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REGISTERED NUMBER: 04625246 (England and Wales)


























Financial Statements

for the Year Ended 29 February 2024

for

Vinyl Factory Records Limited

Vinyl Factory Records Limited (Registered number: 04625246)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Vinyl Factory Records Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: T J Robinson





SECRETARY: Camamile Limited





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 04625246 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Vinyl Factory Records Limited (Registered number: 04625246)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,621 10,381

CURRENT ASSETS
Stocks 226,282 179,511
Debtors 5 11,439 50,598
Cash at bank and in hand 16,948 33,100
254,669 263,209
CREDITORS
Amounts falling due within one year 6 242,100 289,446
NET CURRENT ASSETS/(LIABILITIES) 12,569 (26,237 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,190

(15,856

)

CREDITORS
Amounts falling due after more than one
year

7

15,660

25,780
NET ASSETS/(LIABILITIES) 5,530 (41,636 )

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 5,529 (41,637 )
SHAREHOLDERS' FUNDS 5,530 (41,636 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by:





T J Robinson - Director


Vinyl Factory Records Limited (Registered number: 04625246)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Vinyl Factory Records Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the year end the balance sheet of the company showed net assets of £5,530 (2023: net liabilities of £41,636). Included within debtors and creditors are net amounts owing to related parties of £43,715 (2023: £44,649). The company receives the financial support of its parent company and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% - 25% on cost
Fixtures and fittings - Straight line over 14 years
Website development - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Vinyl Factory Records Limited (Registered number: 04625246)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Website
machinery fittings development Totals
£    £    £    £   
COST
At 1 March 2023 34,689 14,714 435,572 484,975
Additions 857 - - 857
At 29 February 2024 35,546 14,714 435,572 485,832
DEPRECIATION
At 1 March 2023 33,196 7,227 434,171 474,594
Charge for year 1,110 750 757 2,617
At 29 February 2024 34,306 7,977 434,928 477,211
NET BOOK VALUE
At 29 February 2024 1,240 6,737 644 8,621
At 28 February 2023 1,493 7,487 1,401 10,381

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,743 42,435
Other debtors 8,696 8,163
11,439 50,598

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,130 11,408
Trade creditors 87,917 122,433
Amounts owed to group undertakings 43,715 44,649
Taxation and social security 31,218 21,923
Other creditors 69,120 89,033
242,100 289,446

Vinyl Factory Records Limited (Registered number: 04625246)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 15,660 25,780

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Colcomb FCCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. CONTROLLING PARTY

The company's parent undertaking is The Vinyl Factory Limited. The registered office of the parent undertaking is 15 Newland, Lincoln, Lincolnshire, LN1 1XG. The principle place of business is 16-18 Marshall Street, London, W1F 7BE.