SOUND SERVICE STATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
SOUND SERVICE STATION LTD
COMPANY INFORMATION
Directors
Angela Sutherland
Ingrid Moar
Ivan Moar
Company number
SC744354
Registered office
Sound Service Station
South Road
Lerwick
Shetland
ZE1 0RD
Accountants
PFS & Partners
16 Main Street
Limavady
BT49 0EU
Bankers
RBS
81 Commercial Street
Lerwick
Shetland
ZE1 0AD
SOUND SERVICE STATION LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
SOUND SERVICE STATION LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SOUND SERVICE STATION LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sound Service Station Ltd for the Period ended 28 February 2024 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Sound Service Station Ltd, as a body, in accordance with the terms of our engagement letter dated 15 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Sound Service Station Ltd and state those matters that we have agreed to state to the board of directors of Sound Service Station Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sound Service Station Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sound Service Station Ltd 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 Sound Service Station Ltd. You consider that Sound Service Station Ltd is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Sound Service Station Ltd. 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.
These management accounts have been prepared for the use of the management within the business only and are
not to be shown to any other party.
No responsibility for any loss or damage to any other person acting or refraining from acting as a result of any
material in this document can be accepted on the part of PFS & Partners and any of its employees.
PFS & Partners
12 April 2024
Chartered Certified Accountants
16 Main Street
Limavady
BT49 0EU
SOUND SERVICE STATION LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 2 -
2024
Notes
£
£
Fixed assets
Investments
3
1,100,479
Current assets
Cash at bank and in hand
64,600
Creditors: amounts falling due within one year
5
(633,995)
Net current liabilities
(569,395)
Total assets less current liabilities
531,084
Creditors: amounts falling due after more than one year
6
(951,163)
Net liabilities
(420,079)
Capital and reserves
Called up share capital
200
Profit and loss reserves
(420,279)
Total equity
(420,079)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
Ingrid Moar
Director
Company registration number SC744354 (Scotland)
SOUND SERVICE STATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Sound Service Station Ltd is a private company limited by shares incorporated in Scotland. The registered office is Sound Service Station, South Road, Lerwick, Shetland, ZE1 0RD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SOUND SERVICE STATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Total
SOUND SERVICE STATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 5 -
3
Fixed asset investments
2024
£
Other investments other than loans
1,100,479
Movements in fixed asset investments
Investments
£
Cost or valuation
At 14 September 2022
-
Additions
1,100,479
At 28 February 2024
1,100,479
Carrying amount
At 28 February 2024
1,100,479
4
Financial instruments
2024
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,100,479
5
Creditors: amounts falling due within one year
2024
£
Other creditors
633,995
6
Creditors: amounts falling due after more than one year
2024
£
Other creditors
951,163