Registered number
03430221
Sound Marketing (South West) Limited
Filleted Accounts
31 March 2023
Sound Marketing (South West) Limited
Registered number: 03430221
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 224,580 233,319
Investments 4 101 101
224,681 233,420
Current assets
Stocks 1,335 5,362
Debtors 5 59,826 54,658
Cash at bank and in hand 63,858 109,943
125,019 169,963
Creditors: amounts falling due within one year 6 (51,822) (68,809)
Net current assets 73,197 101,154
Total assets less current liabilities 297,878 334,574
Creditors: amounts falling due after more than one year 7 (15,464) (20,385)
Provisions for liabilities (3,359) (3,688)
Net assets 279,055 310,501
Capital and reserves
Called up share capital 100 100
Profit and loss account 278,955 310,401
Shareholders' funds 279,055 310,501
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms N J Cooper
Director
Approved by the board on 13 November 2023
Sound Marketing (South West) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 2% straight line
Fixtures and fittings 20% straight line
Computer equipment 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Freehold property Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 April 2022 308,291 118,765 143,607 570,663
Additions - 5,638 5,304 10,942
At 31 March 2023 308,291 124,403 148,911 581,605
Depreciation
At 1 April 2022 97,295 108,282 131,767 337,344
Charge for the year 6,057 5,145 8,479 19,681
At 31 March 2023 103,352 113,427 140,246 357,025
Net book value
At 31 March 2023 204,939 10,976 8,665 224,580
At 31 March 2022 210,996 10,483 11,840 233,319
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 April 2022 101 - 101
At 31 March 2023 101 - 101
The company owns 100% of the issued share capital of Embroidery UK Limited.
Under the provision of section 399 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
5 Debtors 2023 2022
£ £
Trade debtors 38,601 41,647
Amounts owed by group undertakings and undertakings in which the company has a participating interest 16,239 8,498
Other debtors 4,986 4,513
59,826 54,658
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,000 6,000
Trade creditors 2,921 1,097
Corporation tax - 7,697
Other taxes and social security costs 14,464 18,055
Other creditors 28,437 35,960
51,822 68,809
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 13,000 19,000
Other creditors 2,464 1,385
15,464 20,385
8 Related party transactions
SoundM Limited:
 
During the year SoundM Limited, the ultimate parent company, was paid management fees totalling £136,413 (2022: £132,500) by Sound Marketing (South-West) Limited.
 
At the year end a debtor of £nil (2022: £8,497) was outstanding and this is included in amounts owed by group undertakings.
 
Embroidery UK Limited:
 
During the year recharges of £79,100 (2022: £67,970) were invoiced to Embroidery UK Limited, a subsidiary of Sound Marketing (South-West) Limited, in respect of salary costs and expenses incurred in the year on behalf of Embroidery UK Limited.
 
During the year management fees of £28,720 (2022: £28,720) were invoiced to Embroidery UK Limited.
 
At the year end £nil (2022: £nil) was outstanding ot due in respect of these amounts.
 
Sound Networks (SW) Limited:
 
During the year management fees of £20,990 (2022: £20,190) were invoiced to Sound Networks (SW) Limited, a company under common ownership. During the same period, £16,755 (2022: £19,249) were invoiced to Sound Marketing (SW) Limited by Sound Networks (SW) Limited in respect of network maintenance costs.
At the year end £nil (2022: £nil) is outstanding or due in respect of these amounts.
9 Controlling party
The parent company is SoundM Limited, a company incorporated in England and Wales.
10 Other information
Sound Marketing (South West) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Strattons House
Strattons Walk
Melksham
Wiltshire
SN12 6JL
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