Company registration number 00726427 (England and Wales)
BETTER SOUND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
BETTER SOUND LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BETTER SOUND LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
805,501
806,154
Current assets
Stocks
8,155
9,817
Debtors
5
101,155
136,223
Investments
6
276,679
267,372
Cash at bank and in hand
812,010
882,141
1,197,999
1,295,553
Creditors: amounts falling due within one year
7
(732,546)
(818,755)
Net current assets
465,453
476,798
Total assets less current liabilities
1,270,954
1,282,952
Provisions for liabilities
(67,580)
(51,428)
Net assets
1,203,374
1,231,524
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,202,374
1,230,524
Total equity
1,203,374
1,231,524
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 year ended 31 July 2023 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 year 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 9 April 2024 and are signed on its behalf by:
C G Colomb
Director
Company Registration No. 00726427
BETTER SOUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Better Sound Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Cathcart Street, Kentish Town, London, NW5 3BJ.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts. Where a service is incomplete at the year end, turnover represents the sales value of services provided based on an appropriate proportion of time spent. Any partially completed services that are un-billed at year end are recorded in accrued income within trade debtors.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
Nil
Plant and machinery
20% on a reducing balance basis
Fixtures, fittings & equipment
20% on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at cost.
1.5
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.
Fair value measurement of financial instruments
Investments in shares are included at fair value, based on their market value at the year end. Changes in fair value are recognised in profit or loss.
BETTER SOUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at fair value and are released to the profit and loss on the purchase of new technical equipment. Any amounts remaining unspent are recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
BETTER SOUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 August 2022
533,800
2,806,958
68,254
3,409,012
Additions
73,742
1,333
75,075
Disposals
(10,922)
(10,922)
At 31 July 2023
533,800
2,869,778
69,587
3,473,165
Depreciation and impairment
At 1 August 2022
2,536,923
65,935
2,602,858
Depreciation charged in the year
69,926
730
70,656
Eliminated in respect of disposals
(5,850)
(5,850)
At 31 July 2023
2,600,999
66,665
2,667,664
Carrying amount
At 31 July 2023
533,800
268,779
2,922
805,501
At 31 July 2022
533,800
270,035
2,319
806,154
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
68,252
108,059
Other debtors
32,903
28,164
101,155
136,223
6
Current asset investments
2023
2022
£
£
Other investments
276,679
267,372
The listed investments are stated at market value. The historical cost of the investments is £300,000.
BETTER SOUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,268
24,266
Taxation and social security
15,489
17,532
Other creditors
700,789
776,957
732,546
818,755