Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity22falsetrue 06119947 2022-01-01 2022-12-31 06119947 2021-01-01 2021-12-31 06119947 2022-12-31 06119947 2021-12-31 06119947 c:Director2 2022-01-01 2022-12-31 06119947 d:CurrentFinancialInstruments 2022-12-31 06119947 d:CurrentFinancialInstruments 2021-12-31 06119947 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06119947 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06119947 d:ShareCapital 2022-12-31 06119947 d:ShareCapital 2021-12-31 06119947 c:FRS102 2022-01-01 2022-12-31 06119947 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 06119947 c:FullAccounts 2022-01-01 2022-12-31 06119947 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 06119947









FOURTH CHORD RECORDS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
FOURTH CHORD RECORDS LIMITED
REGISTERED NUMBER: 06119947

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2022
2021
2021
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
57,054
205,934

Cash at bank and in hand
  
60,631
26,132

  
117,685
232,066

Creditors: amounts falling due within one year
 5 
(117,682)
(232,063)

Net current assets
  
 
 
3
 
 
3

  

Net assets
  
3
3


Capital and reserves
  

Called up share capital 
  
3
3

  
3
3


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S J Porter
Director

Date: 27 September 2023

The notes on pages 2 to 4 form part of these financial statements.
Page 1

 
FOURTH CHORD RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Fourth Chord Records Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover represents invoiced income, royalties received and the net sales of recorded material after providing for potential returns, net of VAT.
Non-recoupable album advances are reflected in the period in which they are receivable.

 
2.3

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 2

 
FOURTH CHORD RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors plus loans to/from related parties. 

 
2.6

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Debtors

2022
2021
£
£


Trade debtors
934
150,934

Other debtors
56,120
55,000

57,054
205,934



5.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
5,910
48,069

Other taxation and social security
-
2,493

Other creditors
-
7,414

Accruals
111,772
174,087

117,682
232,063


Page 3

 
FOURTH CHORD RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Transactions with directors and related parties

Fees totalling £76,202 (2021: £84,100 payable by) were payable to F D Rossi and the Estate of R Parfitt and at the reporting date the total amount owed by the company was £63,353 (2021: £115,946).
Commission of £67,689 (2021: £75,491) was payable to Duroc Media Limited, a company under the control of S J Porter. At the reporting date Duroc Media Limited was owed £33,340 (2021: £71,083) by the company.
The company has advanced a loan of £55,000 to a company with a common director to Fourth Chord Records Limited. The loan is interest-free, unsecured and repayable on demand and the amount owed to the company at the reporting date was £55,000 (202: £47,586).

 
Page 4