Recordglen Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 02313614 (England and Wales)
Recordglen Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
Recordglen Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
400,000
400,000
Current assets
Debtors
4
368
333
Cash at bank and in hand
10,841
6,877
11,209
7,210
Creditors: amounts falling due within one year
5
(104,499)
(101,936)
Net current liabilities
(93,290)
(94,726)
Total assets less current liabilities
306,710
305,274
Provisions for liabilities
(35,004)
(26,603)
Net assets
271,706
278,671
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
286,878
286,878
Profit and loss reserves
(15,272)
(8,307)
Total equity
271,706
278,671
Recordglen Limited
Balance Sheet (Continued)
As at 30 June 2023
Page 2
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 30 June 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 3 November 2023 and are signed on its behalf by:
Mrs J A McGinley
Director
Company Registration No. 02313614
Recordglen Limited
Statement of Changes in Equity
For the year ended 30 June 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2021
100
286,878
(11,583)
275,395
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
3,276
3,276
Balance at 30 June 2022
100
286,878
(8,307)
278,671
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(6,965)
(6,965)
Balance at 30 June 2023
100
286,878
(15,272)
271,706
The notes on pages 4 to 6 form part of these financial statements.
Recordglen Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 4
1
Accounting policies
Company information
Recordglen Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised as rental income from the company's investment property and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
Recordglen Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 5
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 3 (2022: 3).
3
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
400,000
The investment property was valued at fair value by the directors at 30 June 2016 and the directors are of the opinion that the fair value of property has not materially changed in the year. The historic cost of the property was £113,112 (2022: £113,112).
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
368
333
Recordglen Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
102,519
99,956
Accruals and deferred income
1,980
1,980
104,499
101,936
6
Called up share capital
2023
2022
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100