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Financial Statements for the Year Ended 31 December 2021 |
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Defected Records Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2021 |
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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 2021 |
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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 | 4 |
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Defected Records Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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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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55 Kentish Town Road |
Camden Town |
London |
NW1 8NX |
Defected Records Limited (Registered number: 03643252) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Investments | 6 |
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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 | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Defected Records Limited (Registered number: 03643252) |
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Balance Sheet - continued |
31 December 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue 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 2021 |
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1. | STATUTORY INFORMATION |
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Defected Records Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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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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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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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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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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 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CURRENT ASSET INVESTMENTS |
31.12.21 | 31.12.20 |
£ | £ |
Other |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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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 2021 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 8,371 |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020: |
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31.12.21 | 31.12.20 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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All loan amounts were repaid within 9 months of the year end. |
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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 £66,000 (2020 : £66,000). Mr Dunmore also recharged costs in respect of providing accommodation for staff and artistes in the amount of £0 (2020 : £0) |
Defected Records Limited (Registered number: 03643252) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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10. | RELATED PARTY DISCLOSURES |
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At the end of the year S Dunmore, a director of Defected Records Limited owned 100% (2020 : 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% (2020 : 100%) of the issued ordinary share capital of the company at 31 December 2021. |
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During the year Defected Records Limited recharged Defected Music Limited £205,716 in respect of central overhead (2020 : £137,981) and £0 (2020 : £0) in respect of brand usage. |
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As at 31 December 2021 the amount due from Defected Music Limited to Defected Records Limited was £200,034 (2020 : £359,872). |
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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 2021 (2020 : 100%) |
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During the year Defected Records Limited recharged direct costs to ITH Limited in the amount of £44,019 (2020 : £23,194) and ITH Limited recharged direct costs to Defected Records Limited in the amount of £90,224 (2020 : £34,033). |
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During the year Defected Records Limited recharged a share of salaries and overheads in the amount of £773,574 (2020 : £234,104) to ITH Limited. and ITH Limited charged Defected Records Limited promotion fees in the amount of £0 (2020 : £240,000) |
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As at 31 December 2021 the amount due from ITH Ltd to Defected Records Limited was £1,924,738 (2020 :£1,199,625). |
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ITH Festivals Limited |
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S Dunmore is also a director of ITH Festivals Limited and owned 100% of the issued ordinary share capital of the company at 31 December 2021 (2020 : 100%). |
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During the year Defected Records recharged ITH Festivals Limited the amount of £15,792 (2020 : £2,747) in respect of direct costs. |
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As at 31 December 2021 the amount due from Defected Records Limited to ITH Festivals Limited was £1,015,504 (2020 : £580,946) |
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Defected London FSTVL 2019 Ltd (previously ITH Events Limited) |
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S Dunmore is also a director of Defected London FSTVL 2019 Ltd and owned 100% of the issued ordinary share capital of the company at 31 December 2021 (2020 : 100%). |
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During the year Defected Records recharged Defected London FSTVL 2019 Ltd the amount of £0 (2020 : £2,840) in respect of direct costs. |
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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 2021 |
As at 31 December 2021 the amount due from Defected Records Limited to Defected London FSTVL 2019 Ltd was £0 ( 2020 : £0) |
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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 merchandise services from the company in the amount of £60,500 (2020 : £64,500.) |