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COMPANY REGISTRATION NUMBER: 11656663
CRASH RECORDS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2023
CRASH RECORDS LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,287
844
CURRENT ASSETS
Stocks
37,599
45,250
Debtors
6
4,908
3,807
Cash at bank and in hand
147,010
208,389
---------
---------
189,517
257,446
CREDITORS: amounts falling due within one year
7
( 156,918)
( 234,883)
---------
---------
NET CURRENT ASSETS
32,599
22,563
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
33,886
23,407
PROVISIONS
( 245)
( 160)
--------
--------
NET ASSETS
33,641
23,247
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
33,541
23,147
--------
--------
SHAREHOLDERS FUNDS
33,641
23,247
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CRASH RECORDS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
I De-Whytell
P Hodgson
Director
Director
S Gamble
Director
Company registration number: 11656663
CRASH RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 The Headrow, Leeds, West Yorkshire, LS1 6PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2022
2,000
2,333
4,333
Additions
981
981
-------
-------
-------
At 31 January 2023
2,000
3,314
5,314
-------
-------
-------
Depreciation
At 1 February 2022
1,156
2,333
3,489
Charge for the year
211
327
538
-------
-------
-------
At 31 January 2023
1,367
2,660
4,027
-------
-------
-------
Carrying amount
At 31 January 2023
633
654
1,287
-------
-------
-------
At 31 January 2022
844
844
-------
-------
-------
6. DEBTORS
2023
2022
£
£
Trade debtors
1,038
Other debtors
3,870
3,807
-------
-------
4,908
3,807
-------
-------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,611
60,678
Corporation tax
25,742
22,844
Social security and other taxes
16,852
16,046
Other creditors
43,450
62,218
Ticket creditor
46,872
69,615
Other creditors
3,391
3,482
---------
---------
156,918
234,883
---------
---------