IRIS Accounts Production v24.3.2.46 03772196 director 1.6.23 31.5.24 31.5.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037721962023-05-31037721962024-05-31037721962023-06-012024-05-31037721962022-05-31037721962022-06-012023-05-31037721962023-05-3103772196ns15:EnglandWales2023-06-012024-05-3103772196ns14:PoundSterling2023-06-012024-05-3103772196ns10:Director12023-06-012024-05-3103772196ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3103772196ns10:SmallEntities2023-06-012024-05-3103772196ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3103772196ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3103772196ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103772196ns10:AbridgedAccounts2023-06-012024-05-310377219612023-06-012024-05-3103772196ns10:OrdinaryShareClass12023-06-012024-05-3103772196ns10:CompanySecretary12023-06-012024-05-3103772196ns10:RegisteredOffice2023-06-012024-05-3103772196ns5:CurrentFinancialInstruments2024-05-3103772196ns5:CurrentFinancialInstruments2023-05-3103772196ns5:ShareCapital2024-05-3103772196ns5:ShareCapital2023-05-3103772196ns5:RetainedEarningsAccumulatedLosses2024-05-3103772196ns5:RetainedEarningsAccumulatedLosses2023-05-3103772196ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3103772196ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-012024-05-3103772196ns5:PlantMachinery2023-06-012024-05-3103772196ns5:FurnitureFittings2023-06-012024-05-3103772196ns5:DeferredTaxation2023-05-3103772196ns5:DeferredTaxation2023-06-012024-05-3103772196ns5:DeferredTaxation2024-05-3103772196ns10:OrdinaryShareClass12024-05-31037721961ns10:Director12023-05-31037721961ns10:Director12022-05-31037721961ns10:Director12023-06-012024-05-31037721961ns10:Director12022-06-012023-05-31037721961ns10:Director12024-05-31037721961ns10:Director12023-05-31
REGISTERED NUMBER: 03772196 (England and Wales)





















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Trunk Records Limited

Trunk Records Limited (Registered number: 03772196)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Trunk Records Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: J Benton-Hughes





SECRETARY: J E Benton-Hughes





REGISTERED OFFICE: 64 Allerton Road
London
N16 5UF





REGISTERED NUMBER: 03772196 (England and Wales)





ACCOUNTANTS: Pinfold & Co
8 Deben Mill Business Centre
Old Maltings Approach
Woodbridge
Suffolk
IP12 1BL

Trunk Records Limited (Registered number: 03772196)

Abridged Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 101,750 -
Tangible assets 5 5,829 8,361
107,579 8,361

CURRENT ASSETS
Stocks 62,499 36,332
Debtors 237,885 20,028
Cash at bank 108,933 423,863
409,317 480,223
CREDITORS
Amounts falling due within one year 84,588 67,869
NET CURRENT ASSETS 324,729 412,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

432,308

420,715

PROVISIONS FOR LIABILITIES 6 1,282 1,648
NET ASSETS 431,026 419,067

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 431,024 419,065
SHAREHOLDERS' FUNDS 431,026 419,067

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Trunk Records Limited (Registered number: 03772196)

Abridged Balance Sheet - continued
31 May 2024


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 18 February 2025 and were signed by:





J Benton-Hughes - Director


Trunk Records Limited (Registered number: 03772196)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Trunk 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.

Turnover
The turnover represents net invoiced sales of goods and services, excluding value added tax, arising from music searches and sales of digital music.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten 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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Trunk Records Limited (Registered number: 03772196)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 110,000
At 31 May 2024 110,000
AMORTISATION
Amortisation for year 8,250
At 31 May 2024 8,250
NET BOOK VALUE

At 31 May 2024 101,750

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 21,814
Disposals (1,250 )
At 31 May 2024 20,564
DEPRECIATION
At 1 June 2023 13,453
Charge for year 1,943
Eliminated on disposal (661 )
At 31 May 2024 14,735
NET BOOK VALUE
At 31 May 2024 5,829
At 31 May 2023 8,361

6. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 1,282 1,648

Deferred
tax
£   
Balance at 1 June 2023 1,648
Credit to Statement of Income and Retained Earnings during year (366 )
Balance at 31 May 2024 1,282

Trunk Records Limited (Registered number: 03772196)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
2 Ordinary £1 2 2

8. SUMMARY OF TRANSACTIONS WITH DIRECTORS

The following advances by and repayments to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
J Benton-Hughes
Balance outstanding at start of year 48,667 52,768
Amounts advanced 58,923 53,446
Amounts repaid (50,894 ) (57,547 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 56,696 48,667

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £235,932 (2023: £20,000) form a related company. The loan is interest free and is repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the director by virtue of his shareholdings.