Company Registration Number SC583959
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
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UNAUDITED
FINANCIAL STATEMENTS
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
REGISTERED NUMBER: SC583959
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
REGISTERED NUMBER: SC583959
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
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 period in question in accordance with section 476 of the 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 statement of income and retained earnings 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 by:
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Andrzej Michael Sosna
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The notes on pages 5 to 7 form part of these financial statements.
Page 2
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
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Comprehensive income for the period
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Other comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Shares cancelled during the period
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Total transactions with owners
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The notes on pages 5 to 7 form part of these financial statements.
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Page 3
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 7 form part of these financial statements.
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Page 4
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
Fyne Audio Systems And Technology Limited is a private company, limited by shares, registered in Scotland. The address of the registered office is First Floor, 24 Blythswood Square, Glasgow, Scotland, G2 4BG. The address of the principal place of business is Suite 24, Grovewood Business Park, Strathclyde Business Park, Bellshill, Lanarkshire, ML4 3NQ. The company's registered number is SC583959.
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.
The following principal accounting policies have been applied:
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, 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, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the period was 6 (2022 - 6).
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Page 5
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
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Investments in subsidiary companies
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 6
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FYNE AUDIO SYSTEMS AND TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
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Allotted, called up and fully paid
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94,885 (2022 - 91,710) Ordinary shares of £1.00 each
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During the year 1,652 ordinary shares were cancelled/extinguished, and written off to the Profit and Loss.
During the year 4,827 ordinary shares with a nominal value of £1 per share were issued at a premium of £50.79 per share. The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses.
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Related party transactions
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As at 31 March 2023, a subsidiary company owed £1,394,577 (2022: £1,182,439) to Fyne Audio Systems And Technology Limited.
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Page 7
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