ACCOUNTS - Final Accounts preparation

SAXOPHONES HOLDINGS LIMITED - Company Information

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Registered number: 14691756

SAXOPHONES HOLDINGS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2024

SAXOPHONES HOLDINGS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAXOPHONES HOLDINGS LIMITED
FOR THE PERIOD ENDED 28 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Saxophones Holdings Limited for the period ended 28 February 2024 which comprise the Balance sheet, the Statement of changes in equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Saxophones Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 4th April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Saxophones Holdings Limited and state those matters that we have agreed to state to the Board of directors of Saxophones Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Saxophones Holdings Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Saxophones Holdings 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 profit of Saxophones Holdings Limited. You consider that Saxophones Holdings Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Saxophones Holdings 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.

MWS

Kingsridge House

601 London Road

Westcliff-on-Sea

Essex

SS0 9PE

25 July 2024

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SAXOPHONES HOLDINGS LIMITED

REGISTERED NUMBER: 14691756

BALANCE SHEET

AS AT 28 FEBRUARY 2024

		2024
Note		£

Fixed assets
Investments	4		1,000,000
			1,000,000
Current assets
Debtors: amounts falling due within one year	5	8,600
		8,600
Creditors: amounts falling due within one year	6	(78,814)
Net current (liabilities)/assets			(70,214)
Total assets less current liabilities			929,786
Creditors: amounts falling due after more than one year	7		(623,516)

Net assets			306,270

Capital and reserves
Called up share capital			100
Profit and loss account			306,170
			306,270

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 July 2024.

Jamie Straker	James Cheek
Director	Director

The notes on pages 4 to 7 form part of these financial statements.

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SAXOPHONES HOLDINGS LIMITED

REGISTERED NUMBER: 14691756

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2024

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SAXOPHONES HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2024

1.	General information

Saxophone Holdings Limited is a private limited company incorporated in England and Wales. Its registered address is 601 London Road, Westcliff-on-Sea, Essex, SS0 9PE. Its primary place of business is 1 Courtwell Business Park, Farningham Road, Crowborough, East Sussex, TN6 2JD.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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SAXOPHONES HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including the directors, during the period was as follows:

			2024
			No.

		Directors	2

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	1,000,000
	At 28 February 2024	1,000,000

Debtors

					2024
					£


	Amounts owed by group undertakings	8,500
	Other debtors	100
		8,600

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SAXOPHONES HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2024

6.	Creditors: Amounts falling due within one year
		2024
		£

	Other loans	77,914
	Accruals and deferred income	900
		78,814

7.	Creditors: Amounts falling due after more than one year
		2024
		£

	Other loans	623,516
		623,516

	The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
					2024
					£

	Repayable by instalments	530,000
		530,000

No interest is charged on the loan. Repayment is by instalments at £10,000 a month.

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SAXOPHONES HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2024

8.	Loans
	Analysis of the maturity of loans is given below:
		2024
		£

	Amounts falling due within one year
	Other loans	77,914
		77,914

	Amounts falling due 2-5 years
	Other loans	361,295
		361,295
	Amounts falling due after more than 5 years
	Other loans	262,220
		262,220
		701,429

Related party transactions

During the year the company received dividends of £118,500 from their 100% owned subsidiary, Saxophones Limited. At the year end the company was owed £8,500 from Saxophones Limited.
During the year the company received a loan of £1,000,000 interest free from two individuals, who are close family members of one of the directors of Saxophones Holdings Limited. The loan has been discounted within the accounts at a market rate of 6%. At the year end the discounted value of the loan owed was £701,430. The actual amount outstanding was £890,000.

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