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Registration number: 08466942

Sound Production (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Sound Production (UK) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 7

 

Sound Production (UK) Limited

Company Information

Directors

Mr R B Whitley

Mrs L J E Whitley

Company secretary

Mrs L J E Whitley

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sound Production (UK) Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sound Production (UK) Limited for the year ended 31 March 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sound Production (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sound Production (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Sound Production (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sound Production (UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sound Production (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sound Production (UK) Limited. You consider that Sound Production (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sound Production (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

23 October 2023

 

Sound Production (UK) Limited

(Registration number: 08466942)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,556

14,191

Current assets

 

Debtors

5

52,989

8,857

Cash at bank and in hand

 

61,626

75,702

 

114,615

84,559

Creditors: Amounts falling due within one year

6

(20,849)

(27,369)

Net current assets

 

93,766

57,190

Total assets less current liabilities

 

104,322

71,381

Provisions for liabilities

(2,006)

(2,696)

Net assets

 

102,316

68,685

Capital and reserves

 

Called up share capital

200

200

Retained earnings

102,116

68,485

Shareholders' funds

 

102,316

68,685

 

Sound Production (UK) Limited

(Registration number: 08466942)
Balance Sheet as at 31 March 2023

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................

Mr R B Whitley

Director

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Sound Production (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
 

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of sound recording services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Sound Production (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% Reducing balance

Office equipment

33% Straight line

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

1,965

19,740

21,705

At 31 March 2023

1,965

19,740

21,705

Depreciation

At 1 April 2022

1,848

5,666

7,514

Charge for the year

117

3,518

3,635

At 31 March 2023

1,965

9,184

11,149

Carrying amount

At 31 March 2023

-

10,556

10,556

At 31 March 2022

117

14,074

14,191

5

Debtors

2023
£

2022
£

Trade debtors

9,004

8,317

Prepayments

-

540

Other debtors

43,985

-

52,989

8,857

 

Sound Production (UK) Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

427

-

Taxation and social security

18,099

23,450

Accruals and deferred income

2,323

2,130

Other creditors

-

1,789

20,849

27,369

7

Related party transactions

During the year the company advanced a total of £78,580 to the directors, of which £33,241 was repaid. The total amount owed by the directors to the company as at 31 March 2023 was £43,985 (2022: not overdrawn). Interest on the overdrawn loan account was charged at the HMRC standard rate. This loan is repayable on demand.