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Company registration number: 04245066
Nubsound Limited
Unaudited filleted financial statements
28 February 2023
NUBSOUND LIMITED
DIRECTORS AND OTHER INFORMATION
Directors James Simpson
Adrian Sunderland
Company number 04245066
Registered office The Old Chapel Annex
The Old Airfield
St Merryn
Cornwall
PL28 8PT
Business address 23 Clare Place
Plymouth
Devon
PL4 0JW
Accountants Westcotts
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
NUBSOUND LIMITED
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 724,019 315,499
_______ _______
724,019 315,499
Current assets
Stocks 10,000 5,000
Debtors 7 225,364 136,279
Cash at bank and in hand 35,426 9,820
_______ _______
270,790 151,099
Creditors: amounts falling due
within one year 9 ( 214,550) ( 221,723)
_______ _______
Net current assets/(liabilities) 56,240 ( 70,624)
_______ _______
Total assets less current liabilities 780,259 244,875
Creditors: amounts falling due
after more than one year 10 ( 211,963) ( 37,203)
Provisions for liabilities ( 178,775) ( 57,702)
_______ _______
Net assets 389,521 149,970
_______ _______
Capital and reserves
Called up share capital 135 135
Profit and loss account 11 389,386 149,835
_______ _______
Shareholders funds 389,521 149,970
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Adrian Sunderland
Director
Company registration number: 04245066
NUBSOUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Chapel Annex, The Old Airfield, St Merryn, Cornwall, PL28 8PT.
Principle activity
The principal activity of the company was the installation sale and hire of audio visual equipment and services for events.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments.
The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 15 % reducing balance
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % straight line
IT Equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2022 and 28 February 2023 12,000 12,000
_______ _______
Amortisation
At 1 March 2022 and 28 February 2023 12,000 12,000
_______ _______
Carrying amount
At 28 February 2023 - -
_______ _______
At 28 February 2022 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles IT Equipment Total
£ £ £ £ £ £
Cost
At 1 March 2022 - 623,857 6,429 23,078 38,457 691,821
Additions 23,350 439,490 768 52,600 7,303 523,511
Disposals - - - ( 16,700) - ( 16,700)
_______ _______ _______ _______ _______ _______
At 28 February 2023 23,350 1,063,347 7,197 58,978 45,760 1,198,632
_______ _______ _______ _______ _______ _______
Depreciation
At 1 March 2022 - 328,015 4,169 18,531 25,607 376,322
Charge for the year 1,206 92,799 767 13,216 7,003 114,991
Disposals - - - ( 16,700) - ( 16,700)
_______ _______ _______ _______ _______ _______
At 28 February 2023 1,206 420,814 4,936 15,047 32,610 474,613
_______ _______ _______ _______ _______ _______
Carrying amount
At 28 February 2023 22,144 642,533 2,261 43,931 13,150 724,019
_______ _______ _______ _______ _______ _______
At 28 February 2022 - 295,842 2,260 4,547 12,850 315,499
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 166,033 129,510
Other debtors 59,331 6,769
_______ _______
225,364 136,279
_______ _______
8. Cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 35,426 9,820
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 97,586 58,049
Accruals and deferred income 13,696 2,660
Social security and other taxes 24,179 48,593
Other creditors 69,089 102,421
_______ _______
214,550 221,723
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 211,963 37,203
_______ _______
11. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 70,990) 76,013 ( 26,922) ( 21,899)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 126,330) 73,006 ( 17,666) ( 70,990)
_______ _______ _______ _______