Company Registration No. 04827106 (England and Wales)
RAW CANVAS RECORDS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2016
31 March 2016
RAW CANVAS RECORDS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
RAW CANVAS RECORDS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RAW CANVAS RECORDS LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Raw Canvas Records Limited for the year ended 31 March 2016 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Raw Canvas Records Limited, as a body, in accordance with the terms of our engagement letter dated 27 June 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Raw Canvas Records Limited and state those matters that we have agreed to state to the Board of Directors of Raw Canvas Records Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Raw Canvas Records Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Raw Canvas Records Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Raw Canvas Records Limited. You consider that Raw Canvas Records Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Raw Canvas Records Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
CC Young & Co Limited
Chartered Accountants
4th Floor, East Wing, Chancery House
53-64 Chancery Lane
London
WC2A 1QS
21 December 2016
RAW CANVAS RECORDS LIMITED
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
67
89
Current assets
Debtors
1,383
3,273
Cash at bank and in hand
286
500
1,669
3,773
Creditors: amounts falling due within one year
(4,689)
(4,451)
Net current liabilities
(3,020)
(678)
Total assets less current liabilities
(2,953)
(589)
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(2,954)
(590)
Shareholder's funds
(2,953)
(589)
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 21 December 2016
Mr M Clair
Director
Company Registration No. 04827106
RAW CANVAS RECORDS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The accounts have been prepared on a going concern basis as the director has agreed to continue to provide financial support to enable the company to meet its liabilities as and when they fall due.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services.
Credit is taken for royalty income that has been received from or declared by licensees and other parties.
United Kingdom royalty income is credited to the profit and loss account in the period to which it relates, or if it cannot be reliably estimated, on a receipts basis. Overseas royalty income, which is all collected on behalf of the company by other undertakings, is credited into the profit and loss account in the period overseas sales are reported to the company. Royalties payable are charged against the relevant income of the same period.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% reducing balance
1.5
Deferred taxation
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax assets are only recognised to the extent that they are considered recoverable against future taxable profits. Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse. Deferred tax balances are not discounted.
RAW CANVAS RECORDS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015 & at 31 March 2016
451
Depreciation
At 1 April 2015
362
Charge for the year
22
At 31 March 2016
384
Net book value
At 31 March 2016
67
At 31 March 2015
89
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
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