Company Registration No. 09284907 (England and Wales)
70HZ RECORDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
70HZ RECORDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
70HZ RECORDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
977
1,301
Current assets
Trade and other receivables
4
17,867
19,156
Cash and cash equivalents
14,660
31,684
32,527
50,840
Current liabilities
5
(27,387)
(76,881)
Net current assets/(liabilities)
5,140
(26,041)
Total assets less current liabilities
6,117
(24,740)
Equity
Called up share capital
1
1
Retained earnings
6,116
(24,741)
Total equity
6,117
(24,740)
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 2018 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 13 May 2019 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 2018
- 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
180 Great Portland Street, London, W1W 5QZ.
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 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
.
70HZ RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 November 2017 and 31 October 2018
2,314
Depreciation and impairment
At 1 November 2017
1,012
Depreciation charged in the year
325
At 31 October 2018
1,337
Carrying amount
At 31 October 2018
977
At 31 October 2017
1,301
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
-
9,245
Amounts owed by group undertakings
-
5,000
Other receivables
17,867
4,911
17,867
19,156
5
Current liabilities
2018
2017
£
£
Trade payables
349
5,814
Corporation tax
7,314
876
Other taxation and social security
7,351
3,704
Other payables
12,373
66,487
27,387
76,881