REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2021 TO 29 NOVEMBER 2022 |
FOR |
RED VELVET MUSIC GROUP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2021 TO 29 NOVEMBER 2022 |
FOR |
RED VELVET MUSIC GROUP LIMITED |
RED VELVET MUSIC GROUP LIMITED (REGISTERED NUMBER: 08794272) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2021 TO 29 NOVEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RED VELVET MUSIC GROUP LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 DECEMBER 2021 TO 29 NOVEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Room 73 |
Wrest House |
Wrest Park |
Silsoe |
Bedfordshire |
MK45 4HR |
RED VELVET MUSIC GROUP LIMITED (REGISTERED NUMBER: 08794272) |
BALANCE SHEET |
29 NOVEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
RED VELVET MUSIC GROUP LIMITED (REGISTERED NUMBER: 08794272) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 DECEMBER 2021 TO 29 NOVEMBER 2022 |
1. | STATUTORY INFORMATION |
Red Velvet Music Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Going concern |
The company has a deficit in reserves on the balance sheet at year end, relating to an outstanding loan due to the director and other related parties. The director has confirmed that the loan will not be called for in full until such time the company has sufficient reserves to repay this amount from ongoing cash reserves, and as such. the director continues to prepare the financial statements under the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 December 2021 |
and 29 November 2022 |
Depreciation |
At 1 December 2021 |
Charge for period |
At 29 November 2022 |
Net book value |
At 29 November 2022 |
At 30 November 2021 |
RED VELVET MUSIC GROUP LIMITED (REGISTERED NUMBER: 08794272) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 DECEMBER 2021 TO 29 NOVEMBER 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 December 2021 |
Disposals | ( |
) |
At 29 November 2022 |
Net book value |
At 29 November 2022 |
At 30 November 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
VAT | 6,842 | - |
Other creditors |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
9. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed £618,496 (2021: £619,541) to F I Otedola, director. No interest has been charged on this balance (2021: £Nil) and there are no set repayment terms. |
At the balance sheet date the company owed £38,333 (2021: £49,151) to The Cuppy Foundation, a charity in which the Director is a Trustee. Interest of £Nil (2021: £703) was charged on this balance and is repayable on demand. |