Squeaky Records Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04224610 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2014

for

Squeaky Records Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

67

90

CURRENT ASSETS

Debtors

1,680

1,866

Cash at bank

3,321

7,509

5,001

9,375

CREDITORS

Amounts falling due within one year

3,579

6,931

NET CURRENT ASSETS

1,422

2,444

TOTAL ASSETS LESS CURRENT LIABILITIES

1,489

2,534

CREDITORS

Amounts falling due after more than one year

(67,127

)

(75,627

)

PROVISIONS FOR LIABILITIES

(13

)

(18

)

NET LIABILITIES

(65,651

)

(73,111

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(65,751

)

(73,211

)

SHAREHOLDERS' FUNDS

(65,651

)

(73,111

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 2 November 2014 and were signed on its behalf by:

Ms S L Gregorios-Pippas - 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 April 2008).

Turnover

Turnover represents net invoiced sales of services, 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 reducing balance

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 June 2013

and 31 May 2014

1,455

DEPRECIATION

At 1 June 2013

1,365

Charge for year

23

At 31 May 2014

1,388

NET BOOK VALUE

At 31 May 2014

67

At 31 May 2013

90

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary shares

£1

100

100

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end and included within creditors are amounts due to the directors as follows:

Ms S L Gregorios-Pippas £61 (2013 : £760)

Mrs A M Kemp £2,465 (2013 : £5,059)

Miss H E Gregorios-Pippas £30 (2013 : £31)

The loans are interest free and repayable on demand.

5.	RELATED PARTY DISCLOSURES

Mr A and Mrs M Gregorios-Pippas are joint share holders and parents of the directors.

They have provided an unsecured loan to the company, included within creditors falling due after more than one

year amounting to £67,127 (2013 - £75,627). There is no fixed repayment date and no interest charged.

6.	GOING CONCERN NOTE

In determining the appropriate basis of preparation of the financial statements, the directors are required to

consider whether the Company can continue in operational existence for at least the next 12 months.

During the period the company made a net profit of £7,460 and at the balance sheet date, the company's total

liabilities exceeded its total assets by £65,651.

Having made requisite enquires, the directors are confident that the company has adequate resources to continue

their operations for the foreseeable future. Part of the company's liabilities are monies due to Mr A and Mrs M

Gregorios-Pippas, shareholders and parents of the directors of the company, amounting to £67,127. They have

confirmed that they will not call on these outstanding monies and will continue their support of the business.

Following a detailed and comprehensive review of the business, the Directors have no reason or intention to

liquidate the company or cease its trading activities over the foreseeable future.

In conclusion, and considering the areas described above, the Directors are confident that the Company has

adequate resources to continue in operational existence for the foreseeable future. For these reasons, the

Directors consider it appropriate they continue to prepare the financial statements on a going concern basis.

These financial statements do not include any adjustments that would result from the going concern basis of

preparation being inappropriate.