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Registered number: 09341190
The Exchange Vinyl Ltd
Financial Statements
For The Year Ended 31 December 2023
Apple Accountancy Limited
Chartered Certified Accountants
5 Holyrood Street
Newport
Isle of Wight
PO30 5AU
Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of The Exchange Vinyl Ltd For The Year Ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of The Exchange Vinyl Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of The Exchange Vinyl Ltd , as a body, in accordance with the terms of our engagement letter dated 29 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of The Exchange Vinyl Ltd and state those matters that we have agreed to state to the director of The Exchange Vinyl Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Exchange Vinyl Ltd and its director as a body for our work or for this report.
It is your duty to ensure that The Exchange Vinyl Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of The Exchange Vinyl Ltd . You consider that The Exchange Vinyl Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Exchange Vinyl Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
20th February 2024
Apple Accountancy Limited
Chartered Certified Accountants
5 Holyrood Street
Newport
Isle of Wight
PO30 5AU
Page 1
Page 2
Balance Sheet
Registered number: 09341190
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,602 8,316
6,602 8,316
CURRENT ASSETS
Debtors 5,116 5,981
Cash at bank and in hand 32,961 31,512
38,077 37,493
Creditors: Amounts Falling Due Within One Year (4,772 ) (4,777 )
NET CURRENT ASSETS (LIABILITIES) 33,305 32,716
TOTAL ASSETS LESS CURRENT LIABILITIES 39,907 41,032
NET ASSETS 39,907 41,032
CAPITAL AND RESERVES
Called up share capital 5 11 11
Profit and Loss Account 39,896 41,021
SHAREHOLDERS' FUNDS 39,907 41,032
Page 2
Page 3
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Davey
Director
11th April 2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
The Exchange Vinyl Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09341190 . The registered office is C/O Apple Accountancy, 5 Holyrood Street, Newport, Isle Of Wight, PO30 5AU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% reducing balance
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
Page 4
Page 5
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 10,954 63,420 13,231 87,605
Additions - - 2,026 2,026
As at 31 December 2023 10,954 63,420 15,257 89,631
Depreciation
As at 1 January 2023 7,365 62,825 9,099 79,289
Provided during the period 718 539 2,483 3,740
As at 31 December 2023 8,083 63,364 11,582 83,029
Net Book Value
As at 31 December 2023 2,871 56 3,675 6,602
As at 1 January 2023 3,589 595 4,132 8,316
5. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary A shares of £ 0.010 each 1 1
1 Ordinary B shares of £ 10.000 each 10 10
11 11
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