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COMPANY REGISTRATION NUMBER: 11656663
CRASH RECORDS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2024
CRASH RECORDS LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
6,138
1,287
CURRENT ASSETS
Stocks
36,441
37,599
Debtors
7
3,517
4,908
Cash at bank and in hand
213,065
147,010
---------
---------
253,023
189,517
CREDITORS: amounts falling due within one year
8
( 187,346)
( 156,918)
---------
---------
NET CURRENT ASSETS
65,677
32,599
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
71,815
33,886
PROVISIONS
( 1,534)
( 245)
--------
--------
NET ASSETS
70,281
33,641
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
70,181
33,541
--------
--------
SHAREHOLDERS FUNDS
70,281
33,641
--------
--------
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.
For the year ending 31 January 2024 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 .
CRASH RECORDS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
I De-Whytell
P Hodgson
Director
Director
S Gamble
Director
Company registration number: 11656663
CRASH RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 The Headrow, Leeds, West Yorkshire, LS1 6PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
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 stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2023: 7 ).
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
40,846
25,742
Adjustments in respect of prior periods
( 1)
--------
--------
Total current tax
40,845
25,742
--------
--------
Deferred tax:
Origination and reversal of timing differences
1,290
84
--------
--------
Tax on profit
42,135
25,826
--------
--------
6. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2023
2,000
3,314
5,314
Additions
3,599
1,699
5,298
-------
-------
--------
At 31 January 2024
5,599
5,013
10,612
-------
-------
--------
Depreciation
At 1 February 2023
1,367
2,660
4,027
Charge for the year
120
327
447
-------
-------
--------
At 31 January 2024
1,487
2,987
4,474
-------
-------
--------
Carrying amount
At 31 January 2024
4,112
2,026
6,138
-------
-------
--------
At 31 January 2023
633
654
1,287
-------
-------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
1,038
Other debtors
3,517
3,870
-------
-------
3,517
4,908
-------
-------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,765
20,611
Corporation tax
40,846
25,742
Social security and other taxes
20,721
16,852
Other creditors
39,100
43,450
Ticket creditor
45,323
46,872
Other creditors
18,591
3,391
---------
---------
187,346
156,918
---------
---------