Audio Inventions Limited
Registered number: 10077772
Statement of Financial Position
as at 31 December 2023
Period to Year to
Notes 31/12/2023 31/03/2023
£ £
Fixed assets
Intangible assets 4 100,988 83,805
Tangible assets 5 6,815 3,451
107,803 87,256
Current assets
Stocks 553 939
Debtors 6 65,516 81,999
Cash at bank and in hand 6,714 217
72,783 83,155
Creditors: amounts falling due within one year 7 (546,383) (406,835)
Net current liabilities (473,600) (323,680)
Net liabilities (365,797) (236,424)
Capital and reserves
Called up share capital 206 200
Share premium 4,044 -
Profit and loss account (370,047) (236,624)
Shareholders' funds (365,797) (236,424)
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 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.
B Smith
Director
Approved by the board on 7 March 2024
Audio Inventions Limited
Notes to the Accounts
for the period from 1 April 2023 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The directors consider the company to be a going concern, notwithstanding that there are losses of £370,047. They have reviewed the potential future of the company and consider that it will continue to trade profitably for the foreseeable future.
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 rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% reducing balance
Inventories
Inventories 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, 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. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Patents
Legal and Professional costs associated with the filing of patents are shown within prepayments until the point at which the patent is granted. Upon the patent being granted they will be shown as an intangible asset and amortised over the length of the patent.
Period to Year to
2 Employees and directors 31/12/2023 31/03/2023
Number Number
Average number of directors and persons employed by the company 5 4
3 Government grants
The company also received a grant from UKTI Internationalistation Fund. The income is shown in the profit and loss in the period in which the funds were received.
Period to Year to
31/12/2023 31/03/2023
£ £
Other grants 7,430 -
4 Intangible fixed assets £
Patents
Cost
At 1 April 2023 127,336
Additions 34,349
At 31 December 2023 161,685
Amortisation
At 1 April 2023 43,531
Provided during the period 17,166
At 31 December 2023 60,697
Net book value
At 31 December 2023 100,988
At 31 March 2023 83,805
Patents are being written off in equal annual instalments over their remaining lives.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 9,254
Additions 5,636
At 31 December 2023 14,890
Depreciation
At 1 April 2023 5,803
Charge for the period 2,272
At 31 December 2023 8,075
Net book value
At 31 December 2023 6,815
At 31 March 2023 3,451
Period to Year to
6 Debtors 31/12/2023 31/03/2023
£ £
Trade debtors 7,438 -
Prepayments 38,702 52,237
Accrued income 14,026 -
Other debtors 5,350 29,762
65,516 81,999
Period to Year to
7 Creditors: amounts falling due within one year 31/12/2023 31/03/2023
£ £
Trade creditors 32,668 62,081
Accruals 30,996 55,689
Other taxes and social security costs 14,987 2,192
Other creditors 467,732 286,873
546,383 406,835
8 Other information
Audio Inventions Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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