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Company No: 08877667 (England and Wales)

GEARBOX RECORDS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

GEARBOX RECORDS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

GEARBOX RECORDS LTD

COMPANY INFORMATION

For the financial year ended 30 June 2024
GEARBOX RECORDS LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR Mr Darrel Sheinman
REGISTERED OFFICE 8 Tileyard Road
London
N7 9AH
United Kingdom
COMPANY NUMBER 08877667 (England and Wales)
ACCOUNTANT Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
GEARBOX RECORDS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
GEARBOX RECORDS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Restated
Fixed assets
Intangible assets 3 3,101,323 2,414,453
Tangible assets 4 22,959 35,632
Investments 5 10,000 10,000
3,134,282 2,460,085
Current assets
Stocks 6 266,150 223,406
Debtors 7 168,431 107,995
Cash at bank and in hand 4,766 0
439,347 331,401
Creditors: amounts falling due within one year 8 ( 1,247,586) ( 645,068)
Net current liabilities (808,239) (313,667)
Total assets less current liabilities 2,326,043 2,146,418
Creditors: amounts falling due after more than one year 9 ( 10,506) ( 64,382)
Net assets 2,315,537 2,082,036
Capital and reserves
Called-up share capital 10 173,163 173,163
Share premium account 2,167,224 2,167,224
Profit and loss account ( 24,850 ) ( 258,351 )
Total shareholder's funds 2,315,537 2,082,036

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.

Director's responsibilities:

The financial statements of Gearbox Records Ltd (registered number: 08877667) were approved and authorised for issue by the Director on 24 June 2025. They were signed on its behalf by:

Mr Darrel Sheinman
Director
GEARBOX RECORDS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
GEARBOX RECORDS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gearbox Records Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 8 Tileyard Road, London, N7 9AH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Employee benefits

Defined contribution schemes
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Advances to artists

Advances to artists represent advances made direct to artists for recording and other costs made on behalf of artists under contract. These advances, which are only recoverable against future royalties, are charged to the profit and loss account as they are recouped or where the probability for future recoupment in repsect thereof is unlikely.

Royalties

Royalty income is included on a receivable basis calculated on sales of records arising during each financial year as reported by licensees. Where royalty income cannot be reliably estimated for the period, it is recognised on a receipts basis. Where income is received but not accompanied by sufficient data to a recognisable project, the income is recognised on subsequent receipt of that data. Royalties payable are charged against relevant income of the same period exept where they are paid in advance, carried forward and recognised as an an asset such advances relate to current released and unreleased products and where it is estimated that future royalties will be earned from recoupment from those products.

Advances received are carried forward and recognised over the expected life of each individual license.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets not amortised
Other intangible assets

Other intangible assets refer to the value of the recording catalogue. The revaluation model is applied and carried at its market value.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Computer equipment 4 years straight line
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 2,422,718 2,422,718
Additions 686,870 686,870
At 30 June 2024 3,109,588 3,109,588
Accumulated amortisation
At 01 July 2023 8,265 8,265
At 30 June 2024 8,265 8,265
Net book value
At 30 June 2024 3,101,323 3,101,323
At 30 June 2023 2,414,453 2,414,453

4. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 July 2023 138,243 6,689 144,932
At 30 June 2024 138,243 6,689 144,932
Accumulated depreciation
At 01 July 2023 103,632 5,668 109,300
Charge for the financial year 12,414 259 12,673
At 30 June 2024 116,046 5,927 121,973
Net book value
At 30 June 2024 22,197 762 22,959
At 30 June 2023 34,611 1,021 35,632

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 10,000 10,000
At 30 June 2024 10,000 10,000
Carrying value at 30 June 2024 10,000 10,000
Carrying value at 30 June 2023 10,000 10,000

The Company holds a 50% equity investment in Acoustic Trademarks Limited (an unlisted entity), a company that leases intellectual property. The investment is accounted for using the equity method.

6. Stocks

2024 2023
£ £
Finished goods 266,150 223,406

7. Debtors

2024 2023
£ £
Trade debtors 20,278 31,495
Amounts owed by director 46,700 0
Prepayments and accrued income 35,213 9,885
VAT recoverable 1,285 0
Other debtors 64,955 66,615
168,431 107,995

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 68,539 56,310
Trade creditors 90,610 64,664
Amounts owed to director 0 21,534
Other loans 42,280 135,295
Accruals and deferred income 829,864 334,792
Other taxation and social security 30,568 32,473
Other creditors 185,725 0
1,247,586 645,068

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,506 20,752
Other creditors 0 43,630
10,506 64,382

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,090,240 Ordinary shares of £ 0.0001 each 209 209
172,954 Ordinary A shares of £ 1.00 each 172,954 172,954
173,163 173,163

11. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 31,500 63,000

These amounts represent future payments in relation to the office & recording studio lease.

12. Related party transactions

The company transacted with The Specialist Factory Limited during the year, a company owned and controlled by Mr Sheinman. At the year end the company was owed £47,930 from The Specialist Factory Limited (2023 : £58,137).

13. Prior year adjustments

A prior year adjustment has been made to correct an over-stated revenue figure in the financial statements for the year ended FY23. This adjustment has resulted in a decrease in retained earnings as at 30th June 2023 from -£166,778 to -£258,351. The adjustment has been reflected in the comparative figures presented in these financial statements.