Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-312022-08-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.16falseNo description of principal activity12truetruefalse 06314945 2022-08-01 2023-07-31 06314945 2021-08-01 2022-07-31 06314945 2023-07-31 06314945 2022-07-31 06314945 c:Director1 2022-08-01 2023-07-31 06314945 d:Buildings d:ShortLeaseholdAssets 2022-08-01 2023-07-31 06314945 d:Buildings d:ShortLeaseholdAssets 2023-07-31 06314945 d:Buildings d:ShortLeaseholdAssets 2022-07-31 06314945 d:PlantMachinery 2022-08-01 2023-07-31 06314945 d:PlantMachinery 2023-07-31 06314945 d:PlantMachinery 2022-07-31 06314945 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06314945 d:FurnitureFittings 2022-08-01 2023-07-31 06314945 d:FurnitureFittings 2023-07-31 06314945 d:FurnitureFittings 2022-07-31 06314945 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06314945 d:OfficeEquipment 2022-08-01 2023-07-31 06314945 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06314945 d:Goodwill 2023-07-31 06314945 d:Goodwill 2022-07-31 06314945 d:CurrentFinancialInstruments 2023-07-31 06314945 d:CurrentFinancialInstruments 2022-07-31 06314945 d:Non-currentFinancialInstruments 2023-07-31 06314945 d:Non-currentFinancialInstruments 2022-07-31 06314945 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 06314945 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 06314945 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 06314945 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 06314945 d:ShareCapital 2023-07-31 06314945 d:ShareCapital 2022-07-31 06314945 d:RetainedEarningsAccumulatedLosses 2023-07-31 06314945 d:RetainedEarningsAccumulatedLosses 2022-07-31 06314945 c:FRS102 2022-08-01 2023-07-31 06314945 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 06314945 c:FullAccounts 2022-08-01 2023-07-31 06314945 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06314945 2 2022-08-01 2023-07-31 06314945 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 06314945 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 06314945 d:OtherDeferredTax 2023-07-31 06314945 d:OtherDeferredTax 2022-07-31 06314945 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 06314945









ID AUDIO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
ID AUDIO LIMITED
REGISTERED NUMBER: 06314945

BALANCE SHEET
AS AT 31 JULY 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
123,943
160,310

  
123,943
160,310

Current assets
  

Debtors: amounts falling due within one year
 6 
351,170
423,005

Cash at bank and in hand
 7 
40,135
19,655

  
391,305
442,660

Creditors: amounts falling due within one year
 8 
(306,454)
(338,271)

Net current assets
  
 
 
84,851
 
 
104,389

Total assets less current liabilities
  
208,794
264,699

Creditors: amounts falling due after more than one year
 9 
(21,817)
(30,405)

Provisions for liabilities
  

Deferred tax
 10 
(30,863)
(37,440)

  
 
 
(30,863)
 
 
(37,440)

Net assets
  
156,114
196,854


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
156,014
196,754

  
156,114
196,854


Page 1

 
ID AUDIO LIMITED
REGISTERED NUMBER: 06314945
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

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 comprehensive income 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 on 26 July 2024.




P H J McQuaid
Director

The notes on pages 3 to 13 form part of these financial statements.



Page 2

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

ID Audio Limited is a private company, limited by shares, incorporated in England and Wales, registration number 06314945. The registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

The financial statements are presented in pound sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 3

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

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:

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.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

Page 4

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to leasehold property
-
Over the life of the lease
Plant and machinery
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 16).

Page 8

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 August 2022
35,000



At 31 July 2023

35,000



Amortisation


At 1 August 2022
35,000



At 31 July 2023

35,000



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 9

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Improvement to leasehold property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2022
251,569
52,189
421,708
725,466


Additions
-
-
3,883
3,883



At 31 July 2023

251,569
52,189
425,591
729,349



Depreciation


At 1 August 2022
243,117
46,937
275,102
565,156


Charge for the year on owned assets
8,452
1,079
30,719
40,250



At 31 July 2023

251,569
48,016
305,821
605,406



Net book value



At 31 July 2023
-
4,173
119,770
123,943



At 31 July 2022
8,452
5,252
146,606
160,310


6.


Debtors

2023
2022
£
£


Trade debtors
117,136
163,731

Amounts owed by group undertakings
92,486
88,690

Other debtors
5,202
5,000

Prepayments and accrued income
136,346
165,584

351,170
423,005


Page 10

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
40,135
19,655

Less: bank overdrafts
-
(66,269)

40,135
(46,614)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
66,269

Bank loans
9,850
11,186

Trade creditors
173,294
156,075

Corporation tax
48,960
51,719

Other taxation and social security
49,422
34,202

Other creditors
6,413
3,029

Accruals and deferred income
18,515
15,791

306,454
338,271



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,817
30,405

21,817
30,405


Page 11

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Deferred taxation




2023


£






At beginning of year
(37,440)


Charged to profit or loss
6,577



At end of year
(30,863)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(31,162)
(37,783)

Other item
299
343

(30,863)
(37,440)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,982 (2022 - £7,088) . Contributions totalling £1,195 (2022 - £1,428) were payable to the fund at the balance sheet date and are included in creditors.


12.


Transactions with directors

During the year the company advanced a loan to the director. The maximum amount outstanding during the year was £48,427 and interest of £419 was charged on the loan. There was no balance outstanding at the year end.


13.


Related party transactions

At the year end the the following balances were owed to:


2023
2022
£
£

Key management personnel
5,128
1,029

Page 12

 
ID AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Controlling party

The ultimate controlling party is P H J McQuaid by virtue of his directorship and majority shareholding in the company. 

 
Page 13