Registered number
10262001
Rika Records Ltd
Unaudited Filleted Accounts
for the year ended 31 July 2023
Rika Records Ltd
Registered number: 10262001
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 13,717 13,356
Current assets
Stocks 481,971 363,172
Debtors 4 1,702 1,110
483,673 364,282
Creditors: amounts falling due within one year 5 (89,016) (102,210)
Net current assets 394,657 262,072
Total assets less current liabilities 408,374 275,428
Creditors: amounts falling due after more than one year 6 (25,567) (450,567)
Net assets/(liabilities) 382,807 (175,139)
Capital and reserves
Called up share capital 500,000 1,000
Profit and loss account (117,193) (176,139)
Shareholders' funds 382,807 (175,139)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Darbari
Director
Approved by the board on 15 April 2024
Rika Records Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings & equipment over 5 years
Stocks
Stocks are measured at cost and comprise deferred production costs. Deferred production costs are recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 August 2022 27,290
Additions 3,790
At 31 July 2023 31,080
Depreciation
At 1 August 2022 13,934
Charge for the year 3,429
At 31 July 2023 17,363
Net book value
At 31 July 2023 13,717
At 31 July 2022 13,356
4 Debtors 2023 2022
£ £
Other debtors 1,702 1,110
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,936 2,897
Taxation and social security costs 1,058 3,843
Other creditors 85,022 95,470
89,016 102,210
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,567 25,567
Other creditors - 425,000
25,567 450,567
7 Other information
Rika Records Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Rosedean House
4 Argyle Road
Barnet
EN5 4DX
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