Registered number: 07179053
COOKING VINYL HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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COOKING VINYL HOLDINGS LIMITED
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CONTENTS
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Notes to the financial statements
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COOKING VINYL HOLDINGS LIMITED
REGISTERED NUMBER:
07179053
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BALANCE SHEET
AS AT
31 DECEMBER 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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1
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COOKING VINYL HOLDINGS LIMITED
REGISTERED NUMBER:
07179053
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BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2018
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
26 November 2019
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The notes on pages 3 to 6 form part of these financial statements.
2
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COOKING VINYL HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
Cooking Vinyl Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number
07179053
. The registered office address is 12 - 13 Swainson Road, London, W3 7XB.
The principal activity of the company continued to be that of
sound recording and music publishing
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2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Interest income is recognised in the Profit and loss account using the effective interest method.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
3
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COOKING VINYL HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was
1
(2017 -
2
)
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4
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COOKING VINYL HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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The following were subsidiary undertakings of the company:
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Sales and marketing of recorded music
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Cooking Vinyl Publishing Limited
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Sound recording and music publishing
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Cooking Vinyl Property Limited
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Letting of investment property
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Black Gold Music Management Limited
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Sales and marketing of recorded music
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The Other Hand (2014) Limited
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Sales and marketing of recorded music
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Cooking Vinyl America Inc
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Sales and marketing of recorded music
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The Music Royalty Company Limited
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Sales and marketing of recorded music
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Cooking Vinyl Australia Pty Ltd
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Distribution and marketing of recorded music
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Cooking Vinyl Australia Publishing Pty Ltd
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Sound recording and music publishing
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Sales and marketing of recorded music
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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5
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COOKING VINYL HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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950
Ordinary
shares of £
1.00
each
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The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £NIL (2017 - £80,000).
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Related party transactions
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At the balance sheet date, the company was owed an amount of £2,271,172 (2017 - £1,778,520) from the group undertakings. This is an interest free loan and repayable on demand.
At the balance sheet date, the company owed an amount of £64,520 (2017 - £NIL) to the group undertakings. This is an interest free loan and repayable on demand.
The company paid a dividend of £50,000 (2017 - £NIL) to the director.
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6
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