Company Registration No. 07748389 (England and Wales)
Isophase Audio Limited
Unaudited accounts
for the year ended 31 August 2023
Isophase Audio Limited
Unaudited accounts
Contents
Isophase Audio Limited
Company Information
for the year ended 31 August 2023
Directors
Anton Dunbar
Peter Anthony Sharman
Company Number
07748389 (England and Wales)
Registered Office
Unit 3, Baileygate Industrial Estate
South Baileygate
Pontefract
West Yorkshire
WF8 2LN
England
Accountants
Abacus Accounting (NE) Limited
3a Blue Sky Way
Monkton Business Park South
Hebburn
Tyne and Wear
NE31 2EQ
Isophase Audio Limited
Statement of financial position
as at 31 August 2023
Tangible assets
587,957
553,543
Cash at bank and in hand
14,751
75,314
Creditors: amounts falling due within one year
(135,572)
(224,955)
Net current liabilities
(108,862)
(88,830)
Total assets less current liabilities
479,095
464,713
Creditors: amounts falling due after more than one year
(13,986)
(60,161)
Net assets
465,109
404,552
Called up share capital
2
2
Profit and loss account
465,107
404,550
Shareholders' funds
465,109
404,552
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by
Anton Dunbar
Director
Company Registration No. 07748389
Isophase Audio Limited
Notes to the Accounts
for the year ended 31 August 2023
Isophase Audio Limited is a private company, limited by shares, registered in England and Wales, registration number 07748389. The registered office is Unit 3, Baileygate Industrial Estate, South Baileygate, Pontefract, West Yorkshire, WF8 2LN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Computer equipment
25% on reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Isophase Audio Limited
Notes to the Accounts
for the year ended 31 August 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2022
854,169
108,943
7,683
970,795
Additions
162,867
-
816
163,683
Disposals
(52,000)
-
-
(52,000)
At 31 August 2023
965,036
108,943
8,499
1,082,478
At 1 September 2022
359,306
52,811
5,135
417,252
Charge for the year
84,932
11,501
784
97,217
On disposals
(19,948)
-
-
(19,948)
At 31 August 2023
424,290
64,312
5,919
494,521
At 31 August 2023
540,746
44,631
2,580
587,957
At 31 August 2022
494,863
56,132
2,548
553,543
Amounts falling due within one year
Trade debtors
10,328
47,605
Accrued income and prepayments
1,631
13,206
Isophase Audio Limited
Notes to the Accounts
for the year ended 31 August 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
25,000
33,333
Obligations under finance leases and hire purchase contracts
33,140
56,176
Trade creditors
36,800
73,751
Other creditors
26,600
44,814
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
13,986
35,161
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).