Registered number
12261270
Deepmatter Records Limited
Filleted Accounts
31 October 2024
Deepmatter Records Limited
Registered number: 12261270
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 - 13,431
Cash at bank and in hand 87,895 14,960
87,895 28,391
Creditors: amounts falling due within one year 4 (2,335) (22,039)
Net current assets 85,560 6,352
Total assets less current liabilities 85,560 6,352
Creditors: amounts falling due after more than one year 5 (139,385) (40,207)
Net liabilities (53,825) (33,855)
Capital and reserves
Called up share capital 2,646 102
Share premium 49,969 29,986
Profit and loss account (106,440) (63,943)
Shareholders' funds (53,825) (33,855)
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 members have 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.
Thomas Pickford
Director
Approved by the board on 24 July 2025
Deepmatter Records Limited
Notes to the Accounts
for the year ended 31 October 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).
Going concern
These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from the company's shareholders. If the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide for further liabilities that may arise.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Other debtors - 13,431
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 31 -
Other creditors 2,304 22,039
2,335 22,039
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce Back Loan 14,319 16,471
Other creditors (IDOL) 125,066 23,736
139,385 40,207
6 Other Creditor
As of 31 November 2024, the Company has recognized a loan under Other Creditors from IDOL, a distribution partner, amounting to £125,066.
7 Controlling party
The controlling party is Thomas Pickford by virtue of his majority shareholding in the company.
8 Other information
Deepmatter Records Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Frome Street
London N1 8PB
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