Audio3 Limited 06275115 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is developing novel consumer electronics Digita Accounts Production Advanced 6.30.9574.0 true true 06275115 2021-01-01 2021-12-31 06275115 2021-12-31 06275115 bus:OrdinaryShareClass1 2021-12-31 06275115 core:CurrentFinancialInstruments 2021-12-31 06275115 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 06275115 core:Non-currentFinancialInstruments 2021-12-31 06275115 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 06275115 core:FurnitureFittings 2021-12-31 06275115 bus:SmallEntities 2021-01-01 2021-12-31 06275115 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 06275115 bus:FullAccounts 2021-01-01 2021-12-31 06275115 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 06275115 bus:RegisteredOffice 2021-01-01 2021-12-31 06275115 bus:CompanySecretaryDirector1 2021-01-01 2021-12-31 06275115 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 06275115 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06275115 core:FurnitureFittings 2021-01-01 2021-12-31 06275115 core:OfficeEquipment 2021-01-01 2021-12-31 06275115 countries:EnglandWales 2021-01-01 2021-12-31 06275115 2020-12-31 06275115 core:FurnitureFittings 2020-12-31 06275115 2020-01-01 2020-12-31 06275115 2020-12-31 06275115 bus:OrdinaryShareClass1 2020-12-31 06275115 core:CurrentFinancialInstruments 2020-12-31 06275115 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 06275115 core:Non-currentFinancialInstruments 2020-12-31 06275115 core:Non-currentFinancialInstruments core:AfterOneYear 2020-12-31 06275115 core:FurnitureFittings 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06275115

Audio3 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Audio3 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Audio3 Limited

Company Information

Director

Bradford Backus

Company secretary

Bradford Backus

Registered office

3 Sedley Court
48 Sydenham Hill
London
SE26 6LX

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Audio3 Limited

(Registration number: 06275115)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

651

977

Current assets

 

Debtors

5

8,797

7,019

Cash at bank and in hand

 

27,691

19,818

 

36,488

26,837

Creditors: Amounts falling due within one year

6

(1,976)

(1,916)

Net current assets

 

34,512

24,921

Total assets less current liabilities

 

35,163

25,898

Creditors: Amounts falling due after more than one year

6

(138,408)

(126,619)

Net liabilities

 

(103,245)

(100,721)

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(104,245)

(101,721)

Shareholders' deficit

 

(103,245)

(100,721)

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 September 2022
 

.........................................
Bradford Backus
Company secretary and director

 

Audio3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Sedley Court
48 Sydenham Hill
London
SE26 6LX

These financial statements were authorised for issue by the director on 2 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern
 

The financial statements have been prepared on a going concern basis.
The company has full financial assistance from it's director to enable to continue operating and meeting it's liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Audio3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Audio3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 0).

 

Audio3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2021

5,346

5,346

At 31 December 2021

5,346

5,346

Depreciation

At 1 January 2021

4,369

4,369

Charge for the year

326

326

At 31 December 2021

4,695

4,695

Carrying amount

At 31 December 2021

651

651

At 31 December 2020

977

977

5

Debtors

Current

2021
£

2020
£

Other debtors

8,797

7,019

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Accruals and deferred income

1,976

1,916

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

138,408

126,619

 

Audio3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Other borrowings

138,408

126,619

9

Related party transactions

Transactions with directors : At the balance sheet date the amount due to the director was £138,408. (2020 - £126,619)