Kind Canyon Records Limited - Period Ending 2018-06-30

Registration number: 05480030

Kind Canyon Records Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Roffe Swayne
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ

Kind Canyon Records Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

Kind Canyon Records Limited

Company Information

Director

Mr P Cornforth

Company secretary

Mr J Cornforth

Registered office

Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Accountants

Roffe Swayne Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Page 1

Kind Canyon Records Limited

(Registration number: 05480030)
Balance Sheet as at 30 June 2018

	Note	2018 £	2017 £
Current assets
Debtors	6	1,528	986
Cash at bank and in hand		877	934
		2,405	1,920
Creditors: Amounts falling due within one year	7	(276,323)	(272,955)
Net liabilities		(273,918)	(271,035)
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		(273,919)	(271,036)
Total equity		(273,918)	(271,035)

For the financial year ending 30 June 2018 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 March 2019
 

Mr P Cornforth
Director

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

Kind Canyon Records Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

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:
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ

The principal place of business is:
56 Underhill Road
London
SE22 0QT

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis, as the director continues to provide financial support to the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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 provided at the following annual rates in order to write off each asset over its estimated useful life.

Page 3

Kind Canyon Records Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

Asset class	Depreciation method and rate
Office equipment	25% on cost
Studio equipment	25% on cost

Website development costs

Website development costs, being the amount paid in connection with developing the company website, is being amortised evenly over its estimated useful life of three years.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

4	Intangible assets

	Website development costs  £	Total £
Cost or valuation
At 1 July 2017	2,000	2,000
At 30 June 2018	2,000	2,000
Amortisation
At 1 July 2017	2,000	2,000
At 30 June 2018	2,000	2,000
Carrying amount
At 30 June 2018	-	-

5	Tangible assets

	Studio equipment  £	Office equipment  £	Total £
Cost or valuation
At 1 July 2017	6,390	2,493	8,883
At 30 June 2018	6,390	2,493	8,883
Depreciation
At 1 July 2017	6,390	2,493	8,883
At 30 June 2018	6,390	2,493	8,883
Carrying amount
At 30 June 2018	-	-	-

Page 4

Kind Canyon Records Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

6

Debtors

	2018 £	2017 £
Other debtors	1,528	986
	1,528	986

7

Creditors

	2018 £	2017 £
Due within one year
Trade creditors	300	1,074
Accruals and deferred income	1,080	1,080
Directors' current accounts	274,943	270,801
	276,323	272,955

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

9	Related party transactions

Expenditure with and payables to related parties

2018	Key management £
Amounts payable to related party	274,943

2017	Key management £
Amounts payable to related party	270,801

Terms of loans to related parties
The amount due is a loan balance that has no formal terms, is interest free and repayable on demand.
 

Page 5