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Financial Statements for the Year Ended 31 December 2015 |
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Defected Records Limited |
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Financial Statements for the Year Ended 31 December 2015 |
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for |
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Defected Records Limited |
Defected Records Limited (Registered number: 03643252) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2015 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Defected Records Limited |
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Company Information |
for the Year Ended 31 December 2015 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Defected Records Limited (Registered number: 03643252) |
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Balance Sheet |
31 December 2015 |
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31.12.15 | 31.12.14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Debtors | 3 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Profit and loss account | 6 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the director on
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Defected Records Limited (Registered number: 03643252) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Stocks |
Stocks 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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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period |
of the lease. |
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2. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2015 |
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Additions |
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At 31 December 2015 |
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DEPRECIATION |
At 1 January 2015 |
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Charge for year |
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At 31 December 2015 |
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NET BOOK VALUE |
At 31 December 2015 |
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At 31 December 2014 |
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Defected Records Limited (Registered number: 03643252) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2015 |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.15 | 31.12.14 |
£ | £ |
Trade debtors | 125,121 | 194,187 |
Other debtors | 1,042,542 | 1,115,221 |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.15 | 31.12.14 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.15 | 31.12.14 |
value: | £ | £ |
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Ordinary A | £1 |
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Ordinary B | £1 |
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100 | 100 |
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6. | RESERVES |
Profit |
and loss |
account |
£ |
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At 1 January 2015 | ( |
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Deficit for the year | ( |
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At 31 December 2015 | ( |
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7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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During the year Mr Dunmore, the director of the company was paid, in addition to his salary from the company. fees |
on a self employed basis in respect of services as a record producer to the company in the amount of £0 (2014 : |
£40,000). |
Defected Records Limited (Registered number: 03643252) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2015 |
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8. | RELATED PARTY DISCLOSURES |
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At the end of the year S Dunmore, a director of Defected Records Limited owned 100% (2014 : 100%) of the issued |
ordinary share capital of the company. He has the following interests: |
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Defected Music Limited |
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S Dunmore is also a director of Defected Music Limited and owned 100% (2014 : 100%) of the issued ordinary |
share capital of the company at 31 December 2015. |
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During the year Defected Records Limited recharged Defected Music Limited £116,604 in respect of central |
overhead (2014 : £6,438). |
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As at 31 December 2014 the amount due from Defected Records to Limited Defected Music Limited was £100,637 |
(2014 : debtor of £181,130). |
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ITH Limited |
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S Dunmore is also a director of ITH Ltd and owned 100% of the issued ordinary share capital of the company at 31 |
December 2015 (2014 : 100%) |
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During the year Defected Records Limited recharged a share of salaries and overheads in the amount of £73,926 |
(2014 : £356,856) to ITH Limited. |
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As at 31 December 2015 the amount due from ITH Ltd to Defected Records Limited was £866,178 (2014 : |
£850,455). |
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Colluded Management Limited |
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S Dunmore is also a director of Colluded Management Limited and owned 40% of the issued ordinary share capital |
of the company at 31 December 2015 (2014 : 40%). |
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During the year Defected Records received income on behalf of Colluded Management Limited in the amount of |
£151,629 (2014 : £85,492). |
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During the year Defected Records paid direct costs for Colluded Management Limited in the amount of £91,400 |
(2014 : £88,854) in respect of overheads. |
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During the year Defected Records recharged Colluded Management Limited the amount of £63,872 (2014 : £0) in |
respect of overheads and £19,630 (2014 : £0) in respect of profit share.. |
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As at 31 December 2015 the amount due from Colluded Management Limited to Defected Records Limited was |
£23,268 ( 2014 : £36,987) |
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Mrs Y Dunmore |
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During the year Mrs Y Dunmore, the director's wife received consultancy fees for public relations services from the |
company in the amount of £36,000 (2014 : £38,000.) |