REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
Vinyl Factory Music Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
Vinyl Factory Music Limited |
Vinyl Factory Music Limited (Registered number: 08451915) |
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 Music Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Vinyl Factory Music Limited (Registered number: 08451915) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Vinyl Factory Music Limited (Registered number: 08451915) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Vinyl Factory Music Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As explained in Note 11, the company will cease trading within 12 months of the balance sheet date. The financial statements have therefore been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company’s assets to net realisable value. Provision has also been made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date. |
Turnover |
Turnover represents net invoiced sales, excluding value added tax. Turnover is recognised on an accruals basis in the period to which it relates. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Vinyl Factory Music Limited (Registered number: 08451915) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | 115 | 201 |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to Note 2 to the financial statements which explains that the company is due to cease trading within 12 months, and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern, as described in Note 2. |
Our opinion is not modified in this respect of this matter. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
Companies with common directors and shareholders |
During the year a loan amount of £915 (2023: £Nil) was received from the parent company and repayments of £Nil (2023: £793) were made to the parent company. At the year end the company owed the parent company £189,267 (2023: £188,352). This is shown within amounts owed to group undertakings on the balance sheet. |
During the year the company made net sales to group companies amounting to £1,446 (2023: £603). At the year end the company was owed £810l (2023: £508) from other group companies. |
10. | 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. |
11. | CESSATION OF TRADING |
The directors intend to cease the trade and wind up the company within 12 months of the balance sheet date of approval. |