25 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04021996 2022-09-01 2023-08-31 04021996 2023-08-31 04021996 2022-08-31 04021996 2021-09-01 2022-08-31 04021996 2022-08-31 04021996 2021-08-31 04021996 core:NetGoodwill 2022-09-01 2023-08-31 04021996 core:FurnitureFittings 2022-09-01 2023-08-31 04021996 bus:Director1 2022-09-01 2023-08-31 04021996 bus:Director3 2022-09-01 2023-08-31 04021996 core:NetGoodwill 2022-08-31 04021996 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 04021996 core:NetGoodwill 2023-08-31 04021996 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 04021996 core:LandBuildings 2022-08-31 04021996 core:FurnitureFittings 2022-08-31 04021996 core:LandBuildings 2023-08-31 04021996 core:FurnitureFittings 2023-08-31 04021996 core:LandBuildings 2022-09-01 2023-08-31 04021996 core:WithinOneYear 2023-08-31 04021996 core:WithinOneYear 2022-08-31 04021996 core:ShareCapital 2023-08-31 04021996 core:ShareCapital 2022-08-31 04021996 core:RetainedEarningsAccumulatedLosses 2023-08-31 04021996 core:RetainedEarningsAccumulatedLosses 2022-08-31 04021996 core:BetweenOneFiveYears 2023-08-31 04021996 core:BetweenOneFiveYears 2022-08-31 04021996 core:MoreThanFiveYears 2023-08-31 04021996 core:MoreThanFiveYears 2022-08-31 04021996 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-01 2023-08-31 04021996 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 04021996 core:LandBuildings 2022-08-31 04021996 core:FurnitureFittings 2022-08-31 04021996 bus:SmallEntities 2022-09-01 2023-08-31 04021996 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 04021996 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 04021996 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04021996 bus:FullAccounts 2022-09-01 2023-08-31 04021996 core:LandBuildings core:LongLeaseholdAssets 2022-09-01 2023-08-31 04021996 core:ComputerEquipment 2022-09-01 2023-08-31 04021996 core:ComputerEquipment 2022-08-31 04021996 core:ComputerEquipment 2023-08-31
COMPANY REGISTRATION NUMBER: 04021996
SOUNDBLAST LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2023
SOUNDBLAST LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
19,788
21,312
Tangible assets
6
55,428
66,201
--------
--------
75,216
87,513
CURRENT ASSETS
Stocks
11,336
9,322
Debtors
7
64,618
71,145
Cash at bank and in hand
202,187
260,229
---------
---------
278,141
340,696
CREDITORS: amounts falling due within one year
8
( 56,239)
( 97,018)
---------
---------
NET CURRENT ASSETS
221,902
243,678
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
297,118
331,191
PROVISIONS
Taxation including deferred tax
( 3,886)
( 5,229)
---------
---------
NET ASSETS
293,232
325,962
---------
---------
CAPITAL AND RESERVES
Called up share capital
150
150
Profit and loss account
293,082
325,812
---------
---------
SHAREHOLDERS FUNDS
293,232
325,962
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SOUNDBLAST LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
S. Allison
J. Morelli
Director
Director
Company registration number: 04021996
SOUNDBLAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Faversham, 1-5 Springfield Mount, Leeds, LS2 9NG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Lease Premium
-
over the term of the lease
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
over the term of the lease
Fixtures & Fittings
-
25% reducing balance
Computers
-
33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 25 (2022: 29 ).
5. INTANGIBLE ASSETS
Goodwill
Lease Premium
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
27,500
54,694
82,194
--------
--------
--------
Amortisation
At 1 September 2022
27,500
33,382
60,882
Charge for the year
1,524
1,524
--------
--------
--------
At 31 August 2023
27,500
34,906
62,406
--------
--------
--------
Carrying amount
At 31 August 2023
19,788
19,788
--------
--------
--------
At 31 August 2022
21,312
21,312
--------
--------
--------
6. TANGIBLE ASSETS
Leasehold Property Improve -ments
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 September 2022
289,959
635,503
19,166
944,628
Additions
2,437
1,160
3,597
---------
---------
--------
---------
At 31 August 2023
289,959
637,940
20,326
948,225
---------
---------
--------
---------
Depreciation
At 1 September 2022
260,052
601,910
16,465
878,427
Charge for the year
2,124
10,878
1,368
14,370
---------
---------
--------
---------
At 31 August 2023
262,176
612,788
17,833
892,797
---------
---------
--------
---------
Carrying amount
At 31 August 2023
27,783
25,152
2,493
55,428
---------
---------
--------
---------
At 31 August 2022
29,907
33,593
2,701
66,201
---------
---------
--------
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
6,581
19,706
Other debtors
58,037
51,439
--------
--------
64,618
71,145
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
25,417
42,899
Corporation tax
17,294
Social security and other taxes
6,148
4,196
Other creditors
24,674
32,629
--------
--------
56,239
97,018
--------
--------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
46,500
46,500
Later than 1 year and not later than 5 years
186,000
186,000
Later than 5 years
222,125
268,625
---------
---------
454,625
501,125
---------
---------