Company registration number 09284907 (England and Wales)
70HZ RECORDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
70HZ RECORDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
70HZ RECORDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
266
355
Current assets
Debtors
4
33,604
30,732
Cash at bank and in hand
2,103
20,787
35,707
51,519
Creditors: amounts falling due within one year
5
(819,742)
(731,110)
Net current liabilities
(784,035)
(679,591)
Net liabilities
(783,769)
(679,236)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(783,770)
(679,237)
Total equity
(783,769)
(679,236)
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 2023 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.
The 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 28 March 2024 and are signed on its behalf by:
Mr F T Smith
Director
Company registration number 09284907 (England and Wales)
70HZ RECORDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 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
Turnover
Revenue represents amounts receivable for royalties net of VAT.
1.3
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.
1.4
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 YEAR ENDED 31 MARCH 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
2,314
Depreciation and impairment
At 1 April 2022
1,959
Depreciation charged in the year
89
At 31 March 2023
2,048
Carrying amount
At 31 March 2023
266
At 31 March 2022
355
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,031
10,778
Corporation tax recoverable
45
45
Amounts owed by group undertakings
1,324
Other debtors
30,528
18,585
33,604
30,732
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
122
115
Trade creditors
15,693
766
Other creditors
803,927
730,229
819,742
731,110