Company No:
Contents
| 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 |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated | ||||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| Investments | 5 |
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| 3,134,282 | 2,460,085 | |||
| Current assets | ||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| 439,347 | 331,401 | |||
| Creditors: amounts falling due within one year | 8 | (
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| 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 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 10 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Gearbox Records Ltd (registered number:
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Mr Darrel Sheinman
Director |
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.
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 £.
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.
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.
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.
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 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.
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.
| Other intangible assets | not amortised |
| Plant and machinery |
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| Computer equipment |
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| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 July 2023 |
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| Additions |
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| At 30 June 2024 |
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| Accumulated amortisation | |||
| At 01 July 2023 |
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| At 30 June 2024 |
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| Net book value | |||
| At 30 June 2024 |
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| At 30 June 2023 |
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| Plant and machinery | Computer equipment | Total | |||
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| Cost | |||||
| At 01 July 2023 |
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| At 30 June 2024 |
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| Accumulated depreciation | |||||
| At 01 July 2023 |
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| Charge for the financial year |
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| At 30 June 2024 |
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| Net book value | |||||
| At 30 June 2024 |
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| At 30 June 2023 |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 July 2023 |
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| At 30 June 2024 |
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| Carrying value at 30 June 2024 |
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| Carrying value at 30 June 2023 |
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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.
| 2024 | 2023 | ||
| £ | £ | ||
| Finished goods |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by director |
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| Prepayments and accrued income |
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| VAT recoverable |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans and overdrafts |
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| Trade creditors |
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| Amounts owed to director |
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| Other loans |
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| Accruals and deferred income |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 173,163 | 173,163 |
Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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These amounts represent future payments in relation to the office & recording studio lease.
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).
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.