Company Registration No. 08486287 (England and Wales)
X2 RECORDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
X2 RECORDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
X2 RECORDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
10,776
22,391
Cash at bank and in hand
61,997
109,572
72,773
131,963
Creditors: amounts falling due within one year
4
(64,255)
(126,110)
Net current assets
8,518
5,853
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
8,517
5,852
Total equity
8,518
5,853
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 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
.
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 15 December 2022 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 MARCH 2022
- 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, United Kingdom, 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Taxation
The tax currently payable is based on taxable profit for the year.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
Other debtors
10,775
22,390
10,776
22,391
X2 RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
8,082
Amounts owed to group undertakings and undertakings in which the company has a participating interest
52,961
116,257
Corporation tax
625
1,586
Other creditors
2,587
8,267
64,255
126,110
5
Related party transactions
The company is a wholly owed subsidiary of Pet Shop Boys Holdings Limited and has taken advantage of the exemption available under FRS102 not to disclose related party transactions. The registered office of Pet Shop Boys Holdings Limited is 5A Bear Lane Southwartk London SE1 0UH.