KG RECORDS LTD

Company Registration Number:
14892457 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2024

Period of accounts

Start date: 24 May 2023

End date: 31 May 2024

KG RECORDS LTD

Company Information

for the Period Ended 31 May 2024




Director: Kim Nickerson
Luis Gustavo Silva Navarro
Registered office: 17 The Drakes
Evelyn Street
London
England
SE8 5BU
Company Registration Number: 14892457 (England and Wales)

KG RECORDS LTD

Directors' Report Period Ended 31 May 2024

The directors present their report with the financial statements of the company for the period ended 31 May 2024

Principal Activities

Songwriting, Music Production, Recording, Studio & Equipment Hire

Directors

The director(s) shown below were appointed to the company during the period
Kim Nickerson
24 May 2023
Luis Gustavo Silva Navarro
24 May 2023

This report was approved by the board of directors on 24 February 2025
And Signed On Behalf Of The Board By:

Name: Kim Nickerson
Status: Director

Name: Luis Gustavo Silva Navarro
Status: Director

KG RECORDS LTD

Profit and Loss Account

for the Period Ended 31 May 2024


Notes

2024
£
Gross turnover (not including turnover from inside OPW engagements) 3,408
Gross turnover from inside OPW engagements 300
Cost of sales ( 77 )
Deductions from gross turnover from inside OPW engagements ( 15 )
Gross Profit or (Loss) 3,616
Income from coronavirus (COVID-19) business support grants 0
Distribution Costs ( 0 )
Administrative Expenses ( 0 )
Operating Profit or (Loss) 3,616
Interest Receivable and Similar Income 0
Interest Payable and Similar Charges ( 0 )
Profit or (Loss) Before Tax 4 3,616
Tax on Profit ( 687 )
Profit or (Loss) for Period 2,929

The notes form part of these financial statements

KG RECORDS LTD

Balance sheet

As at 31 May 2024


Notes

2024
£
Fixed assets
Intangible assets: 5 0
Tangible assets: 6 4,969
Total fixed assets: 4,969
Current assets
Stocks: 0
Debtors: 0
Cash at bank and in hand: 702
Total current assets: 702
Prepayments and accrued income: 0
Creditors: amounts falling due within one year: ( 0 )
Net current assets (liabilities): 702
Total assets less current liabilities: 5,671
Creditors: amounts falling due after more than one year: ( 0 )
Provision for liabilities: ( 0 )
Accruals and deferred income: ( 0 )
Total net assets (liabilities): 5,671

The notes form part of these financial statements

KG RECORDS LTD

Balance sheet continued

As at 31 May 2024


Notes

2024
£
Capital and reserves
Called up share capital: 100
Revaluation reserve: 7 ( 1,600 )
Profit and loss account: 7,171
Shareholders funds: 5,671

For the year ending 31 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 24 February 2025
And Signed On Behalf Of The Board By:

Name: Kim Nickerson
Status: Director

Name: Luis Gustavo Silva Navarro
Status: Director

The notes form part of these financial statements

KG RECORDS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    "The turnover represents amounts receivable for music production services provided and studio rental fees, net of VAT and trade discounts. Turnover is recognized when the services are rendered and the income is earned."

    Breakdown:
    Amounts Receivable: This includes all the money you receive from clients for your services and studio rentals.

    Net of VAT and Trade Discounts: Any VAT charged to clients and trade discounts given are subtracted from the total turnover.

    Recognized When Services Are Rendered: This means you record the turnover when you actually provide the service or rent out the studio, not necessarily when you receive the payment.

    Tangible fixed assets depreciation policy

    we used a similar approach to the depreciation cost of our company computer and did our best to find an accurate middle ground for it as with tech it depends on your model and make.

KG RECORDS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees


    2024
    Average number of employees during the period 0

KG RECORDS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 3. Off balance sheet disclosure

    No

KG RECORDS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

4.Profit or (Loss) before tax

We made no profit between 23/24, we used our personal capital to cover any costs like rent for the studio space.

KG RECORDS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 5. Intangible assets

    Total
    Cost £
    Additions -
    Disposals -
    Revaluations -
    Transfers -
    At 31 May 2024 -
    Amortisation
    Charge for year -
    On disposals -
    Other adjustments -
    Amortisation at 31 May 2024 -
    Net book value
    Net book value at 31 May 2024 -

    Between 2023/2024 the company has no intangible assets, and no song has been released yet by the company to become an asset. we put zero and it asked for a note

KG RECORDS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

6. Tangible Assets

Total
Cost £
Additions 6,569
Disposals -
Revaluations (1,150)
Transfers -
At 31 May 2024 5,419
Depreciation
Charge for year 450
On disposals -
Other adjustments -
At 31 May 2024 450
Net book value
At 31 May 2024 4,969

the revaluation is on our company computer, it accumulated a deprecation from its purchase date till the company was active at -£1150 (middle ground to the market value) and while using it through 23/24 we calculated the depreciation charge of the year will be around £450, but the charge will be different for the following year as tech gear can depreciate erratically now with AI coming into play.

KG RECORDS LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

7. Revaluation reserve


2024
£
Surplus or deficit after revaluation ( 1,600 )
Balance at 31 May 2024 ( 1,600 )

This includes both revaluation at the start of 23 at £1150 and the depreciation charge of the year which is £450, totalling -£1,600.