Company registration number 08279232 (England and Wales)
RECORD SURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
RECORD SURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
RECORD SURE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,385
14,584
Current assets
Stocks
72,905
-
Debtors
5
1,287,968
876,452
Cash at bank and in hand
158,073
160,162
1,518,946
1,036,614
Creditors: amounts falling due within one year
6
(879,799)
(1,280,085)
Net current assets/(liabilities)
639,147
(243,471)
Total assets less current liabilities
650,532
(228,887)
Creditors: amounts falling due after more than one year
7
(5,120,089)
(4,865,714)
Net liabilities
(4,469,557)
(5,094,601)
Capital and reserves
Called up share capital
4,047
4,047
Share premium account
4,021,505
1,847,005
Profit and loss reserves
(8,495,109)
(6,945,653)
Total equity
(4,469,557)
(5,094,601)
RECORD SURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
For the financial year ended 30 June 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 7 October 2024 and are signed on its behalf by:
J Norburn
Director
Company registration number 08279232 (England and Wales)
RECORD SURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Record Sure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 10 Lower Thames Street, London, EC3R 6EN.
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
The company meets its day to day working capital requirements through the support of a connected party. The connected party have confirmed that they will continue to support the company and that the company will continue to operate as a going concern. The financial statements have been prepared on this basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All assets are considered to have a finite useful life.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Other intangible fixed assets
3 years straight line
1.5
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
RECORD SURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
RECORD SURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Grants received in relation to the government Coronavirus Job Retention Scheme (Furlough) have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
43
RECORD SURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Intangible fixed assets
Other intangible fixed assets
£
Cost
At 1 July 2023 and 30 June 2024
186,682
Amortisation and impairment
At 1 July 2023 and 30 June 2024
186,682
Carrying amount
At 30 June 2024
At 30 June 2023
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 July 2023
254,866
Additions
1,881
At 30 June 2024
256,747
Depreciation and impairment
At 1 July 2023
240,282
Depreciation charged in the year
5,080
At 30 June 2024
245,362
Carrying amount
At 30 June 2024
11,385
At 30 June 2023
14,584
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
299,823
314,422
Corporation tax recoverable
921,573
479,410
Amounts owed by group undertakings
8,426
7,526
Other debtors
58,146
75,094
1,287,968
876,452
Amounts owed by group undertakings are repayable on demand without interest.
RECORD SURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Debtors
(Continued)
- 7 -
Amounts owed by group undertakings are repayable on demand without interest.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
113,740
98,867
Taxation and social security
371,424
93,529
Other creditors
394,635
1,087,689
879,799
1,280,085
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,120,089
4,865,714
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
450
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
550,775
329,070
333,885
417,380
Payments made on behalf of related parties
Interest charge on loans
2024
2023
2024
2023
£
£
£
£
Other related parties
471,221
518,608
206,654
151,486
RECORD SURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Related party transactions
(Continued)
- 8 -
2024
2023
Amounts due to related parties
£
£
Other related parties
5,120,089
3,467,714
10
Directors' transactions
At the balance sheet date, there are loans amounting to £Nil (2023 - £2,074,500) payable to a director of the Company.
11
Parent company
The company is a wholly owned subsidiary of Record Sure Holdings Limited.
The parent's registered office and principal place of business is:
6th Floor
10 Lower Thames Street
London
EC3R 6EN
The ultimate controlling party is J L Smith by virtue of their shareholding and directorship in the ultimate parent undertaking.