Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr A Pierce 03/05/2019 01 November 2023 The principal activity of the company is the development of products for the arts and entertainment industries. 11978056 2023-03-31 11978056 bus:Director1 2023-03-31 11978056 2022-03-31 11978056 core:CurrentFinancialInstruments 2023-03-31 11978056 core:CurrentFinancialInstruments 2022-03-31 11978056 core:Non-currentFinancialInstruments 2023-03-31 11978056 core:Non-currentFinancialInstruments 2022-03-31 11978056 core:ShareCapital 2023-03-31 11978056 core:ShareCapital 2022-03-31 11978056 core:SharePremium 2023-03-31 11978056 core:SharePremium 2022-03-31 11978056 core:CapitalRedemptionReserve 2023-03-31 11978056 core:CapitalRedemptionReserve 2022-03-31 11978056 core:OtherCapitalReserve 2023-03-31 11978056 core:OtherCapitalReserve 2022-03-31 11978056 core:RetainedEarningsAccumulatedLosses 2023-03-31 11978056 core:RetainedEarningsAccumulatedLosses 2022-03-31 11978056 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 11978056 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 11978056 core:PlantMachinery 2022-03-31 11978056 core:Vehicles 2022-03-31 11978056 core:OfficeEquipment 2022-03-31 11978056 core:PlantMachinery 2023-03-31 11978056 core:Vehicles 2023-03-31 11978056 core:OfficeEquipment 2023-03-31 11978056 bus:OrdinaryShareClass1 2023-03-31 11978056 2022-04-01 2023-03-31 11978056 bus:FullAccounts 2022-04-01 2023-03-31 11978056 bus:SmallEntities 2022-04-01 2023-03-31 11978056 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11978056 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11978056 bus:Director1 2022-04-01 2023-03-31 11978056 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-04-01 2023-03-31 11978056 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 11978056 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 11978056 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 11978056 2021-04-01 2022-03-31 11978056 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 11978056 core:PlantMachinery 2022-04-01 2023-03-31 11978056 core:Vehicles 2022-04-01 2023-03-31 11978056 core:OfficeEquipment 2022-04-01 2023-03-31 11978056 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 11978056 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11978056 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11978056 (England and Wales)

KARNO SOUND LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

KARNO SOUND LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

KARNO SOUND LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
KARNO SOUND LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR Mr A Pierce
SECRETARY Mrs S J Norman
REGISTERED OFFICE South Quay Building
77 Marsh Wall
London
E14 9SH
England
United Kingdom
COMPANY NUMBER 11978056 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
KARNO SOUND LIMITED

BALANCE SHEET

As at 31 March 2023
KARNO SOUND LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 20,960 11,048
Tangible assets 4 95,091 27,824
116,051 38,872
Current assets
Stocks 27,869 53,786
Debtors 5 399,027 257,228
Cash at bank and in hand 51,985 86,233
478,881 397,247
Creditors: amounts falling due within one year 6 ( 352,584) ( 294,957)
Net current assets 126,297 102,290
Total assets less current liabilities 242,348 141,162
Creditors: amounts falling due after more than one year 7 ( 160,888) ( 120,548)
Net assets 81,460 20,614
Capital and reserves
Called-up share capital 8 98 100
Share premium account 106,579 0
Capital redemption reserve 7 0
Other reserves ( 12,000 ) 0
Profit and loss account ( 13,224 ) 20,514
Total shareholders' funds 81,460 20,614

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Karno Sound Limited (registered number: 11978056) were approved and authorised for issue by the Director on 01 November 2023. They were signed on its behalf by:

Mr A Pierce
Director
KARNO SOUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
KARNO SOUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Karno Sound Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is South Quay Building, 77 Marsh Wall, London, E14 9SH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in tax computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 50 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 6

3. Intangible assets

Development costs Total
£ £
Cost
At 01 April 2022 11,273 11,273
Additions 10,310 10,310
At 31 March 2023 21,583 21,583
Accumulated amortisation
At 01 April 2022 225 225
Charge for the financial year 398 398
At 31 March 2023 623 623
Net book value
At 31 March 2023 20,960 20,960
At 31 March 2022 11,048 11,048

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2022 11,773 52,490 10,804 75,067
Additions 27,996 68,990 17,731 114,717
Disposals 0 ( 52,490) 0 ( 52,490)
At 31 March 2023 39,769 68,990 28,535 137,294
Accumulated depreciation
At 01 April 2022 2,943 39,369 4,931 47,243
Charge for the financial year 9,943 17,248 7,138 34,329
Disposals 0 ( 39,369) 0 ( 39,369)
At 31 March 2023 12,886 17,248 12,069 42,203
Net book value
At 31 March 2023 26,883 51,742 16,466 95,091
At 31 March 2022 8,830 13,121 5,873 27,824

5. Debtors

2023 2022
£ £
Trade debtors 329,415 223,438
Corporation tax 8,294 0
Other debtors 61,318 33,790
399,027 257,228

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 62,510 28,800
Trade creditors 218,830 237,725
Taxation and social security 20,925 13,037
Obligations under finance leases and hire purchase contracts 6,989 4,524
Other creditors 43,330 10,871
352,584 294,957

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 115,634 96,000
Obligations under finance leases and hire purchase contracts 45,254 24,548
160,888 120,548

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
9,837 Ordinary shares of £ 0.01 each (2022: 10,000 shares of £ 0.01 each) 98 100

On 15th February 2023, The company cancelled 163 shares of £0.01 each.