7 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,963 6,962 1 1 51,000 1 51,001 51,001 51,000 xbrli:pure xbrli:shares iso4217:GBP 02391479 2022-04-01 2023-03-31 02391479 2023-03-31 02391479 2022-03-31 02391479 2021-04-01 2022-03-31 02391479 2022-03-31 02391479 2021-03-31 02391479 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 02391479 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02391479 core:FurnitureFittings 2022-04-01 2023-03-31 02391479 core:MotorVehicles 2022-04-01 2023-03-31 02391479 bus:RegisteredOffice 2022-04-01 2023-03-31 02391479 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 02391479 bus:Director1 2022-04-01 2023-03-31 02391479 bus:Director2 2022-04-01 2023-03-31 02391479 bus:Director3 2022-04-01 2023-03-31 02391479 bus:Director4 2022-04-01 2023-03-31 02391479 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 02391479 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 02391479 core:FurnitureFittings 2022-03-31 02391479 core:MotorVehicles 2022-03-31 02391479 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02391479 core:FurnitureFittings 2023-03-31 02391479 core:MotorVehicles 2023-03-31 02391479 core:WithinOneYear 2023-03-31 02391479 core:WithinOneYear 2022-03-31 02391479 core:ShareCapital 2023-03-31 02391479 core:ShareCapital 2022-03-31 02391479 core:RetainedEarningsAccumulatedLosses 2023-03-31 02391479 core:RetainedEarningsAccumulatedLosses 2022-03-31 02391479 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 02391479 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 02391479 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 02391479 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 02391479 core:Non-currentFinancialInstruments 2023-03-31 02391479 core:Non-currentFinancialInstruments 2022-03-31 02391479 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 02391479 core:FurnitureFittings 2022-03-31 02391479 core:MotorVehicles 2022-03-31 02391479 bus:SmallEntities 2022-04-01 2023-03-31 02391479 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02391479 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02391479 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02391479 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 02391479
AUDIO VISUAL INDEPENDENT DISTRIBUTION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
AUDIO VISUAL INDEPENDENT DISTRIBUTION LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
AUDIO VISUAL INDEPENDENT DISTRIBUTION LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr A J Green
Ms K S F Lim
Mr R D F Lim
Ms S C K Lim
Registered office
15 Metro Centre Dwight Road
Tolpits Lane
Watford
Herts
England
WD18 9SS
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
AUDIO VISUAL INDEPENDENT DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
1
1
Tangible assets
6
399,370
407,286
Investments
7
51,001
51,000
---------
---------
450,372
458,287
CURRENT ASSETS
Stocks
104,772
106,584
Debtors
8
350,027
385,986
Cash at bank and in hand
642,926
579,468
------------
------------
1,097,725
1,072,038
CREDITORS: amounts falling due within one year
9
( 166,958)
( 204,676)
------------
------------
NET CURRENT ASSETS
930,767
867,362
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,381,139
1,325,649
------------
------------
NET ASSETS
1,381,139
1,325,649
------------
------------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
1,380,139
1,324,649
------------
------------
SHAREHOLDERS FUNDS
1,381,139
1,325,649
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AUDIO VISUAL INDEPENDENT DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 23 December 2023 , and are signed on behalf of the board by:
Mr R D F Lim
Director
Company registration number: 02391479
AUDIO VISUAL INDEPENDENT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Metro Centre Dwight Road, Tolpits Lane, Watford, Herts, WD18 9SS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below. The financial statements are prepared in sterling, which is the functional currency of the entity. Consolidation The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences - 20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 April 2022 and 31 March 2023
6,963
-------
Amortisation
At 1 April 2022 and 31 March 2023
6,962
-------
Carrying amount
At 31 March 2023
1
-------
At 31 March 2022
1
-------
6. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
509,149
143,186
6,750
659,085
Additions
3,531
3,531
---------
---------
-------
---------
At 31 March 2023
509,149
146,717
6,750
662,616
---------
---------
-------
---------
Depreciation
At 1 April 2022
116,993
128,687
6,119
251,799
Charge for the year
7,683
3,606
158
11,447
---------
---------
-------
---------
At 31 March 2023
124,676
132,293
6,277
263,246
---------
---------
-------
---------
Carrying amount
At 31 March 2023
384,473
14,424
473
399,370
---------
---------
-------
---------
At 31 March 2022
392,156
14,499
631
407,286
---------
---------
-------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2022
51,000
Additions
1
--------
At 31 March 2023
51,001
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
51,001
--------
At 31 March 2022
51,000
--------
8. Debtors
2023
2022
£
£
Trade debtors
50,568
54,896
Amounts owed by group undertakings
211,208
243,776
Other debtors
88,251
87,314
---------
---------
350,027
385,986
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
44,850
38,205
Corporation tax
20,815
40,494
Social security and other taxes
9,114
12,661
Other creditors
92,179
113,316
---------
---------
166,958
204,676
---------
---------
10. Related party transactions
The company has taken advantage of the exemption allowed under the Financial Reporting Standard 102 not to disclose related party transactions between wholly owned members of the same group of companies.