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REGISTERED NUMBER: 10605662 (England and Wales)















Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Audio Nugget Ltd

Audio Nugget Ltd (Registered number: 10605662)






Contents of the Financial Statements
for the Year Ended 28 FEBRUARY 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Audio Nugget Ltd (Registered number: 10605662)

Balance Sheet
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,697 4,498

CURRENT ASSETS
Debtors 5 3,719 7,397
Cash at bank 1,492 4,276
5,211 11,673
CREDITORS
Amounts falling due within one year 6 (6,754 ) (11,356 )
NET CURRENT (LIABILITIES)/ASSETS (1,543 ) 317
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,154

4,815

CREDITORS
Amounts falling due after more than one
year

7

(9,657

)

(10,579

)

PROVISIONS FOR LIABILITIES (1,002 ) (291 )
NET LIABILITIES (5,505 ) (6,055 )

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings (5,509 ) (6,059 )
SHAREHOLDERS' FUNDS (5,505 ) (6,055 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





T J Nugent - Director


Audio Nugget Ltd (Registered number: 10605662)

Notes to the Financial Statements
for the Year Ended 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Audio Nugget Limited is a private company limited by shares, registered in England and Wales, registration number is 10605662. The registered office is Solar House, PF 915 High Road, North Finchley, London N12 8QJ.

The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
o the amount of revenue can be measured reliably;
o it is probable that the Company will receive the consideration due under the contract;
o the stage of completion of the contract at the end of the reporting period can be measured reliably; and
o the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery- 25% on cost
Computer equipment- 33.33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

Financial instruments
The company has entered into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors, creditors and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is fund, an impairment loss is recognised in the profit and loss.


Audio Nugget Ltd (Registered number: 10605662)

Notes to the Financial Statements - continued
for the Year Ended 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
¤ The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
¤ Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
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.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Going concern
The Financial Statements have been prepared on a Going Concern basis because of the continued support of the Director of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2022 24,839 2,142 26,981
Additions 2,505 3,683 6,188
At 28 February 2023 27,344 5,825 33,169
DEPRECIATION
At 1 March 2022 21,439 1,044 22,483
Charge for year 2,209 1,780 3,989
At 28 February 2023 23,648 2,824 26,472
NET BOOK VALUE
At 28 February 2023 3,696 3,001 6,697
At 28 February 2022 3,400 1,098 4,498

Audio Nugget Ltd (Registered number: 10605662)

Notes to the Financial Statements - continued
for the Year Ended 28 FEBRUARY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 1,463 285
Other debtors 2,256 7,112
3,719 7,397

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 336 -
Taxation and social security 2,126 2,933
Other creditors 4,292 8,423
6,754 11,356

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Other creditors 9,657 10,579

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
H Nugent
Balance outstanding at start of year 7,010 (3,578 )
Amounts advanced 27,865 26,326
Amounts repaid (34,648 ) (15,738 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 227 7,010

T J Nugent
Balance outstanding at start of year (4,373 ) (2,747 )
Amounts advanced 37,497 11,625
Amounts repaid (32,896 ) (13,251 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 228 (4,373 )

The above loan is interest free, repayable on demand and was unsecured.