REGISTERED NUMBER:
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Hyperion Records Limited |
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Audited Financial Statements |
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for the Year Ended 31st March 2022 |
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REGISTERED NUMBER:
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Hyperion Records Limited |
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Audited Financial Statements |
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for the Year Ended 31st March 2022 |
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Hyperion Records Limited (Registered number: 01501587) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2022 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Hyperion Records Limited |
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Company Information |
for the Year Ended 31st March 2022 |
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Director: |
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Registered office: |
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Registered number: |
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Auditors: |
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Accountants & Statutory Auditor |
4th Floor |
100 Fenchurch Street |
London |
EC3M 5JD |
Hyperion Records Limited (Registered number: 01501587) |
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Statement of Financial Position |
31st March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within
one year |
6 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Hyperion Records Limited (Registered number: 01501587) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2022 |
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1. | Statutory information |
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Hyperion Records Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Where possible, income is accounted for on a receivables basis by accruing income due but not received. However, the nature of the business is such that it may not be possible to ascertain the size of some of the sources of income which are due, such as royalties, until periodic sales reports are received from licencees. In these cases, the turnover is accounted for on a receipts basis. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Computer equipment | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Hyperion Records Limited (Registered number: 01501587) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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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. |
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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. |
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Advances |
Advances made to artists in respect of future royalties are treated as current assets. Advances are written off to the profit and loss account when the royalties are recognised in accordance with the revenue recognition policy. Provision is made against any advances where it is considered that recoupment is unlikely to take place. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Long | Plant and | Computer |
leasehold | machinery | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1st April 2021 |
and 31st March 2022 |
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Depreciation |
At 1st April 2021 |
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Charge for year |
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At 31st March 2022 |
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Net book value |
At 31st March 2022 |
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At 31st March 2021 |
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5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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Hyperion Records Limited (Registered number: 01501587) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2022 |
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6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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Due to the coronavirus pandemic, the company did not carry out its usual year end stock take on 31st March 2022. We were not allowed access to the client's premises and consequently were unable to adopt any alternative procedures to verify the existence, condition and value of stock. Stock counting and valuation procedures have always been found to be reliable in past audits and no material errors have arisen in this audit area. We consider that the value of stock held for resale is fairly stated and not materially inaccurate. |
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for and on behalf of
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