Russell Audio Limited 11999802 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is that of artistic creation. Digita Accounts Production Advanced 6.30.9574.0 true true 11999802 2022-06-01 2023-05-31 11999802 2023-05-31 11999802 bus:Director1 1 2023-05-31 11999802 core:CurrentFinancialInstruments 2023-05-31 11999802 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11999802 core:Non-currentFinancialInstruments 2023-05-31 11999802 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11999802 core:Goodwill 2023-05-31 11999802 core:FurnitureFittingsToolsEquipment 2023-05-31 11999802 bus:SmallEntities 2022-06-01 2023-05-31 11999802 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11999802 bus:FullAccounts 2022-06-01 2023-05-31 11999802 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 11999802 bus:RegisteredOffice 2022-06-01 2023-05-31 11999802 bus:Director1 2022-06-01 2023-05-31 11999802 bus:Director1 1 2022-06-01 2023-05-31 11999802 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11999802 core:Goodwill 2022-06-01 2023-05-31 11999802 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 11999802 core:OfficeEquipment 2022-06-01 2023-05-31 11999802 countries:AllCountries 2022-06-01 2023-05-31 11999802 2022-05-31 11999802 bus:Director1 1 2022-05-31 11999802 core:Goodwill 2022-05-31 11999802 core:FurnitureFittingsToolsEquipment 2022-05-31 11999802 2021-06-01 2022-05-31 11999802 2022-05-31 11999802 bus:Director1 1 2022-05-31 11999802 core:CurrentFinancialInstruments 2022-05-31 11999802 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 11999802 core:Non-currentFinancialInstruments 2022-05-31 11999802 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 11999802 core:Goodwill 2022-05-31 11999802 core:FurnitureFittingsToolsEquipment 2022-05-31 11999802 bus:Director1 1 2021-06-01 2022-05-31 11999802 bus:Director1 1 2021-05-31 iso4217:GBP xbrli:pure

Registration number: 11999802

Russell Audio Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Russell Audio Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Russell Audio Limited

Company Information

Director

Mr Laurie Shenoda

Registered office

13 Blurton Road
London
E5 0NL

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Russell Audio Limited

(Registration number: 11999802)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,400

4,800

Tangible assets

5

19,244

13,901

 

21,644

18,701

Current assets

 

Debtors

6

14,759

56,275

Cash at bank and in hand

 

100,311

95,525

 

115,070

151,800

Creditors: Amounts falling due within one year

7

(19,796)

(26,654)

Net current assets

 

95,274

125,146

Total assets less current liabilities

 

116,918

143,847

Creditors: Amounts falling due after more than one year

7

-

(37,927)

Net assets

 

116,918

105,920

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

116,818

105,820

Shareholders' funds

 

116,918

105,920

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 his 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.

Approved and authorised by the director on 22 February 2024
 

 

Russell Audio Limited

(Registration number: 11999802)
Balance Sheet as at 31 May 2023

.........................................
Mr Laurie Shenoda
Director

 

Russell Audio 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 & Wales.

The address of its registered office is:
13 Blurton Road
London
E5 0NL
England

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.

Going concern

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

Judgements

The director consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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.

 

Russell Audio Limited

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

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straight Line at 20%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

Straight Line at 20%

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.

 

Russell Audio Limited

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

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.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

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

 

Russell Audio Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

12,000

12,000

At 31 May 2023

12,000

12,000

Amortisation

At 1 June 2022

7,200

7,200

Amortisation charge

2,400

2,400

At 31 May 2023

9,600

9,600

Carrying amount

At 31 May 2023

2,400

2,400

At 31 May 2022

4,800

4,800

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

23,834

23,834

Additions

12,638

12,638

At 31 May 2023

36,472

36,472

Depreciation

At 1 June 2022

9,933

9,933

Charge for the year

7,295

7,295

At 31 May 2023

17,228

17,228

Carrying amount

At 31 May 2023

19,244

19,244

At 31 May 2022

13,901

13,901

 

Russell Audio Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

458

407

Other debtors

14,301

55,868

 

14,759

56,275

 

Russell Audio Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

11,232

Trade creditors

 

-

670

Taxation and social security

 

18,496

13,452

Accruals and deferred income

 

1,300

1,300

 

19,796

26,654

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

37,927

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

37,927

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

11,232

 

Russell Audio Limited

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

10

Related party transactions

Other debtors include amounts owed from the Director of £7,505 (2022- £5,868).The loan is repayable on demand.

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Laurie Shenoda

Amounts owed To/ (From) the Director

(5,868)

(63,184)

61,547

(7,505)

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr Laurie Shenoda

Amounts owed To/ (From) the Director

13,863

(38,116)

18,385

(5,868)