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Financial Statements for the Year Ended 30 September 2018 |
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Starfisch Records Ltd |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 September 2018 |
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for |
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Starfisch Records Ltd |
Starfisch Records Ltd (Registered number: 03946668) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2018 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Starfisch Records Ltd |
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Company Information |
for the Year Ended 30 September 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Registered Auditors |
8 Hampstead Gate |
1 A Frognal |
Hampstead |
London |
NW3 6AL |
Starfisch Records Ltd (Registered number: 03946668) |
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Abridged Balance Sheet |
30 September 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
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P R Barrow - Director | S J Barrow - Director |
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P J Barrow - Director |
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Starfisch Records Ltd (Registered number: 03946668) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2018 |
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1. | LEGAL FORM OF THE COMPANY |
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Starfisch Records Ltd is a private company, limited by shares, incorporated in England. The company's principle |
place of business is 15 Bessemer Road, Welwyn Garden City, AL7 1HB. The company's registered office is |
disclosed on page 1. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting |
estimates. It also requires management to exercise its judgement in the process of applying the company's |
accounting policies. The areas involving a higher degree of judgement or complexity, or areas where |
assumptions and estimates are significant to the financial statements are disclosed in note 3. |
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Principal activity and turnover |
The company's principal activity is that of a Record Company wholly undertaken in the UK. |
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Revenue Recognition |
Turnover represents the amounts (excluding value added tax) derived from artist royalties, tours income and |
album sales. |
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Revenue is recognised when the company becomes entitled to it - usually on the rendering of an invoice. |
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Tangible fixed assets |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost |
includes the original purchase price, costs directly attributable to bringing the asset to its working condition for |
its intended use and borrowing costs capitalised. |
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Depreciation and residual values |
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life as |
follows: |
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Plant & Machinery 25% Reducing balance |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, if there is an indication of a significant change since the last reporting date. |
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Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the |
difference between the net disposal proceeds and the carrying amount is recognised in the profit & loss account |
within administrative expenses. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdraft's. Bank |
overdrafts are shown within borrowings in current liabilities. |
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Starfisch Records Ltd (Registered number: 03946668) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax |
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. |
Tax is calculated on the basis of tax rates and laws that have been enacted or substantiveky enacted by the year |
end. |
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Management periodically evaluates positions tax in tax returns with respect to situatons in which applicable tax |
regulation is subject to interpretation. It establishes provisions where appropraite on the basis of amounts |
expected to be paid to the tax authorities. |
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Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive |
income as stated in the financial statements. These timing differences arise from the inclusion of income and |
expenses in tax assessments in periods different from those in which they are recognised in financial statements. |
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Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. |
Unrelieved losses and other deferred tax assets are only recognised when it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year |
end and that are expected to apply to the reversal of the timing difference. |
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Foreign currencies |
Functional and presentation currency |
The company's functional and presentation currency is the pound sterling. |
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Transactions and balances |
Foreign currency transactions are translated into the functional currency at the rate of exchange ruling at the date |
of the transaction. |
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Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling |
at the balance sheet date. The gains and losses on translation are included in the profit & Loss account. |
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Going concern |
The Company's business activities, together with the factors likely to affect it's future development, performance |
and position have been reviewed by the members. |
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Barco Sales Ltd, the company's fellow subsidiary has agreed to continue to support Starfisch Records for the |
foreseeable future. |
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The company therefore continues to adopt the going concern basis in preparing the financial statements. |
Starfisch Records Ltd (Registered number: 03946668) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt the sections 11 and 12 of FRS102 in respect of financial instruments. |
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Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, investments and loans from |
fellow group company's are initially recognised at transaction price. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is recognised in the profit & loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, |
the impairment is reversed. The reversal is such that current carrying amount does not exceed what the carrying |
amount would have been had the impairment not previously been recognised. The impairment reversal is |
recognised in the profit & loss. |
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Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are |
settled or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party |
or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the |
asset to an unrelated third party without imposing additional restrictions. |
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Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from connected and fellow group |
companies |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade payables are initially recognised at transaction |
price and subsequently measured at amortised cost using the effective interest rate method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a |
legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to |
realise the asset and settle simultaneously. |
Starfisch Records Ltd (Registered number: 03946668) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2018 |
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3. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2017 |
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Additions |
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Disposals | ( |
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At 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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4. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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5. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the amount due to Barco Sales Ltd, a fellow group undertaking was £2,832,392 (2017: |
£2,806,889). During the year £30,363 was transferred from Barco Sales Ltd. Amounts owed to group |
undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. |
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One of the artists on the company's roster is Ms Karen Barrow, the daughter of the company's directors, Sandra |
and Peter Barrow. The company's profit & loss account reflects income and expenses relating to the exploitation |
of this recording agreement. |
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6. | GOING CONCERN |
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Barco Sales Limited, the company's fellow subsidiary company has agreed to continue to support Starfisch |
Records Ltd for the forseeable future. |
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7. | ULTIMATE PARENT COMPANY |
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The company's parent undertaking Barco Holdings Limited, a company controlled by the directors by virtue of |
their shareholdings. The latest financial statements for Barco Holdings Limited can be obtained from Companies |
House, Crown Way, Cardiff, CF14 3UZ. |