Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-3132022-06-01falseThe principal activity of the company contuned to be that of recording, publishing and touring in the music industry.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11356368 2022-06-01 2023-05-31 11356368 2021-06-01 2022-05-31 11356368 2023-05-31 11356368 2022-05-31 11356368 c:Director1 2022-06-01 2023-05-31 11356368 d:ComputerEquipment 2022-06-01 2023-05-31 11356368 d:ComputerEquipment 2023-05-31 11356368 d:ComputerEquipment 2022-05-31 11356368 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11356368 d:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 11356368 d:OtherPropertyPlantEquipment 2023-05-31 11356368 d:OtherPropertyPlantEquipment 2022-05-31 11356368 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11356368 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11356368 d:CurrentFinancialInstruments 2023-05-31 11356368 d:CurrentFinancialInstruments 2022-05-31 11356368 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11356368 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 11356368 d:ShareCapital 2023-05-31 11356368 d:ShareCapital 2022-05-31 11356368 d:RetainedEarningsAccumulatedLosses 2023-05-31 11356368 d:RetainedEarningsAccumulatedLosses 2022-05-31 11356368 c:OrdinaryShareClass1 2022-06-01 2023-05-31 11356368 c:OrdinaryShareClass1 2023-05-31 11356368 c:OrdinaryShareClass1 2022-05-31 11356368 c:FRS102 2022-06-01 2023-05-31 11356368 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 11356368 c:FullAccounts 2022-06-01 2023-05-31 11356368 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11356368 2 2022-06-01 2023-05-31 11356368 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 11356368 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11356368














BETTER RECORDS LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
BETTER RECORDS LTD
REGISTERED NUMBER:11356368

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
14,233

  
-
14,233

Current assets
  

Debtors: amounts falling due within one year
 5 
196,469
194,681

Cash at bank
 6 
69,128
104,470

  
265,597
299,151

Creditors: amounts falling due within one year
 7 
(129,759)
(95,113)

Net current assets
  
 
 
135,838
 
 
204,038

Total assets less current liabilities
  
135,838
218,271

Provisions for liabilities
  

Deferred tax
 8 
-
(3,558)

  
 
 
-
 
 
(3,558)

Net assets
  
135,838
214,713


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
135,837
214,712

  
135,838
214,713


Page 1

 
BETTER RECORDS LTD
REGISTERED NUMBER:11356368
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D J Donovan
Director

Date: 8 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BETTER RECORDS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Better Records Ltd is a private company, limited by shares, registered in England and Wales, registration number 11356368. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The principal activity of the company continued to that of recording, publishing and touring in the music industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss statement. 

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Turnover from recording, publishing and touring activities is recognised when it is probable the company will receive the consideration due under the contract.
 
  
2.4

Royalties payable

Royalties payable are calculated by reference to statements of account used for determining royalties receivable.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
BETTER RECORDS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
straight-line
Other fixed assets
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
BETTER RECORDS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.10

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, trade and other creditors, and loans with related parties.

 
2.13

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).


4.


Tangible fixed assets





Computer equipment
Other fixed assets
Total

£
£
£



Cost


At 1 June 2022
399
31,626
32,025



At 31 May 2023

399
31,626
32,025



Depreciation


At 1 June 2022
342
17,450
17,792


Charge for the year
57
14,176
14,233



At 31 May 2023

399
31,626
32,025



Net book value



At 31 May 2023
-
-
-



At 31 May 2022
57
14,176
14,233

Page 5

 
BETTER RECORDS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

2023
2022
£
£


Other debtors
142,710
142,003

Accrued income
4,550
3,818

Tax recoverable
49,209
48,860

196,469
194,681



6.


Cash

2023
2022
£
£

Cash at bank
69,128
104,470



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
20,403
3,197

Corporation tax
75,354
71,597

Other taxation and social security
-
2,404

Other creditors
2,193
-

Accruals
31,809
17,915

129,759
95,113


Page 6

 
BETTER RECORDS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Deferred taxation




2023


£






At beginning of year
3,558


Charged to profit or loss
(3,558)



At end of year
-

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed assets timing differences
-
3,558


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) ordinary share of £1.00
1
1




10.


Transactions with directors

During the year, the company advanced £101,778 (2022 - £183,882) to the directors. As at the year end, the directors owed £139,269 (2022 - £138,355) to the company. The loan is unsecured, repayable on demand and interest has been charged at an official rate. 
During the year, dividends of £71,464 (2022 - £46,000) were paid to the directors.

 
Page 7