Hi-Fi Stereo Limited 04274426 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is that of selling hi-fi equipment Digita Accounts Production Advanced 6.30.9574.0 true true 04274426 2022-11-01 2023-10-31 04274426 2023-10-31 04274426 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 04274426 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 04274426 core:FurnitureFittingsToolsEquipment 2023-10-31 04274426 core:LandBuildings 2023-10-31 04274426 bus:SmallEntities 2022-11-01 2023-10-31 04274426 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04274426 bus:FullAccounts 2022-11-01 2023-10-31 04274426 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04274426 bus:RegisteredOffice 2022-11-01 2023-10-31 04274426 bus:Director2 2022-11-01 2023-10-31 04274426 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04274426 core:Buildings 2022-11-01 2023-10-31 04274426 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 04274426 core:LandBuildings 2022-11-01 2023-10-31 04274426 core:MotorVehicles 2022-11-01 2023-10-31 04274426 core:OfficeEquipment 2022-11-01 2023-10-31 04274426 countries:EnglandWales 2022-11-01 2023-10-31 04274426 2022-10-31 04274426 core:FurnitureFittingsToolsEquipment 2022-10-31 04274426 core:LandBuildings 2022-10-31 04274426 2021-11-01 2022-10-31 04274426 2022-10-31 04274426 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 04274426 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 04274426 core:FurnitureFittingsToolsEquipment 2022-10-31 04274426 core:LandBuildings 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 04274426

Hi-Fi Stereo Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Hi-Fi Stereo Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Hi-Fi Stereo Limited

(Registration number: 04274426)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

202,175

192,261

Current assets

 

Stocks

5

28,875

27,249

Cash at bank and in hand

 

16,714

30,036

 

45,589

57,285

Creditors: Amounts falling due within one year

6

(90,805)

(94,468)

Net current liabilities

 

(45,216)

(37,183)

Total assets less current liabilities

 

156,959

155,078

Creditors: Amounts falling due after more than one year

6

(6,060)

(9,287)

Provisions for liabilities

(10,518)

(9,230)

Net assets

 

140,381

136,561

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

103,944

95,844

Retained earnings

36,337

40,617

Shareholders' funds

 

140,381

136,561

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Hi-Fi Stereo Limited

(Registration number: 04274426)
Statement of Financial Position as at 31 October 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 24 July 2024
 

K D Thompson
Director

   
     
 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
51 Washway Road
Sale
Cheshire
M33 7AB

These financial statements were authorised for issue by the director on 24 July 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company had net current liabilities. The company has received assurances from the director that he will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Due to the widespread pandemic and possible medium to long term impact of the corona virus, future results my be adversely affected. The director, where possible, has implemented cost cutting measures in an attempt to reduce the loss from any reduction in income. As stated, he will financially support the company when applicable.

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are credited to the profit and loss account on the accruals basis.

Tax

The tax expense for the period comprises 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 in the countries where the company operates and generates taxable income.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% straight line

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

200,000

5,959

205,959

Revaluations

10,000

-

10,000

At 31 October 2023

210,000

5,959

215,959

Depreciation

At 1 November 2022

8,000

5,698

13,698

Charge for the year

-

86

86

At 31 October 2023

8,000

5,784

13,784

Carrying amount

At 31 October 2023

202,000

175

202,175

At 31 October 2022

192,000

261

192,261

Included within the net book value of land and buildings above is £202,000 (2022 - £192,000) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

28,875

27,249

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

3,520

3,727

Trade creditors

 

2,778

5,082

Taxation and social security

 

593

152

Accruals and deferred income

 

1,667

1,627

Other creditors

 

82,247

83,880

 

90,805

94,468

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6,060

9,287