Luke Williams Sound Limited 09586059 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is engineering activities. Digita Accounts Production Advanced 6.30.9574.0 true 09586059 2022-06-01 2023-05-31 09586059 2023-05-31 09586059 core:CurrentFinancialInstruments 2023-05-31 09586059 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09586059 core:Non-currentFinancialInstruments 2023-05-31 09586059 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 09586059 bus:SmallEntities 2022-06-01 2023-05-31 09586059 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 09586059 bus:FullAccounts 2022-06-01 2023-05-31 09586059 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 09586059 bus:RegisteredOffice 2022-06-01 2023-05-31 09586059 bus:Director1 2022-06-01 2023-05-31 09586059 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09586059 core:OtherRelatedParties 2022-06-01 2023-05-31 09586059 core:UKTax 2022-06-01 2023-05-31 09586059 countries:EnglandWales 2022-06-01 2023-05-31 09586059 2021-06-01 2022-05-31 09586059 2022-05-31 09586059 core:CurrentFinancialInstruments 2022-05-31 09586059 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 09586059 core:Non-currentFinancialInstruments 2022-05-31 09586059 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 09586059 core:UKTax 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 09586059

Luke Williams Sound Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Luke Williams Sound Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Luke Williams Sound Limited

Company Information

Director

Luke Williams

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

Luke Williams Sound Limited

(Registration number: 09586059)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

32,241

28,555

Cash at bank and in hand

 

1,947

5,092

 

34,188

33,647

Creditors: Amounts falling due within one year

6

(26,930)

(23,132)

Total assets less current liabilities

 

7,258

10,515

Creditors: Amounts falling due after more than one year

6

(7,028)

(10,016)

Net assets

 

230

499

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

130

399

Shareholders' funds

 

230

499

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Luke Williams Sound Limited

(Registration number: 09586059)
Balance Sheet as at 31 May 2023

Approved and authorised by the director on 22 February 2024
 

.........................................
Luke Williams
Director

 

Luke Williams Sound Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Hare & Billet Road
Blackheath
SE3 0RB

These financial statements were authorised for issue by the director on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 are 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 periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

 

Luke Williams Sound Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and when the service is performed, if the service straddles more than one accounting period, income is recognised on a pro rata basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Luke Williams Sound Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

6,857

10,253

5

Debtors

Current

2023
£

2022
£

Trade debtors

3,904

6,458

Other debtors

28,337

22,097

 

32,241

28,555

 

Luke Williams Sound Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,373

3,248

Social security and other taxes

 

408

-

Accruals

 

1,260

990

Income tax liability

21,889

18,894

 

26,930

23,132

Due after one year

 

Loans and borrowings

8

7,028

10,016

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

7,028

10,016

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Luke Williams Sound Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,028

10,016

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,373

3,248

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £295.00 (2022 - £435.00) per ordinary share

 

29,500

 

43,500

         

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,349

9,154

Summary of transactions with other related parties


Luke Williams

 
Director and shareholder

 
During the year Luke Williams received dividends totalling £29,500 (2022: £43,500). The director incurred expenditure on the companies behalf totalling £18,451 (2022: £16,495) and received a salary of £12,349 (2022: £9,154). Interest was charged on the overdrawn director's loan account totalling £616 (2022: £569). At the balance sheet date the amount due from Luke Williams was £28,337 (2022: £22,097).