Company Registration No. 05420777 (England and Wales)
SWANSEA AUDIO LIMITED
Unaudited accounts
for the year ended 30 April 2023
SWANSEA AUDIO LIMITED
Unaudited accounts
Contents
SWANSEA AUDIO LIMITED
Company Information
for the year ended 30 April 2023
Company Number
05420777 (England and Wales)
Registered Office
78 - 80 ST. MARY STREET
CARDIFF
CF10 1FA
WALES
SWANSEA AUDIO LIMITED
Statement of financial position
as at 30 April 2023
Intangible assets
61,913
70,175
Tangible assets
677,670
1,028,973
Cash at bank and in hand
80,145
975,749
Creditors: amounts falling due within one year
(1,511,395)
(1,893,808)
Net current assets/(liabilities)
86,585
(245,263)
Total assets less current liabilities
826,168
853,885
Creditors: amounts falling due after more than one year
(371,795)
64,167
Provisions for liabilities
Net assets
389,506
918,052
Called up share capital
1
1
Profit and loss account
389,505
918,051
Shareholders' funds
389,506
918,052
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 April 2024 and were signed on its behalf by
Stephen Lewis
Director
Company Registration No. 05420777
SWANSEA AUDIO LIMITED
Notes to the Accounts
for the year ended 30 April 2023
SWANSEA AUDIO LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05420777. The registered office is 78 - 80 ST. MARY STREET, CARDIFF, CF10 1FA, WALES.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
5% Straight Line
Plant & machinery
25% Straight Line
Fixtures & fittings
25% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
SWANSEA AUDIO LIMITED
Notes to the Accounts
for the year ended 30 April 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2022
129,191
309,386
9,109
1,169,664
1,617,350
Additions
-
2,359
-
-
2,359
At 30 April 2023
129,191
311,745
9,109
1,169,664
1,619,709
At 1 May 2022
32,332
254,743
9,109
292,193
588,377
Charge for the year
6,460
54,786
-
292,416
353,662
At 30 April 2023
38,792
309,529
9,109
584,609
942,039
At 30 April 2023
90,399
2,216
-
585,055
677,670
At 30 April 2022
96,859
54,643
-
877,471
1,028,973
Amounts falling due within one year
Trade debtors
159,861
148,338
Amounts due from group undertakings etc.
1,031,552
285,547
Accrued income and prepayments
37,873
95,008
Other debtors
202,799
77,870
SWANSEA AUDIO LIMITED
Notes to the Accounts
for the year ended 30 April 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
29,967
635,306
Trade creditors
1,206,926
872,914
Taxes and social security
54,775
267,574
Other creditors
18,658
115,354
Loans from directors
67,216
-
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
371,795
(64,167)
9
Average number of employees
During the year the average number of employees was 100 (2022: 102).