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Unaudited Financial Statements for the Year Ended 31 August 2019 |
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Search And Destroy Records Ltd |
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Unaudited Financial Statements for the Year Ended 31 August 2019 |
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for |
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Search And Destroy Records Ltd |
Search And Destroy Records Ltd (Registered number: 06694751) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2019 |
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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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Search And Destroy Records Ltd |
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Company Information |
for the Year Ended 31 August 2019 |
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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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Search And Destroy Records Ltd (Registered number: 06694751) |
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Balance Sheet |
31 August 2019 |
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31.8.19 | 31.8.18 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 |
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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. |
Search And Destroy Records Ltd (Registered number: 06694751) |
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Balance Sheet - continued |
31 August 2019 |
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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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Search And Destroy Records Ltd (Registered number: 06694751) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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Search And Destroy Records Ltd is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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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 and |
represents amounts receivable for goods and services rendered, stated net of discounts and |
of Value Added Tax. |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the |
consideration is the present value of the future receipts. The difference between the fair |
value of the consideration and the normal amount received is recognised as interest |
income. |
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Recording and publishing income is recognised when it becomes contractually due. |
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Commission payable, directly relating to such income, is accounted for in the year in which |
the income is recognised. |
Search And Destroy Records Ltd (Registered number: 06694751) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the |
recognition of financial assets and liabilities like trade and other accounts receivable and |
payable, loans from banks and other third parties, loans to related parties and other third |
parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of |
each reporting period for objective evidence of impairment. If objective evidence of |
impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the |
difference between an asset's carrying amount and the present value of estimated cash |
flows discounted at the asset's original effective interest rate. If a financial asset has a |
variable interest rate, the discount rate for measuring any impairment loss is the current |
effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as |
the difference between an asset's carrying amount and the best estimate, which is an |
approximation, of the amount that the company would receive for the asset if it were to be |
sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of |
financial position when there is an enforceable right to set off the recognised amounts and |
there is an intention to settle on a net basis or to realise the asset and settle the liability |
simultaneously. |
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Debtors: |
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Short term debtors, classified as receivable in one year, are measured at transaction price, |
less any impairment. |
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Creditors: |
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Short term trade creditors, classified as payable in one year, are measured at the |
transaction price. |
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Cash at bank and in hand: |
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Cash at bank and in hand are basic financial assets and include cash in hand, despoils held |
at call with banks, other short-term liquid investments with original maturities of three months |
or less, and bank overdrafts. Bank overdrafts are shown within borrowings under current |
liabilities. |
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Search And Destroy Records Ltd (Registered number: 06694751) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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Going concern |
The company's liabilities exceed its assets by £77,814 (2018: £78,535). The directors have |
confirmed their on going financial support of the company and their ability to do so for the |
foreseeable future. For this reason the financial statements have been prepared on a going |
concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade creditors |
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Other creditors |
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Search And Destroy Records Ltd (Registered number: 06694751) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2019 |
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6. | RELATED PARTY DISCLOSURES |
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Raw Power Management Ltd |
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The director, C Jennings, owns 50% share capital of the company. |
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At the year end the company owes Raw Power Management Ltd £48,700 ( 2018: £48,600). |
The amount is classified as a current creditor and is repayable on demand, no interest is |
charged on the amount. |
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7. | ULTIMATE CONTROLLING PARTY |
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Three is no ultimate controlling party as the ownership is divided equally amongst the |
directors. |