17 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01424451 2022-04-01 2023-03-31 01424451 2023-03-31 01424451 2022-03-31 01424451 2021-04-01 2022-03-31 01424451 2022-03-31 01424451 core:PlantMachinery 2022-04-01 2023-03-31 01424451 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 01424451 core:MotorVehicles 2022-04-01 2023-03-31 01424451 core:OnerousContractsExcludingVacantProperties 2022-04-01 2023-03-31 01424451 bus:Director1 2022-04-01 2023-03-31 01424451 bus:Director4 2022-04-01 2023-03-31 01424451 core:WithinOneYear 2023-03-31 01424451 core:WithinOneYear 2022-03-31 01424451 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 01424451 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 01424451 core:PlantMachinery 2022-03-31 01424451 core:FurnitureFittingsToolsEquipment 2022-03-31 01424451 core:MotorVehicles 2022-03-31 01424451 core:PlantMachinery 2023-03-31 01424451 core:FurnitureFittingsToolsEquipment 2023-03-31 01424451 core:MotorVehicles 2023-03-31 01424451 core:ShareCapital 2023-03-31 01424451 core:ShareCapital 2022-03-31 01424451 core:RetainedEarningsAccumulatedLosses 2023-03-31 01424451 core:RetainedEarningsAccumulatedLosses 2022-03-31 01424451 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 01424451 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 01424451 core:PlantMachinery 2022-03-31 01424451 core:FurnitureFittingsToolsEquipment 2022-03-31 01424451 core:MotorVehicles 2022-03-31 01424451 bus:Director4 2023-03-31 01424451 bus:SmallEntities 2022-04-01 2023-03-31 01424451 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01424451 bus:FullAccounts 2022-04-01 2023-03-31 01424451 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 01424451 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01424451 core:ComputerEquipment 2022-04-01 2023-03-31 01424451 1 2022-04-01 2023-03-31
Company registration number: 01424451
CHANDOS RECORDS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2023
CHANDOS RECORDS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 15,897 18,536
Tangible assets 6 55,772 70,311
_______ _______
71,669 88,847
Current assets
Stocks 274,389 304,665
Debtors 7 544,700 367,945
Cash at bank and in hand 1,993,105 2,024,920
_______ _______
2,812,194 2,697,530
Creditors: amounts falling due
within one year 8 ( 639,238) ( 548,720)
_______ _______
Net current assets 2,172,956 2,148,810
_______ _______
Total assets less current liabilities 2,244,625 2,237,657
_______ _______
Net assets 2,244,625 2,237,657
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 2,234,625 2,227,657
_______ _______
Shareholders funds 2,244,625 2,237,657
_______ _______
For the year ending 31 March 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr R G J Couzens Mr C W Young
Director Director
Company registration number: 01424451
CHANDOS RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Chandos Records Limited, Chandos House, 1 Commerce Park, Commerce Way, Colchester, CO2 8HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 17 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2022 77,765 77,765
Additions 2,660 2,660
_______ _______
At 31 March 2023 80,425 80,425
_______ _______
Amortisation
At 1 April 2022 59,229 59,229
Charge for the year 5,299 5,299
_______ _______
At 31 March 2023 64,528 64,528
_______ _______
Carrying amount
At 31 March 2023 15,897 15,897
_______ _______
At 31 March 2022 18,536 18,536
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £
Cost
At 1 April 2022 400,323 18,920 28,845 114,918 563,006
Additions 952 - - 3,100 4,052
_______ _______ _______ _______ _______
At 31 March 2023 401,275 18,920 28,845 118,018 567,058
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 348,984 18,719 28,723 96,269 492,695
Charge for the year 13,074 50 30 5,437 18,591
_______ _______ _______ _______ _______
At 31 March 2023 362,058 18,769 28,753 101,706 511,286
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 39,217 151 92 16,312 55,772
_______ _______ _______ _______ _______
At 31 March 2022 51,339 201 122 18,649 70,311
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 237,906 126,798
Other debtors 306,794 241,147
_______ _______
544,700 367,945
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 89,412 120,146
Amounts owed to connected company 93,461 113,431
Accruals and deferred income 310,782 244,901
Corporation tax 15,657 13,308
Social security and other taxes 51,429 21,743
Other creditors 78,497 35,191
_______ _______
639,238 548,720
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs I L M Challis - 15,000 15,000
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs I L M Challis - - -
_______ _______ _______
10. Related party transactions
During the year the company received management fees from Chandos Music Limited a company under common control of the shareholders and directors. This was a normal commercial transaction conducted on an arms length basis. The amount received was £18,500 (2022: £16,000).
During the year the company paid fees totalling £10,670 (2022: £10,460) to Christopher Young LImited, a company controlled by a director, Mr C W Young for accountancy, payroll and financial management services. This was a normal commercial transaction conducted on an arms length basis.
11. Controlling party
The company is under the control of Mr Ralph Couzens .