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REGISTERED NUMBER: 03008095 (England and Wales)















Sevenoaks Sound And Vision Limited

Strategic Report, Directors' Report and

Financial Statements

for the Year Ended 30 June 2023






Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Contents of the Financial Statements
for the year ended 30 June 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Sevenoaks Sound And Vision Limited

Company Information
for the year ended 30 June 2023







Directors: Robert James Lawley
Paul William Lee-Kemp
Peter Michael O'Brien FCA
Jonathan Roberts FCA





Registered office: Unit 1
Morewood Close
Sevenoaks
Kent
TN13 2HU





Registered number: 03008095 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Strategic Report
for the year ended 30 June 2023


The directors present their Strategic Report for the year ended 30 June 2023.

Review of business
The year to 30th June 2023 has witnessed continued economic turbulence arising from global events.

A full year of War in Ukraine, sharp increases in the cost of living and successive Bank of England monetary policy interest rate interventions designed to tackle extremely high levels of inflation have significantly challenged demand in the UK consumer electronics market for all participants.

A reassuringly robust EBITDA of £767k in this context, whilst significantly down on the prior year, £2.396m, is a reflection of the continued hard work and values of the Sevenoaks team to ensure that a best-in-class proposition is always presented to customers when visiting our shops or our website and the nurturing of relationships with like-minded suppliers a key priority alongside on-going technological improvements and efficiency savings.

Whilst the market is likely to remain challenging and competition fierce in the near future, we remain confident in our brand and business model and consider Sevenoaks well placed to continue its drive for success.

On behalf of the board:





Jonathan Roberts FCA - Director


23 November 2023

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Directors' Report
for the year ended 30 June 2023


The directors present their report with the financial statements of the Company for the year ended 30 June 2023.

Dividends
No interim dividend was paid during the year. The directors recommend a final dividend of £1 per share.

The total distribution of dividends for the year ended 30 June 2023 will be £ 1,000,000 .

Directors
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

Robert James Lawley
Paul William Lee-Kemp
Peter Michael O'Brien FCA
Jonathan Roberts FCA

Post balance sheet events
There have been no significant events affecting the Company since the year end.

Auditors
The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Directors' Report
for the year ended 30 June 2023


Auditors
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Jonathan Roberts FCA - Director


23 November 2023

Independent Auditors' Report to the Members of
Sevenoaks Sound And Vision Limited


Opinion
We have audited the financial statements of Sevenoaks Sound And Vision Limited (the 'Company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Sevenoaks Sound And Vision Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.

Independent Auditors' Report to the Members of
Sevenoaks Sound And Vision Limited


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Blundell BSc FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

27 November 2023

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Income Statement
for the year ended 30 June 2023

2023 2022
Notes £ £

Turnover 4 21,355,303 25,483,177

Cost of sales (15,814,607 ) (18,383,785 )
Gross profit 5,540,696 7,099,392

Administrative expenses (4,922,267 ) (4,862,944 )
Operating profit 618,429 2,236,448

Interest receivable and similar income 38,438 194
656,867 2,236,642

Interest payable and similar expenses 7 - (8,760 )
Profit before taxation 8 656,867 2,227,882

Tax on profit 9 (126,155 ) (426,473 )
Profit for the financial year 530,712 1,801,409

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Balance Sheet
30 June 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 364,190 316,284

Current assets
Stocks 12 4,354,871 4,264,682
Debtors 13 339,885 711,468
Cash at bank 1,726,847 2,712,259
6,421,603 7,688,409
Creditors
Amounts falling due within one year 14 1,288,966 2,038,578
Net current assets 5,132,637 5,649,831
Total assets less current liabilities 5,496,827 5,966,115

Capital and reserves
Called up share capital 17 10,000 10,000
Retained earnings 18 5,486,827 5,956,115
Shareholders' funds 5,496,827 5,966,115

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:




Jonathan Roberts FCA - Director



Robert James Lawley - Director


Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Statement of Changes in Equity
for the year ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 July 2021 10,000 5,154,706 5,164,706

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 1,801,409 1,801,409
Balance at 30 June 2022 10,000 5,956,115 5,966,115

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 530,712 530,712
Balance at 30 June 2023 10,000 5,486,827 5,496,827

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Cash Flow Statement
for the year ended 30 June 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 465,662 985,529
Interest paid - (8,760 )
Tax paid (292,468 ) (794,760 )
Net cash from operating activities 173,194 182,009

Cash flows from investing activities
Purchase of tangible fixed assets (225,044 ) (135,755 )
Sale of tangible fixed assets 28,000 28,800
Interest received 38,438 194
Net cash from investing activities (158,606 ) (106,761 )

Cash flows from financing activities
Loan repayments in year - (250,000 )
Equity dividends paid (1,000,000 ) (1,000,000 )
Net cash from financing activities (1,000,000 ) (1,250,000 )

Decrease in cash and cash equivalents (985,412 ) (1,174,752 )
Cash and cash equivalents at beginning
of year

2

2,712,259

3,887,011

Cash and cash equivalents at end of year 2 1,726,847 2,712,259

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Cash Flow Statement
for the year ended 30 June 2023


1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£ £
Profit before taxation 656,867 2,227,882
Depreciation charges 148,679 159,824
Loss/(profit) on disposal of fixed assets 459 (10,831 )
Finance costs - 8,760
Finance income (38,438 ) (194 )
767,567 2,385,441
Increase in stocks (90,189 ) (669,981 )
Decrease in trade and other debtors 215,516 131,368
Decrease in trade and other creditors (427,232 ) (861,299 )
Cash generated from operations 465,662 985,529

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£ £
Cash and cash equivalents 1,726,847 2,712,259
Year ended 30 June 2022
30/6/22 1/7/21
£ £
Cash and cash equivalents 2,712,259 3,887,011


3. Analysis of changes in net funds

At 1/7/22 Cash flow At 30/6/23
£ £ £
Net cash
Cash at bank and in hand 2,712,259 (985,412 ) 1,726,847
2,712,259 (985,412 ) 1,726,847
Total 2,712,259 (985,412 ) 1,726,847

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements
for the year ended 30 June 2023


1. Statutory information

Sevenoaks Sound and Vision Limited 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.

The presentational currency of the financial statements is the Pound Sterling (£).

Amounts in the financial statements are rounded to the nearest £.

The Company's principal activity is the sale of audio-visual equipment. Sales are facilitated by its owned and franchised stores and also through e-commerce outlets, including those via its own website.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point of sale for sales made in store and on the internet.

Franchise fees are recognised on a daily basis, based on the franchise stores sales.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided for on the following basis:

Short-term leasehold property- 10% straight line
Fixtures and fittings - 20% straight line
Motor vehicles- 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the previous reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Impairment of fixed assets
At each reporting end date, the Company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss (if any). Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and the value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate which reflects the current market assessment of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


2. Accounting policies - continued

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the Income Statement, unless that relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the assets is increased to the revised estimate of its recoverable amount, but so the increased carrying amount does not exceed the carrying amount which would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment is treated as a revaluation increase.

Stocks
The stock net realisable values are reviewed, and adjusted if appropriate, at the end of each reporting period.

Stocks are measured on the first in first out (FIFO) basis of accounting.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash at bank, trade and other receivables, loans from banks, trade and other payables.

Financial assets
(i) Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of any transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

Financial liabilities
(iii) Trade and other payables and loans and borrowings
Trade and other payables are initially measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of any transaction costs, and subsequently measured at amortised cost using the effective interest method.

Pension costs and other post-retirement benefits
The Company contributes to individual employees' personal pension plans held separately from the Company. Contributions payable are charged to the Income Statement in the year they are payable.

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


2. Accounting policies - continued

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Income Statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Income Statement over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Finance costs
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.

Operating leases
Rentals paid under operating leases are charged to Income Statement on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the term of the lease, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.


Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions, discussed in the Strategic Report present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. The Directors consider the Company to be a going concern as the balance sheet is in a strong position and post year end the Company remained profitable for the period under review.

Based on assessment, the Directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


3. Critical accounting judgements and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment
In assessing whether there have been any indicators or impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(i) Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers.

(ii) Determining residual values and useful economic lives of property, plant and equipment
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

4. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company.

An analysis of turnover by class of business is given below:

2023 2022
£ £
Stock sales 20,990,216 25,060,863
Franchise fees 285,696 329,089
Other income 79,391 93,225
21,355,303 25,483,177

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


5. Employees and directors
2023 2022
£ £
Wages and salaries 2,244,638 2,315,519
Social security costs 249,578 186,587
Other pension costs 44,768 44,948
2,538,984 2,547,054

The average number of employees during the year was as follows:
2023 2022

Office and management 15 15
Retailing and service 59 59
Marketing 2 5
Warehouse 6 2
82 81

6. Directors' emoluments
2023 2022
£ £
Directors' remuneration 313,000 312,300
Directors' pension contributions to money purchase schemes 2,694 2,694

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 155,500 157,150
Pension contributions to money purchase schemes 1,373 1,373

During the year retirement benefits were accruing to 2 directors (2022: 2) in respect of defined contribution pension schemes.

7. Interest payable and similar expenses
2023 2022
£ £
Bank loan interest - 8,760

8. Profit before taxation

The profit is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 148,679 159,824
Loss/(profit) on disposal of fixed assets 459 (10,831 )
Auditors' remuneration 21,000 20,650

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


9. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 126,155 426,473
Tax on profit 126,155 426,473

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 656,867 2,227,882
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

164,217

423,298

Effects of:
Expenses not deductible for tax purposes 2,460 2,729
Income not taxable for tax purposes 9 (2,058 )
Capital allowances in excess of depreciation (2,858 ) -
Depreciation in excess of capital allowances - 3,765
Adjustments to tax charge in respect of previous periods - (1,261 )
Changes in tax rate (30,161 ) -
Overprovision prior year (7,512 ) -
Total tax charge 126,155 426,473

10. Dividends
2023 2022
£ £
Ordinary shares of £0.01 each
Final 1,000,000 1,000,000

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


11. Tangible fixed assets
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£ £ £ £
Cost
At 1 July 2022 15,834 713,167 200,151 929,152
Additions - 162,674 62,370 225,044
Disposals (15,834 ) (94,606 ) (62,410 ) (172,850 )
At 30 June 2023 - 781,235 200,111 981,346
Depreciation
At 1 July 2022 15,834 485,775 111,259 612,868
Charge for year - 125,472 23,207 148,679
Eliminated on disposal (15,834 ) (94,606 ) (33,951 ) (144,391 )
At 30 June 2023 - 516,641 100,515 617,156
Net book value
At 30 June 2023 - 264,594 99,596 364,190
At 30 June 2022 - 227,392 88,892 316,284

12. Stocks
2023 2022
£ £
Finished goods 4,354,871 4,264,682

13. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 58,214 305,970
Prepayments and accrued income 281,671 405,498
339,885 711,468

14. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 689,105 1,119,040
Tax 53,667 219,981
Social security and other taxes 40,804 48,393
VAT 259,304 269,759
Other creditors 176,436 346,405
Accruals and deferred income 69,650 35,000
1,288,966 2,038,578

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


15. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 536,017 519,860
Between one and five years 811,526 664,152
In more than five years 316 -
1,347,859 1,184,012

16. Financial instruments

The Company’s financial instruments may be analysed as follows:
2023 2022
£    £   
Financial assets

Financial assets that are debt instruments measured at amortised cost 1,785,061 3,018,229

Financial liabilities

Financial liabilities measured at amortised cost (935,191 ) (1,342,346 )

Financial assets measured at amortised cost comprise of cash, trade and other debtors.

Financial liabilities measured at amortised cost comprise of bank loan balances, trade and other creditors and accrued expenses.

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000,000 Ordinary £0.01 10,000 10,000

18. Reserves
Retained
earnings
£

At 1 July 2022 5,956,115
Profit for the year 530,712
Dividends (1,000,000 )
At 30 June 2023 5,486,827

19. Related party transactions

A director owns a property from which the company trades. During the year payments were made the director amounting to £54,000 (2022: £54,000) in respect of store rentals and service charges. There were no amounts due to the director in relation to these transactions at the year end (2022: £Nil).

20. Controlling party

The controlling party is Paul William Lee-Kemp.

Sevenoaks Sound And Vision Limited (Registered number: 03008095)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


21. Share-based payment transactions

The Enterprise Management Incentive (EMI) Scheme was introduced on 10 September 2015. Under the EMI Scheme the board can grant options over shares in the Company to employees of the Company. Options are granted with a fixed exercise price equal to the market price of the shares under option at the time of the grant. The contractual life of an option is 10 years. Exercise of an option is subject to continued employment.

111,112 options were granted during the year ended 30 June 2016 and were outstanding at the year end with a weighted average exercise price of £1.97 per option share based on the Company valuation at this time.

The total Income Statement charge for the year recognised in respect of the share based payment plan is £Nil (2022: £Nil).

22. Pension commitments

The Company operates a group personal pension plan whose assets are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company amounting to £44,769 (2022: £42,254). At the year end £9,851 (2022: £9,886) pension commitment was outstanding.