Earache Records Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02781569

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016

FOR

EARACHE RECORDS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

D E Pearson

REGISTERED OFFICE:

26 Handel Street

Nottingham

Nottinghamshire

NG3 1JE

REGISTERED NUMBER:

02781569

ACCOUNTANTS:

Russell Payne & Co Limited

Landmark House

1 Riseholme Road

Lincoln

Lincolnshire

LN1 3SN

FIXED ASSETS

Tangible assets

2

10,192

13,792

CURRENT ASSETS

Stocks

250,981

173,134

Debtors

535,009

315,430

Cash at bank and in hand

702,735

302,479

1,488,725

791,043

CREDITORS

Amounts falling due within one year

1,488,817

799,103

NET CURRENT LIABILITIES

(92

)

(8,060

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

10,100

5,732

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

10,098

5,730

SHAREHOLDERS' FUNDS

10,100

5,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 December 2016 and were signed by:

D E Pearson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

95,855

Additions

3,238

At 30 June 2016

99,093

DEPRECIATION

At 1 July 2015

82,063

Charge for year

6,838

At 30 June 2016

88,901

NET BOOK VALUE

At 30 June 2016

10,192

At 30 June 2015

13,792

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

1

2