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Registration number: 03223669

Claraphonics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Claraphonics Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 7

Detailed Profit and Loss Account

8

 

Claraphonics Limited

Company Information

Directors

Mr Graham Edward Roynon

Mr Andrew Quentin Craven

Company secretary

Welch Company Services Limited

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
Accountants
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Claraphonics Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Graham Edward Roynon

Mr Andrew Quentin Craven

Principal activity

The principal activity of the company is the design and construction of audio equipment.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Mr Graham Edward Roynon
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Claraphonics Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Claraphonics Limited for the year ended 31 July 2023 as set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Claraphonics Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Claraphonics Limited and state those matters that we have agreed to state to the Board of Directors of Claraphonics Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Claraphonics Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Claraphonics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Claraphonics Limited. You consider that Claraphonics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Claraphonics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
Accountants
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

7 March 2024

 

Claraphonics Limited

(Registration number: 03223669)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

1,125

2,500

Cash at bank and in hand

 

1,418

2,358

 

2,543

4,858

Creditors: Amounts falling due within one year

5

(39,177)

(37,875)

Net liabilities

 

(36,634)

(33,017)

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

(36,636)

(33,019)

Shareholders' deficit

 

(36,634)

(33,017)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge 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.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Mr Graham Edward Roynon
Director

 

Claraphonics Limited

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

1

General information

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

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

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.

Going concern

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

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.

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 specific criteria have been met for each of the company's activities.

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.

 

Claraphonics Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 2).

4

Stocks

2023
£

2022
£

Other inventories

1,125

2,500

 

Claraphonics Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

38,475

34,475

Trade creditors

 

102

-

Accruals and deferred income

 

600

900

Other creditors

 

-

2,500

 

39,177

37,875

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

38,475

34,475

 

Claraphonics Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
 £

2022
 £

Turnover

Sale of goods, UK

1,065

800

Cost of sales

Opening raw materials

2,500

4,000

Purchases

2,356

815

Closing raw materials

(1,125)

(2,500)

Freight and carriage

67

-

3,798

2,315

General administrative expenses

Repairs and maintenance

(359)

-

Accountancy fees

(600)

(600)

Secretarial Services

300

(300)

Legal and professional fees

(300)

-

(959)

(900)

Finance charges

Bank charges

-

(78)

Other operating income

Other operating income

75

-

Operating loss

(3,617)

(2,493)

Loss before tax

(3,617)

(2,493)