Company Registration No. 09284907 (England and Wales)
70HZ RECORDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
70HZ RECORDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
70HZ RECORDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
1,301
1,735
Current assets
Trade and other receivables
4
19,156
16,993
Cash and cash equivalents
31,684
15,299
50,840
32,292
Current liabilities
5
(76,881)
(61,968)
Net current liabilities
(26,041)
(29,676)
Total assets less current liabilities
(24,740)
(27,941)
Equity
Called up share capital
6
1
1
Retained earnings
(24,741)
(27,942)
Total equity
(24,740)
(27,941)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 October 2017 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.
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 3 May 2018 and are signed on its behalf by:
Mr F T Smith
Director
Company Registration No. 09284907
70HZ RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 2 -
1
Accounting policies
Company information
70HZ Recordings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19 Portland Place, London, W1B 1PX.
1.1
Accounting convention
These financial statements for the year ended 31 October 2017
are the
first
financial statements of 70HZ 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 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue represents amounts receivable for royalties net of VAT.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
wdv @ 25%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Financial instruments
The company only has basic financial instruments.
Basic financial assets, which include trade and other receivables 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
.
Basic financial liabilities, including trade and other payables and bank loans are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
70HZ RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 November 2016 and 31 October 2017
2,314
Depreciation and impairment
At 1 November 2016
579
Depreciation charged in the year
434
At 31 October 2017
1,013
Carrying amount
At 31 October 2017
1,301
At 31 October 2016
1,735
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
9,245
11,573
Amounts owed by group undertakings
5,000
5,000
Other receivables
4,911
420
19,156
16,993
5
Current liabilities
2017
2016
£
£
Bank loans and overdrafts
-
141
Trade payables
5,814
420
Corporation tax
876
-
Other taxation and social security
3,704
-
Other payables
66,487
61,407
76,881
61,968
70HZ RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 4 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1