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Registration number: 09505369

Vinyl Groove Audio Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Vinyl Groove Audio Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Vinyl Groove Audio Limited

Company Information

Director

Mr I Barnett

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
Chartered Accountants21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Vinyl Groove Audio Limited

(Registration number: 09505369)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,296

2,160

Current assets

 

Stocks

5

112,376

85,269

Debtors

6

1,432

1,671

Cash at bank and in hand

 

-

3,406

 

113,808

90,346

Creditors: Amounts falling due within one year

7

(85,165)

(92,661)

Net current assets/(liabilities)

 

28,643

(2,315)

Total assets less current liabilities

 

30,939

(155)

Creditors: Amounts falling due after more than one year

7

(30,187)

(35,540)

Provisions for liabilities

(436)

(410)

Net assets/(liabilities)

 

316

(36,105)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

315

(36,106)

Shareholders' funds/(deficit)

 

316

(36,105)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Vinyl Groove Audio Limited

(Registration number: 09505369)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 17 June 2025
 

.........................................
Mr I Barnett
Director

   
     
 

Vinyl Groove Audio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when, the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Vinyl Groove Audio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024


Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Plant and machinery

33% straight line

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

Vinyl Groove Audio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Vinyl Groove Audio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

8,256

6,270

14,526

Additions

1,251

-

1,251

Disposals

(495)

-

(495)

At 30 September 2024

9,012

6,270

15,282

Depreciation

At 1 October 2023

6,404

5,962

12,366

Charge for the year

766

308

1,074

Eliminated on disposal

(454)

-

(454)

At 30 September 2024

6,716

6,270

12,986

Carrying amount

At 30 September 2024

2,296

-

2,296

At 30 September 2023

1,852

308

2,160

5

Stocks

2024
£

2023
£

Stock

112,376

85,269

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

291

Other debtors

1,432

1,380

 

1,432

1,671

 

Vinyl Groove Audio Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

64,898

79,204

Trade creditors

 

8,390

3,105

Taxation and social security

 

9,756

8,331

Accruals and deferred income

 

1,515

1,490

Other creditors

 

606

531

 

85,165

92,661

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

30,187

35,540

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,187

35,540

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,327

6,272

Bank overdrafts

8,555

5,599

Director's loan account

51,016

67,333

64,898

79,204

The director's loan account is non-interest bearing and has no formal repayment terms.

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £2,080 (2023 - £2,080).