Company registration number 11110518 (England and Wales)
PH AUDIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
PH AUDIO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PH AUDIO LIMITED (REGISTERED NUMBER: 11110518)
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,164
19,815
Current assets
Debtors
4
26,039
1,500
Cash at bank and in hand
23,070
4,981
49,109
6,481
Creditors: amounts falling due within one year
5
(31,540)
(19,546)
Net current assets/(liabilities)
17,569
(13,065)
Total assets less current liabilities
32,733
6,750
Provisions for liabilities
(2,881)
(3,765)
Net assets
29,852
2,985
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
29,842
2,975
Total equity
29,852
2,985

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
P Clements
Director
PH AUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information

PH Audio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance
Computers
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PH AUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2021
37,358
5,138
42,496
Additions
316
-
0
316
At 30 June 2022
37,674
5,138
42,812
Depreciation and impairment
At 1 July 2021
20,507
2,174
22,681
Depreciation charged in the year
4,226
741
4,967
At 30 June 2022
24,733
2,915
27,648
Carrying amount
At 30 June 2022
12,941
2,223
15,164
At 30 June 2021
16,851
2,964
19,815
PH AUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
25,039
500
Other debtors
1,000
1,000
26,039
1,500
5
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
8,336
507
Other creditors
23,204
19,039
31,540
19,546
6
Related party transactions

Included within other creditors is a balance of £17,382 (2021: £17,382) owed to a connected company with the same directors.

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