Company Registration No. 08486287 (England and Wales)
X2 RECORDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
X2 RECORDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
X2 RECORDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Current assets
Debtors
2
78,897
162,002
Cash at bank and in hand
21,628
27,229
100,525
189,231
Creditors: amounts falling due within one year
3
(118,437)
(209,584)
Net current liabilities
(17,912)
(20,353)
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
(17,913)
(20,354)
Total equity
(17,912)
(20,353)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 5 July 2017 and are signed on its behalf by:
Mr N F Tennant
Director
Company Registration No. 08486287
X2 RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
X2 Recordings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5A Bear Lane, Southwark, London, SE1 0UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of X2 Recordings Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
The directors consider it appropriate to prepare financial statements on the going concern basis given the financial support from the directors.
1.3
Turnover
Turnover represents amounts receivable for record sales net of VAT. Income is recognised on the contractual due date or, where this is unspecified, the date of receipt of cash.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits 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 in current liabilities.
are basic financial assets
and
include cash in hand, deposits 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 in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
X2 RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax currently payable is based on taxable profit for the year.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
10,769
162,001
Amounts due from group undertakings
68,128
1
78,897
162,002
3
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
500
48,253
Amounts due to group undertakings
86,250
95,199
Corporation tax
611
442
Other taxation and social security
1,160
26,800
Other creditors
29,916
38,890
118,437
209,584
X2 RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
4
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
5
Related party transactions
Related parties are entities in which beneficial ownership and control is the same as that of X2 Recordings Limited.
During the year there were various transaction with related parties. The following disclosures are on an aggregated basis. (Aggregation of similar transaction by type of transaction balance)
Included in debtors are amounts due from the following related parties:
Pet Shop Boys Holdings Limited owed X2 Recordings Limited £1.00 (2015: £1.00).
Cage Tours LLP £68,127 (2015: £5,448 creditor)
During the year X2 Recordings Limited paid £73,575 expenses on behalf of Cage Tours LLP.
Included in creditors are amounts owed to the following related parties:
The Pet Shop Boys Partnership Limited £86,250 (2015: £89,751)
During the year The Pet Shop Boys Partnership Limited paid £6,499 in expenses on behalf of X2 Recordings and the company repaid £10,000. The Pet Shop Boys partnership Limited assigned the exclusive audio and audio visual recording services of the directors to X2 Recordings Limited. During the period the licence fee payable to The Pet Shop Boys Partnership Limited was £23,868 (included in Cost of Sales). This was paid in full by the company.
6
Parent company
The parent company of X2 Recordings Limited is Pet Shop Boys Holdings Limited.