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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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COOKING VINYL LTD |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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COOKING VINYL LTD |
COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2016 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 |
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Reconciliation of Equity | 12 |
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Reconciliation of Profit | 14 |
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COOKING VINYL LTD |
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COMPANY INFORMATION |
for the Year Ended 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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& Statutory Auditors |
Savoy House |
Savoy Circus |
London |
W3 7DA |
COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 DECEMBER 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of investment in and sales and marketing of |
recorded music. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this |
report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COOKING VINYL LTD |
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We have audited the financial statements of Cooking Vinyl Ltd for the year ended 31 December 2016 on pages five to |
fourteen. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the |
Directors for the financial year for which the financial statements are prepared is consistent with the financial statements, |
and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding |
of the company and its environment, we have not identified any material misstatements in the Report of the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COOKING VINYL LTD |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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& Statutory Auditors |
Savoy House |
Savoy Circus |
London |
W3 7DA |
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COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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INCOME STATEMENT |
for the Year Ended 31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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2,253,079 | 2,191,743 |
OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Capital redemption reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Cooking Vinyl Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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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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Compliance with accounting standards |
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The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards |
(United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as |
otherwise stated). |
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Turnover |
Credit is taken for royalty income that has been received from or declared by licensees and other parties. |
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United Kingdom royalty income is credited to the profit and loss account in the period to which it relates, or if it |
cannot be reliably estimated, on a receipts basis. Overseas royalty income, which is all collected on behalf of the |
company by other undertakings, is credited to the profit and loss account in the period overseas sales are |
reported to the company. Royalties payable are charged against the relevant income of the same period. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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 Income Statement, 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 balance sheet date. |
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COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2016 |
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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 balance |
sheet 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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Foreign currency translation |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of |
exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the |
date of transaction. All differences are taken to profit and loss account. |
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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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Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average monthly number of employees during the year was
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.16 | 31.12.15 |
£ | £ |
Depreciation - owned assets |
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5. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.16 | 31.12.15 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit |
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COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2016 |
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6. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | FIXED ASSET INVESTMENTS |
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31.12.16 | 31.12.15 |
£ | £ |
Shares in group undertakings |
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Loans to undertakings in which the company
has a participating interest |
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Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2016 |
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Disposals | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2016 |
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7. | FIXED ASSET INVESTMENTS - continued |
Loans to |
associates |
£ |
At 1 January 2016 |
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Other movement | ( |
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At 31 December 2016 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by participating interests | 116,258 | - |
Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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11. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2016 |
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311,010 |
Profit for the year |
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Dividends | ( |
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At 31 December 2016 |
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347,004 |
COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 DECEMBER 2016 |
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12. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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During the year, the company sold a vehicle for £2,406 to M Goldschmidt, a director. |
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13. | GROUP INFORMATION |
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The Ultimate Parent company is Cooking Vinyl Holdings Limited registered in England & Wales. Cooking |
Vinyl Holdings Limited is the largest and the smallest undertaking which draws up consolidated accounts that are |
held at 12-13 Swainson Road, Acton, London W3 7XB, England. |
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14. | FIRST YEAR ADOPTION |
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Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
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to measure fair value at date of transition to FRS 102 and use as deemed cost on an item of property, plant
and equipment. |
COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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RECONCILIATION OF EQUITY |
1 JANUARY 2015 |
(DATE OF TRANSITION TO FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | 172,008 |
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172,008 |
Investments | 185,660 |
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185,660 |
357,668 |
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357,668 |
CURRENT ASSETS |
Stocks | 761,366 |
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761,366 |
Debtors | 1,867,168 |
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1,867,168 |
Cash at bank | 137,815 |
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137,815 |
2,766,349 |
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2,766,349 |
CREDITORS |
Amounts falling due within one year | (2,748,114 | ) |
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(2,748,114 | ) |
NET CURRENT ASSETS | 18,235 |
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18,235 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
375,903 |
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375,903 |
NET ASSETS | 375,903 |
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375,903 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Capital redemption reserve | 100 |
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100 |
Retained earnings | 375,703 |
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375,703 |
SHAREHOLDERS' FUNDS | 375,903 |
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375,903 |
COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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RECONCILIATION OF EQUITY - continued |
31 DECEMBER 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | 69,233 |
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69,233 |
Investments | 356,611 |
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356,611 |
425,844 |
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425,844 |
CURRENT ASSETS |
Stocks | 390,954 |
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390,954 |
Debtors | 1,250,466 |
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1,250,466 |
Cash at bank | 219,685 |
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219,685 |
1,861,105 |
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1,861,105 |
CREDITORS |
Amounts falling due within one year | (1,975,839 | ) |
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(1,975,839 | ) |
NET CURRENT LIABILITIES | (114,734 | ) |
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(114,734 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
311,110 |
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311,110 |
NET ASSETS | 311,110 |
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311,110 |
CAPITAL AND RESERVES |
Called up share capital | 100 |
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100 |
Capital redemption reserve | 100 |
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100 |
Retained earnings | 310,910 |
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310,910 |
SHAREHOLDERS' FUNDS | 311,110 |
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311,110 |
COOKING VINYL LTD (REGISTERED NUMBER: 02045353) |
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RECONCILIATION OF PROFIT |
for the Year Ended 31 DECEMBER 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | 6,113,176 |
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6,113,176 |
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Cost of sales | (3,883,317 | ) |
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(3,883,317 | ) |
GROSS PROFIT | 2,229,859 |
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2,229,859 |
Distribution costs | (568,381 | ) |
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(568,381 | ) |
Administrative expenses | (1,623,362 | ) |
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(1,623,362 | ) |
OPERATING PROFIT | 38,116 |
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38,116 |
Interest receivable and similar income | 196 |
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196 |
PROFIT BEFORE TAXATION | 38,312 |
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38,312 |
Tax on profit | (3,105 | ) |
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(3,105 | ) |
PROFIT FOR THE FINANCIAL YEAR | 35,207 |
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35,207 |