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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
Page
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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
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Isophase Audio Limited Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
587,957 
553,543 
Current assets
Debtors
11,959 
60,811 
Cash at bank and in hand
14,751 
75,314 
26,710 
136,125 
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 
Capital and reserves
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
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Isophase Audio Limited Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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Isophase Audio Limited Notes to the Accounts for the year ended 31 August 2023
Leased assets
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 
£ 
Cost
At 1 September 2022
6,875 
At 31 August 2023
6,875 
Amortisation
At 1 September 2022
6,875 
At 31 August 2023
6,875 
Net book value
At 31 August 2023
- 
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 
Depreciation
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 
Net book value
At 31 August 2023
540,746 
44,631 
2,580 
587,957 
At 31 August 2022
494,863 
56,132 
2,548 
553,543 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,328 
47,605 
Accrued income and prepayments
1,631 
13,206 
11,959 
60,811 
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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 
VAT
14,032 
16,881 
Obligations under finance leases and hire purchase contracts
33,140 
56,176 
Trade creditors
36,800 
73,751 
Other creditors
26,600 
44,814 
135,572 
224,955 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
- 
25,000 
Obligations under finance leases and hire purchase contracts
13,986 
35,161 
13,986 
60,161 
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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