Registered number
SC255362
DEFUNKT RECORDS LIMITED
Filleted Accounts
30 September 2024
DEFUNKT RECORDS LIMITED
Registered number: SC255362
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 601 1,203
Current assets
Stocks 18,303 18,553
Cash at bank and in hand 95 293
18,398 18,846
Creditors: amounts falling due within one year 7 (49,899) (50,935)
Net current liabilities (31,501) (32,089)
Total assets less current liabilities (30,900) (30,886)
Creditors: amounts falling due after more than one year 8 (363) (727)
Provisions for liabilities 5 (114) (229)
Net liabilities (31,377) (31,842)
Capital and reserves
Called up share capital 1 1
Profit and loss account (31,378) (31,843)
Shareholder's funds (31,377) (31,842)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Colin Gate
Director
Approved by the board on 27 June 2025
DEFUNKT RECORDS LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2 Government Grants
Government grants are recognised at the fair value of the asset received or receivable.
Grants are not recognised until there is reasonable assurance that the company will
comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a
systematic basis over the periods in which the company recognises the related costs for
which the is intended to compensate. Grants that are receivable as compensation for
expenses or losses already incurred or for the purpose of giving immediate financial support
to the entity with no future related costs are recognised in income in the period in which it
becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected
useful life of the asset. Where part of a grant relating to an asset is deferred, it is
recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future
performance-related conditions on the recipient, it is recognised in income when the
grant proceeds are received or receivable. Where the grant does impose specified future
performance-related conditions on the recipient, it is recognised in income only when the
performance-related conditions have been met. Where grants received are prior to
satisfying the revenue recognised criteria, they are recognised as a liability.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
4 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 6,704
At 30 September 2024 6,704
Amortisation
At 1 October 2023 6,704
At 30 September 2024 6,704
Net book value
At 30 September 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 3,007
At 30 September 2024 3,007
Depreciation
At 1 October 2023 1,804
Charge for the year 602
At 30 September 2024 2,406
Net book value
At 30 September 2024 601
At 30 September 2023 1,203
6 Deferred Tax 2024 2023
£ £
B/fwd 229 343
Charged to profit and loss (115) (114)
Charged to other comprehensive income - -
114 229
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 602 535
Other creditors 49,297 50,400
49,899 50,935
7 Directors loan account
Included in other creditors is the sum of £ 48373 (£49801 - 2023)
for the directors loan account which is repayable upon demand.
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 363 727
9 Bounceback Loan
Effective interest rate 2.5%

Year......Bal b/f..............Interest...............Cashflow.............Bal c/f
.................£.......................£..........................£..........................£
----------------------------------------------------------------------------------------------
....1........2000......................................................................2000
....2........2000.....................50.00.................-400.............1600
....3........1600.....................40.00.................-400.............1200
....4........1200.....................30.00.................-400.............800
....5........800.......................20.00.................-400.............400
....6........400.......................10.00.................-400

...........................................150.00..............-2000............................


Interest 12 months 50.00 account for 2 months as Gov paid Interest till Sept 2021
£ 8.33 interest in Accounts period 1 and £ 41.67 in Accounts period 2.
10 Other information
DEFUNKT RECORDS LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
F/1
70 Miller Street
GLASGOW
G1 1DT
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