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REGISTERED NUMBER: 04786139 (England and Wales)


























Financial Statements

for the Year Ended 29 February 2024

for

Vinyl Factory Productions Limited

Vinyl Factory Productions Limited (Registered number: 04786139)






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 Productions Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: T J Robinson





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 04786139 (England and Wales)





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

Vinyl Factory Productions Limited (Registered number: 04786139)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,254 5,487
Tangible assets 5 809 1,012
4,063 6,499

CURRENT ASSETS
Stocks 6 1,065,537 1,009,889
Debtors 7 20,228 8,299
Cash at bank and in hand 3,402 1,500
1,089,167 1,019,688
CREDITORS
Amounts falling due within one year 8 3,167,297 2,891,938
NET CURRENT LIABILITIES (2,078,130 ) (1,872,250 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,074,067

)

(1,865,751

)

CREDITORS
Amounts falling due after more than one
year

9

17,365

27,442
NET LIABILITIES (2,091,432 ) (1,893,193 )

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 11 (2,091,433 ) (1,893,194 )
SHAREHOLDERS' FUNDS (2,091,432 ) (1,893,193 )

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 Productions Limited (Registered number: 04786139)

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

1. STATUTORY INFORMATION

Vinyl Factory Productions 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 liabilities exceeded assets by £2,091,432 (2023: £1,893,193) Included within creditors are amounts owing to related parties of £3,096,468 (2023: £2,842,367), and the company receives the financial support of its parent company. 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.

Revenue is recognised on the completion of an order.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development are being amortised evenly over their estimated useful life of three years.

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 - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 3 (2023 - 3 ) .

Vinyl Factory Productions Limited (Registered number: 04786139)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 77,203
AMORTISATION
At 1 March 2023 71,716
Charge for year 2,233
At 29 February 2024 73,949
NET BOOK VALUE
At 29 February 2024 3,254
At 28 February 2023 5,487

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 March 2023
and 29 February 2024 7,700 910 8,610
DEPRECIATION
At 1 March 2023 7,360 238 7,598
Charge for year 68 135 203
At 29 February 2024 7,428 373 7,801
NET BOOK VALUE
At 29 February 2024 272 537 809
At 28 February 2023 340 672 1,012

6. STOCKS
2024 2023
£    £   
Work-in-progress 15,722 25,076
Finished goods 1,049,815 984,813
1,065,537 1,009,889

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,260 3,554
Amounts owed by group undertakings - 461
Other debtors 968 4,284
20,228 8,299

Vinyl Factory Productions Limited (Registered number: 04786139)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,080 9,832
Trade creditors 39,122 17,590
Amounts owed to group undertakings 3,096,468 2,842,367
Taxation and social security 3,137 5,203
Other creditors 18,490 16,946
3,167,297 2,891,938

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 17,365 27,442

10. CALLED UP SHARE CAPITAL

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

11. RESERVES
Retained
earnings
£   

At 1 March 2023 (1,893,194 )
Deficit for the year (198,239 )
At 29 February 2024 (2,091,433 )

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

The Report of the Auditors was qualified on the following basis:

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Due to a limitation of scope we have been unable to audit opening stock amounting to £984,813 and the closing stock of £1,065,537 included in these financial statements. Due to a limitation of scope we have been unable to audit revenue amounting to £12,107 included in these financial statements.

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

13. 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.

14. 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.