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REGISTERED NUMBER: 05599370 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

The Sound Investment Company Ltd

The Sound Investment Company Ltd (Registered number: 05599370)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Sound Investment Company Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: A R Docherty
J Donnelly
R D Sherwood





SECRETARY: J Donnelly





REGISTERED OFFICE: Adam Street
Off Lever Street
Bolton
Lancashire
BL3 2AP





REGISTERED NUMBER: 05599370 (England and Wales)





ACCOUNTANTS: Higsons Limited
Accountants
Offices 1 and 2
1A King Street
Farnworth
Bolton
Greater Manchester
BL4 7AB

The Sound Investment Company Ltd (Registered number: 05599370)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37 49
Investments 5 1,320,114 1,320,114
1,320,151 1,320,163

CURRENT ASSETS
Debtors 6 82,189 167,346
Cash at bank 2,856 7,846
85,045 175,192
CREDITORS
Amounts falling due within one year 7 185,174 186,977
NET CURRENT LIABILITIES (100,129 ) (11,785 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,220,022

1,308,378

CREDITORS
Amounts falling due after more than one
year

8

672,500

817,500
NET ASSETS 547,522 490,878

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 547,422 490,778
SHAREHOLDERS' FUNDS 547,522 490,878

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Sound Investment Company Ltd (Registered number: 05599370)

Balance Sheet - continued
31 May 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





A R Docherty - Director


The Sound Investment Company Ltd (Registered number: 05599370)

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

1. STATUTORY INFORMATION

The Sound Investment Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Preparation of consolidated financial statements
The financial statements contain information about The Sound Investment Company Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation. At the balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered impairment losses, no such losses were identified.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The Sound Investment Company Ltd (Registered number: 05599370)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 649
DEPRECIATION
At 1 June 2022 600
Charge for year 12
At 31 May 2023 612
NET BOOK VALUE
At 31 May 2023 37
At 31 May 2022 49

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2022
and 31 May 2023 4,137,310
PROVISIONS
At 1 June 2022
and 31 May 2023 2,817,196
NET BOOK VALUE
At 31 May 2023 1,320,114
At 31 May 2022 1,320,114

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Amounts owed by group undertakings 80,749 164,677
Other debtors 1,440 2,669
82,189 167,346

The Sound Investment Company Ltd (Registered number: 05599370)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,201 1,141
Taxation and social security 35,373 37,736
Other creditors 138,600 138,100
185,174 186,977

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 25,000 35,000
Other creditors 647,500 782,500
672,500 817,500

Amounts falling due in more than five years:

Repayable by instalments
Other loans 120,000 242,500

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.23 31.5.22
£    £   
Within one year 12,345 9,905
Between one and five years 24,372 8,617
36,717 18,522

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Directors' loans 720,000 840,000

The directors' loans are secured by a fixed and floating charge over the assets of company.

In September 2009 The Sound Investment Company Limited and Sound Reduction Systems Limited entered into Cross Guarantees in favour of Mr J Donnelly in support of the Parent Company borrowings.

11. DEFERRED TAX
£   
Balance at 1 June 2022 (444 )
Credit to Income Statement during year (108 )
Balance at 31 May 2023 (552 )

The Sound Investment Company Ltd (Registered number: 05599370)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £56,592 were paid to the directors .

During the year the company levied management charges to its subsidiary, Sound Reduction Systems Limited of £225,000 (2022 - £225,000). In addition, dividends of £35,000 (2022 - £27,000) were received from Sound Reduction Systems Limited.

Sound Reduction Systems Limited has over a number of years received various loans from the parent company. At the year end the parent company was owed £80,749 by its subsidiary (2022 - £164,677). The loans which are included in Debtors are interest free and repayable on demand.

In previous years Mr J Donnelly has made various loans to the company. The total outstanding on his directors' loan account at 31 May 2023 was £720,000 (2022 - £840,000). The loans which are shown at transaction price are interest free and repayable by monthly instalments.





13. ULTIMATE CONTROLLING PARTY

The controlling party is A R Docherty.