Company registration number 12658751 (England and Wales)
5K RECORDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
5K RECORDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
5K RECORDS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,658
-
0
Current assets
Debtors
4
13,598
5,289
Cash at bank and in hand
43,654
27,845
57,252
33,134
Creditors: amounts falling due within one year
5
(66,519)
(63,025)
Net current liabilities
(9,267)
(29,891)
Net liabilities
(5,609)
(29,891)
Capital and reserves
Called up share capital
88
88
Share premium account
114,987
114,987
Profit and loss reserves
(120,684)
(144,966)
Total equity
(5,609)
(29,891)

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
Mr M Bah
Director
Company registration number 12658751 (England and Wales)
5K RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

5K Records Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Colwyn Chambers, 19 York Street, Manchester, M2 3BA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have secured further funding to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Turnover

Turnover represents amounts receivable for expenses reimbursed to label net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Studio Equipment
33.33% straight-line
Computer Equipment
33.33% straight-line
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

5K RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.7

Deferred Income

Where sales invoices are raised in advance of goods or services provided, this income is deferred until the period in which the goods or services take place. The corresponding debtor and deferred income are offset to reflect that the sales invoices are not due for payment until after the year end.

1.8

Prepayments

Where purchase invoices are received in advance of the goods and service being provided, these expenses are prepaid until the period in which the good or service is received. The corresponding creditor and prepayment are offset to reflect that the purchase invoices are not due for payment until after the year end.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
-
0
Additions
5,486
At 31 July 2024
5,486
Depreciation and impairment
At 1 August 2023
-
0
Depreciation charged in the year
1,828
At 31 July 2024
1,828
Carrying amount
At 31 July 2024
3,658
At 31 July 2023
-
0
5K RECORDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,103
3,533
Other debtors
8,495
1,756
13,598
5,289
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
700
8,959
Taxation and social security
35,797
29,410
Other creditors
30,022
24,656
66,519
63,025
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