
Company information
Musical Vision Limited is a private company limited by shares incorporated in Scotland. The registered office is 67/69 Nelson Street, Aberdeen, AB24 5ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the business fulfils its contractual obligations to customers by supplying goods and services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Straight line over 4 years
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Musical Vision Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies (continued)
5
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Tangible fixed assets
Total
£
Cost
At 1 July 2022 and 30 June 2023
18,715
Depreciation and impairment
At 1 July 2022
14,080
Depreciation charged in the year
1,160
At 30 June 2023
15,240
Carrying amount
At 30 June 2023
3,475
At 30 June 2022
4,635