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REGISTERED NUMBER: 01161661 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 May 2023

for

Coles Electroacoustics Limited

Coles Electroacoustics Limited (Registered number: 01161661)

Contents of the Financial Statements
For The Year Ended 31 May 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Coles Electroacoustics Limited

Company Information
For The Year Ended 31 May 2023







DIRECTORS: Mr C Beanland
Mrs Beanland
Mr PG Beanland



REGISTERED OFFICE: Pindar Road
Hoddesdon
Hertfordshire
EN11 0BZ



REGISTERED NUMBER: 01161661 (England and Wales)



ACCOUNTANTS: Giess Wallis Crisp LLP
Chartered Accountants
10/12 Mulberry Green
Old Harlow
Essex
CM17 0ET



BANKERS: National Westminster Bank Plc
Corporate Service Team
PO Box 111
Lee House, Baird Road
Enfield
Middlesex
EN1 1FB

Coles Electroacoustics Limited (Registered number: 01161661)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,322 23,417

CURRENT ASSETS
Stocks 111,204 135,504
Debtors 5 227,731 262,675
Cash at bank 817,002 745,564
1,155,937 1,143,743
CREDITORS
Amounts falling due within one year 6 241,208 259,925
NET CURRENT ASSETS 914,729 883,818
TOTAL ASSETS LESS CURRENT
LIABILITIES

935,051

907,235

PROVISIONS FOR LIABILITIES 7 5,081 4,449
NET ASSETS 929,970 902,786

CAPITAL AND RESERVES
Called up share capital 8 1,333 1,333
Capital redemption reserve 2,667 2,667
Retained earnings 925,970 898,786
SHAREHOLDERS' FUNDS 929,970 902,786

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.

Coles Electroacoustics Limited (Registered number: 01161661)

Statement of Financial Position - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:




Mrs Beanland - Director



Mr C Beanland - Director


Coles Electroacoustics Limited (Registered number: 01161661)

Notes to the Financial Statements
For The Year Ended 31 May 2023


1. STATUTORY INFORMATION

Coles Electroacoustics 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.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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 - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits 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.

Creditors
Short term creditors are measured at the transaction price.

Coles Electroacoustics Limited (Registered number: 01161661)

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


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 16 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2022 432,716 66,499 9,005 508,220
Additions 504 1,020 - 1,524
At 31 May 2023 433,220 67,519 9,005 509,744
DEPRECIATION
At 1 June 2022 417,032 59,442 8,329 484,803
Charge for year 3,238 1,212 169 4,619
At 31 May 2023 420,270 60,654 8,498 489,422
NET BOOK VALUE
At 31 May 2023 12,950 6,865 507 20,322
At 31 May 2022 15,684 7,057 676 23,417

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 165,241 233,159
Other debtors 62,490 29,516
227,731 262,675

Coles Electroacoustics Limited (Registered number: 01161661)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 61,724 56,467
Tax 72,656 89,162
Social security and other taxes 4,077 4,111
VAT - 12,111
Other creditors 880 75,123
Directors' current accounts 96,280 16,280
Accruals and deferred income 5,591 6,671
241,208 259,925

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 5,081 4,449

Deferred
tax
£   
Balance at 1 June 2022 4,449
Charge to Statement of Income and Retained Earnings during year 632
Balance at 31 May 2023 5,081

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,333 Ordinary £1 1,333 1,333