Caseware UK (AP4) 2023.0.135 2023.0.135 2022-08-01falseNo description of principal activity66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03717191 2022-08-01 2023-07-31 03717191 2021-08-01 2022-07-31 03717191 2023-07-31 03717191 2022-07-31 03717191 c:Director1 2022-08-01 2023-07-31 03717191 d:Buildings d:ShortLeaseholdAssets 2022-08-01 2023-07-31 03717191 d:Buildings d:ShortLeaseholdAssets 2023-07-31 03717191 d:Buildings d:ShortLeaseholdAssets 2022-07-31 03717191 d:OfficeEquipment 2022-08-01 2023-07-31 03717191 d:OfficeEquipment 2023-07-31 03717191 d:OfficeEquipment 2022-07-31 03717191 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03717191 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03717191 d:CurrentFinancialInstruments 2023-07-31 03717191 d:CurrentFinancialInstruments 2022-07-31 03717191 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03717191 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03717191 d:ShareCapital 2023-07-31 03717191 d:ShareCapital 2022-07-31 03717191 d:RetainedEarningsAccumulatedLosses 2023-07-31 03717191 d:RetainedEarningsAccumulatedLosses 2022-07-31 03717191 c:FRS102 2022-08-01 2023-07-31 03717191 c:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03717191 c:FullAccounts 2022-08-01 2023-07-31 03717191 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03717191 2 2022-08-01 2023-07-31 03717191 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 03717191










Acoustic Products Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2023





 
Acoustic Products Limited
 
  
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Acoustic Products 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 financial statements of Acoustic Products Limited for the year ended 31 July 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Acoustic Products Limited in accordance with the terms of our engagement letter dated 15 January 2024Our work has been undertaken solely to prepare for your approval the financial statements of Acoustic Products Limited  and state those matters that we have agreed to state to the director of Acoustic Products Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acoustic Products Limited and its director for our work or for this report. 

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

We have not been instructed to carry out an audit or review of the financial statements of Acoustic Products 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 financial statements.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
16 January 2024
Page 1

 
Acoustic Products Limited
Registered number: 03717191

Balance Sheet
As at 31 July 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
57,561
49,249

  
57,561
49,249

Current assets
  

Debtors: amounts falling due within one year
 4 
219,757
492,341

Cash at bank and in hand
 5 
285,420
200,193

  
505,177
692,534

Creditors: amounts falling due within one year
 6 
(303,059)
(295,576)

Net current assets
  
 
 
202,118
 
 
396,958

Total assets less current liabilities
  
259,679
446,207

Provisions for liabilities
  

Deferred tax
  
(14,390)
-

  
 
 
(14,390)
 
 
-

Net assets
  
245,289
446,207


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
245,189
446,107

  
245,289
446,207


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Mr P S Shepherd
Director
Date: 15 January 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Acoustic Products Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

1.


General information

Acoustic Products Limited is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA . The company’s principal place of business is 70C High Street, Whitstable, Kent, CT5 1BB. 
The financial statements are presented in pounds Sterling, and rounded to the nearest pound. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
Acoustic Products Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
10%
Straight line
Office equipment
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
Acoustic Products Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
Acoustic Products Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
Acoustic Products Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

3.


Tangible fixed assets





S/Term Leasehold Property
Office equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
73,990
32,202
106,192


Additions
19,759
215
19,974



At 31 July 2023

93,749
32,417
126,166



Depreciation


At 1 August 2022
35,961
20,982
56,943


Charge for the year on owned assets
9,375
2,287
11,662



At 31 July 2023

45,336
23,269
68,605



Net book value



At 31 July 2023
48,413
9,148
57,561



At 31 July 2022
38,029
11,221
49,250


4.


Debtors

2023
2022
£
£


Trade debtors
207,505
473,922

Amounts owed by group undertakings
2,078
17,256

Other debtors
6,373
-

Prepayments and accrued income
3,801
1,163

219,757
492,341



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
285,420
200,193


Page 7

 
Acoustic Products Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
134,336
154,341

Corporation tax
-
64,438

Other taxation and social security
43,751
34,040

Other creditors
282
142

Accruals and deferred income
124,690
42,615

303,059
295,576



7.


Controlling party

The company was controlled throughout the year by its immediate parent company, Peterson Investments Limited, by virtue of being a wholly owned subsidiary.


Page 8