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Registered number: 10482966
Froggy Records Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 10482966
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 300 300
Debtors 5 8 8
Cash at bank and in hand 287 287
595 595
Creditors: Amounts Falling Due Within One Year 6 (1,808 ) (1,648 )
NET CURRENT ASSETS (LIABILITIES) (1,213 ) (1,053 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,213 ) (1,053 )
NET LIABILITIES (1,213 ) (1,053 )
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account (1,215 ) (1,055 )
SHAREHOLDERS' FUNDS (1,213) (1,053)
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For the year ending 30 November 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 F Gavita
Director
11 July 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Froggy Records Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10482966 . The registered office is 2 Trebah Square, Aylesbury, Buckinghamshire, HP19 7AD.
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. 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.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
2.5. 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.
The directors continue to adopt the going concern basis of accounting in preparing the financial statements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Stocks
2023 2022
£ £
Stock 300 300
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5. Debtors
2023 2022
£ £
Due within one year
Other debtors 8 8
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Accruals and deferred income 301 301
Director's loan account 1,507 1,347
1,808 1,648
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
8. Controlling Parties
The company's ultimate controlling party is Mr F Gavita by virtue of their interest in the share capital of the company.
9. Going concern
Total liabilities exceed total assets however, the company is able to meet any liabilities that may fall due.
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