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Registration number: 05167657

Audiology Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 31 July 2023

 

Audiology Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Audiology Limited

(Registration number: 05167657)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

15,703

 

23,904

Current assets

   

 

Debtors

5

148,672

 

17,920

 

Cash at bank and in hand

 

79,451

 

228,163

 

 

228,123

 

246,083

 

Creditors: Amounts falling due within one year

6

(27,091)

 

(96,684)

 

Net current assets

   

201,032

 

149,399

Total assets less current liabilities

   

216,735

 

173,303

Provisions for liabilities

 

(3,926)

 

(4,542)

Net assets

   

212,809

 

168,761

Capital and reserves

   

 

Called up share capital

1

 

1

 

Profit and loss account

212,808

 

168,760

 

Total equity

   

212,809

 

168,761

For the financial year ending 31 July 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 April 2024
 

.........................................
Mr P.J. Lydon
Director

 

Audiology Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18 Coniston Road
Kings Langley
Watford
WD4 8BU
United Kingdom

These financial statements were authorised for issue by the director on 18 April 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

The financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

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

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 value added tax, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Audiology Limited

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

Tangible assets

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

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% on cost

Office equipment

33% on cost

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.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

4,925

39,253

44,178

At 31 July 2023

4,925

39,253

44,178

Depreciation

At 1 August 2022

4,574

15,700

20,274

Charge for the year

351

7,850

8,201

At 31 July 2023

4,925

23,550

28,475

Carrying amount

At 31 July 2023

-

15,703

15,703

At 31 July 2022

351

23,553

23,904

 

Audiology Limited

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

5

Debtors

Debtors : amounts falling due within one year

2023
£

2022
£

Trade debtors

47,464

17,920

Other debtors

101,208

-

 

148,672

17,920

Other debtors include a loan to the director of the company of £101,208 (2022 £Nil). The loan is interest free and was repaid to the company after the year end.

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

26,981

20,541

Other creditors

110

76,143

27,091

96,684