66 Church Road Records Limited - Period Ending 2023-03-31

66 Church Road Records Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

66 Church Road Records Limited

Company Information

Director

S C Burdge

Registered office

Olympic Studios 117-123 Church Road Barnes London SW13 9HL

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

66 Church Road Records Limited

Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	6,755	11,263
Current assets
Stocks	5	20,424	9,379
Debtors	6	6,376	10,478
Cash at bank and in hand		12,005	17,571
		38,805	37,428
Creditors: Amounts falling due within one year	7	(36,174)	(36,188)
Net current assets		2,631	1,240
Total assets less current liabilities		9,386	12,503
Creditors: Amounts falling due after more than one year	7	(8,729)	(11,424)
Net assets		657	1,079
Capital and reserves
Called up share capital		1	1
Retained earnings		656	1,078
Shareholders' funds		657	1,079

For the financial year ending 31 March 2023 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

66 Church Road Records Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the director on 19 July 2023
 

.........................................

S C Burdge

Director

Company registration number: 10946682

66 Church Road Records Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Olympic Studios 117-123 Church Road
Barnes
London
SW13 9HL

The principal activity of the company is that of retailing pre-recorded music and related entertainment products.

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The director has considered the potential effect of the COVID-19 pandemic and is hopeful with all pandemic restrictions now lifted that the worst of the crisis is over. At 31 March 2023 an amount of £28,602 was due to a company under common control who has confirmed that they will not call for repayment until such time as the company has sufficient working capital and will provide further funding if required.

The company's physical shop and online store continue to operate profitably and the company’s cash flow forecasts indicate that the company has sufficient working capital to meet its obligations as they fall due.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of products in the ordinary course of business, net of discounts. Turnover is recognised at the point of internet or retail sale. For items sold on behalf of third parties, the commission on the sale is recognised when the item is sold.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

66 Church Road Records Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Improvements to leasehold property	Straight line over the period of the lease
Furniture, fittings, and equipment	Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

66 Church Road Records Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4	Tangible assets

	Improvements to leasehold property £	Furniture, fittings, and equipment  £	Total £
Cost or valuation
At 1 April 2022	11,605	15,722	27,327
Additions	-	1,349	1,349
At 31 March 2023	11,605	17,071	28,676
Depreciation
At 1 April 2022	5,555	10,509	16,064
Charge for the year	1,686	4,171	5,857
At 31 March 2023	7,241	14,680	21,921
Carrying amount
At 31 March 2023	4,364	2,391	6,755
At 31 March 2022	6,050	5,213	11,263

5

Stocks

	2023 £	2022 £
Stock	20,424	9,379

6

Debtors

	2023 £	2022 £
Other debtors	6,376	10,478
	6,376	10,478

66 Church Road Records Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Bank loans and overdrafts	8	2,937	3,136
Taxation and social security		578	339
Other creditors		32,659	32,713
		36,174	36,188

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Loans and borrowings	8	8,729	11,424

8	Loans and borrowings

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	2,937	3,136

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	8,729	11,424

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £70,343 (2022 - £84,743).