| Playbak Records Limited |
| Registered number: |
07725690 |
| Directors' Report |
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| The directors present their report and accounts for the year ended 31 December 2013. |
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| Principal activities |
| The company's principal activity during the year continued to be that of consultants to the music industry. |
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| Directors |
| The following persons served as directors during the year: |
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Mr Manasseh Elias |
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Mr Mohamed Siddiqui |
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Mr Michael Bennett |
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| Directors' responsibilities |
| The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. |
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| Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: |
| ● |
select suitable accounting policies and then apply them consistently; |
| ● |
make judgements and estimates that are reasonable and prudent; |
| ● |
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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| This report was approved by the board on 24 September 2014 and signed on its behalf. |
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| Mr M Elias |
| Director |
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| Playbak Records Limited |
| Notes to the Accounts |
| for the year ended 31 December 2013 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Plant and machinery |
20% straight line |
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Stocks |
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Stock is valued at the lower of cost and net realisable value. |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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Leasing and hire purchase commitments |
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Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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| 2 |
Turnover |
2013 |
|
2012 |
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Turnover attributable to geographical markets outside the UK |
0.0% |
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0.0% |
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| 3 |
Taxation |
2013 |
|
2012 |
| £ |
£ |
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UK corporation tax |
- |
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- |
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There is no tax liability payable as there are losses carried forward. |
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| 4 |
Debtors |
2013 |
|
2012 |
| £ |
£ |
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Trade debtors |
228 |
|
3,923 |
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Other debtors |
3,030 |
|
1,000 |
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3,258 |
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4,923 |
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| 5 |
Creditors: amounts falling due within one year |
2013 |
|
2012 |
| £ |
£ |
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Other creditors |
27,249 |
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32,554 |
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| 6 |
Share capital |
Nominal |
|
2013 |
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2013 |
|
2012 |
| value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
90 |
|
90 |
|
90 |
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| 7 |
Profit and loss account |
2013 |
| £ |
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At 1 January 2013 |
(27,271) |
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Profit for the year |
3,454 |
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At 31 December 2013 |
(23,817) |
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| 8 |
Related party transactions |
2013 |
|
2012 |
| £ |
£ |
|
Roksolid Entertainment Limited |
|
Amount due to the related party |
|
25,809 |
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31,547 |
|
Cookietree Limited |
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Amount due from the related party |
120 |
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- |
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| 9 |
Ultimate controlling party |
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The Company is controlled by the shareholders, Mr M Elias, Mr M Siddiqui. |
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| 10 |
Going Concern |
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As at the balance sheet date, the company has net liabilities of £23,727. The company meets its day to day working capital requirements through funds injected by the shareholders.
The 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 depends on the continued financial support by the shareholders and procuring profitable operations.
If the company is unable to continue in operational existance in the foreseeable future, adjustments will have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liablities that may arise and to reclassify fixed assets and long term liablities respectively. |
