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Financial Statements for the Year Ended 30 September 2020 |
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Starfisch Records Ltd |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 September 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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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 and authorised for issue on
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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 2020 |
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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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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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 2020 |
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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 Covid 19 pandemic has been unprecedented in scale and pace of impact and has changed the way people around the world live their lives. |
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The Directors have been closely monitoring the impact of the pandemic on the company.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.Therefore, the Directors are satisfied the Company has sufficient liquidity to meet it's current liabilities and working capital requirements. |
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The Directors have concluded there is no impact on the recoverability of assets in the balance sheet or the ability to continue as a going concern. |
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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 2020 |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
Starfisch Records Ltd (Registered number: 03946668) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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5. | 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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6. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the amount due to Barco Sales Ltd, a fellow group undertaking was £2,890,274 (2019: £2,868,047). During the year £22,227 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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7. | POST BALANCE SHEET EVENTS |
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The Covid 19 Pandemic has been unprecedented in the scale and pace of impact and has changed the way people around the world live their lives. |
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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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Subsequent to the balance sheet date the company has monitored trade performance, internal actions as well as other relevant external factors (such as changes in any of the government restrictions). No adjustments to the key estimates and judgements that impact the balance sheet as at 30 September 2020 have been identified. |
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8. | 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. |
Starfisch Records Ltd (Registered number: 03946668) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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9. | 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. |