Company registration number 09284907 (England and Wales)
70HZ RECORDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
70HZ RECORDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
70HZ RECORDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
355
550
Current assets
Debtors
4
30,732
60,217
Cash at bank and in hand
20,787
16,674
51,519
76,891
Creditors: amounts falling due within one year
5
(731,110)
(556,590)
Net current liabilities
(679,591)
(479,699)
Net liabilities
(679,236)
(479,149)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(679,237)
(479,150)
Total equity
(679,236)
(479,149)
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 Period 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 Period 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 31 March 2023 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 PERIOD ENDED 31 MARCH 2022
- 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
Reporting period
The financial year has been extended to 31st March to align with the parent company. The reporting period is 17 months and therefore not directly comparable to the previous pe12 month period.
1.3
Turnover
Revenue represents amounts receivable for royalties net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets
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
.
1.5
Financial instruments
The company only has basic financial instruments.
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
.
Basic financial liabilities, including
creditors and
bank loans are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
70HZ RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.6
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 Period was:
2022
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2020 and 31 March 2022
2,314
Depreciation and impairment
At 1 November 2020
1,764
Depreciation charged in the Period
195
At 31 March 2022
1,959
Carrying amount
At 31 March 2022
355
At 31 October 2020
550
4
Debtors
2022
2020
Amounts falling due within one year:
£
£
Trade debtors
10,778
Corporation tax recoverable
45
45
Amounts owed by group undertakings
1,324
14,511
Other debtors
18,585
45,661
30,732
60,217
70HZ RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 4 -
5
Creditors: amounts falling due within one year
2022
2020
£
£
Bank loans and overdrafts
115
Trade creditors
766
17,363
Other creditors
730,229
539,227
731,110
556,590