Company Registration No. 04112932 (England and Wales)
SOUR MASH RECORDS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
SOUR MASH RECORDS LIMITED
CONTENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
SOUR MASH RECORDS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUR MASH RECORDS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sour Mash Records Limited for the year ended 31 December 2015 set out on pages 3 to 8 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Sour Mash Records Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Sour Mash Records Limited and state those matters that we have agreed to state to the Board of Directors of Sour Mash Records Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sour Mash Records Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Sour Mash Records 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 Sour Mash Records Limited. You consider that Sour Mash Records Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sour Mash Records 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.
.............................................
30 September 2016
Dales Evans and Co Limited
Date
Chartered Accountants
88-90 Baker Street
London
W1U 6TQ
SOUR MASH RECORDS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
6
6
Current assets
Stocks
49,479
193,234
Debtors
675,213
293,958
Cash at bank and in hand
1,038,989
306,794
1,763,681
793,986
Creditors: amounts falling due within one year
(609,257)
(123,684)
Net current assets
1,154,424
670,302
Total assets less current liabilities
1,154,430
670,308
Capital and reserves
Called up share capital
3
100,000
100,000
Profit and loss account
1,054,430
570,308
Shareholders' funds
1,154,430
670,308
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 30 September 2016
A McKinlay
Director
Company Registration No. 04112932
SOUR MASH RECORDS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
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1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
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).
1.3
Turnover Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided net of discounts, returns and VAT. Revenue from the sale of goods is recognised when the risks and rewards of ownership have passed to the customer. Royalties are recognised on receipt or as rights are utilised on an accruals basis where sufficient reliable information is available. Income from services is recognised when it is performed and entitlement has arisen under the terms of the contract.
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided net of discounts, returns and VAT.
Revenue from the sale of goods is recognised when the risks and rewards of ownership have passed to the customer.
Royalties are recognised on receipt or as rights are utilised on an accruals basis where sufficient reliable information is available.
Income from services is recognised when it is performed and entitlement has arisen under the terms of the contract.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% per annum on cost
1.5
Stock and work in progress
Stock is valued at the lower of cost and net realisable value.
1.6
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 the transaction. All differences are taken to profit and loss account.
1.7
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
SOUR MASH RECORDS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
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2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015 and at 31 December 2015
3,757
Depreciation
At 1 January 2015 and at 31 December 2015
3,751
Net book value
At 31 December 2015
6
At 31 December 2014
6
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000