Electracoustic Limited 02744874 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is supplying and installing sound equipment for concert and music venues. Digita Accounts Production Advanced 6.30.9574.0 true true 02744874 2021-01-01 2021-12-31 02744874 2021-12-31 02744874 bus:OrdinaryShareClass1 2021-12-31 02744874 core:CurrentFinancialInstruments 2021-12-31 02744874 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 02744874 core:FurnitureFittingsToolsEquipment 2021-12-31 02744874 core:OtherPropertyPlantEquipment 2021-12-31 02744874 bus:SmallEntities 2021-01-01 2021-12-31 02744874 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 02744874 bus:FullAccounts 2021-01-01 2021-12-31 02744874 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 02744874 bus:RegisteredOffice 2021-01-01 2021-12-31 02744874 bus:CompanySecretary1 2021-01-01 2021-12-31 02744874 bus:Director2 2021-01-01 2021-12-31 02744874 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 02744874 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 02744874 core:FurnitureFittings 2021-01-01 2021-12-31 02744874 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 02744874 core:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 02744874 core:OtherRelatedParties 2021-01-01 2021-12-31 02744874 countries:AllCountries 2021-01-01 2021-12-31 02744874 2020-12-31 02744874 core:FurnitureFittingsToolsEquipment 2020-12-31 02744874 core:OtherPropertyPlantEquipment 2020-12-31 02744874 2020-01-01 2020-12-31 02744874 2020-12-31 02744874 bus:OrdinaryShareClass1 2020-12-31 02744874 core:CurrentFinancialInstruments 2020-12-31 02744874 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 02744874 core:FurnitureFittingsToolsEquipment 2020-12-31 02744874 core:OtherPropertyPlantEquipment 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02744874

Electracoustic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Electracoustic Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Electracoustic Limited

Company Information

Director

Jonathan Trotter

Company secretary

Moira Aitken

Registered office

127 Brightfield Road
London
SE12 8QG

Accountants

Field Sullivan Limited
70 Royal Hill
Greenwich
London
SE10 8RF

 

Electracoustic Limited

(Registration number: 02744874)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

-

53

Creditors: Amounts falling due within one year

5

(18,851)

(17,576)

Net liabilities

 

(18,851)

(17,523)

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

(18,853)

(17,525)

Shareholders' deficit

 

(18,851)

(17,523)

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 6 September 2022
 

.........................................
Jonathan Trotter
Director

 

Electracoustic 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 & Wales.

The address of its registered office is:
127 Brightfield Road
London
SE12 8QG

These financial statements were authorised for issue by the director on 6 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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, which assumes that the company will be able to meet its debts as they fall due. However, at the year end the company has net liabilities of £18,851 (2020: £17,523). The director belives it is appropriate to prepare the financial statements on a going concern basis, as he is the company's main creditor £11,334 (2020: £10,514), as well as guaranteeing the company's bank facility, and has agreed to continue to support the company for the foreseeable future.

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 and after eliminating sales within the company.

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 goods are supplied or as the installation progresses over time.

 

Electracoustic 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

Fixtures and fittings

25% straight line

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 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.

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.

 

Electracoustic Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Electracoustic Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

8,675

4,730

13,405

At 31 December 2021

8,675

4,730

13,405

Depreciation

At 1 January 2021

8,622

4,730

13,352

Charge for the year

53

-

53

At 31 December 2021

8,675

4,730

13,405

Carrying amount

At 31 December 2021

-

-

-

At 31 December 2020

53

-

53

5

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

7

5,681

3,849

trade creditors

 

57

88

Taxation and social security

 

158

101

Accruals and deferred income

 

1,130

1,545

Other creditors

 

11,825

11,993

 

18,851

17,576

6

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Electracoustic Limited

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

7

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank overdrafts

5,681

3,849

8

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2021
£

2020
£

Remuneration

9,001

8,973

Summary of transactions with other related parties

Jonathan Trotter
(director and shareholder)

 
During the year the director advanced funds to the company totalling £1,000 (2020: £1,500) of which the company repaid £nil (2020: £2,700). At the balance sheet date the amount due to J Trotter was £11,334 (2020: £10,514).

 

12 COVID 19

In 2020 the company's activities were severely affected by the outbreak of COVID-19 as the core customer base of commercial venues were all shut during lockdown. However, the company adapted to the situation and remained in a viable financial state through 2020. With acknowledgment of assistance from the Government Furlough Scheme.

During the year the company recieved:

- Job Retention scheme grant £5,025 (2020: £5,175)
- LB Lewisham Grant £4,570 (2020:£nil)