Registration number:
Wonderful Records Limited
for the Year Ended 30 June 2024
Wonderful Records Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Wonderful Records Limited
Company Information
Directors |
Mr J Martino Ms K White |
Registered office |
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Registered number |
09107913 |
Accountants |
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Wonderful Records Limited
(Registration number: 09107913)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
74,353 |
(74,856) |
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Shareholders' funds/(deficit) |
74,453 |
(74,756) |
Wonderful Records Limited
(Registration number: 09107913)
Balance Sheet as at 30 June 2024
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Wonderful Records Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
8 Alexandra House
Richmond Drive
Repton Park
Woodford Green
IG8 8RF
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.
Going concern
The accounts have been prepared on a going concern basis on the understanding that the parent company will continue to support the company for the foreseeable future.
Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Wonderful Records Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% on Reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Foreign currency
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wonderful Records Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
- |
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Creditors |
Creditors: amounts falling due within one year
Wonderful Records Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Note |
2024 |
2023 |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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- |
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Accruals |
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Corporation tax liability |
25,277 |
- |
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Wonderful Records Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Fake Limited
(Holding company)
As at year end, the company owed £211,999 (2023: £368,640) to Fake Ltd.
Finca Laboratory
(Under common control)
As at year end, the company owed £39,262.70 to Finca Laboratory whereas in the previous year Finca laboratory owed £1,800 to the company.
Transactions with Directors |
As at year end, there were no receivable balances due from directors J De Martino and K White. This aligns with the position reported in the prior year's financial statements.