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Smalltown Audio Ltd Unaudited accounts Contents
Page
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Smalltown Audio Ltd Company Information for the year ended 31 December 2023
Director
Simon Payling
Company Number
SC434187 (Scotland)
Registered Office
Unit 3B Moorend Shewalton Road Irvine KA11 5AW United Kingdom
Accountants
W Wilson Millar Ltd 32 Moorfield Road Prestwick KA9 2HW
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Smalltown Audio Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
82,711 
76,947 
Current assets
Debtors
12,277 
2,548 
Cash at bank and in hand
43,640 
39,616 
55,917 
42,164 
Creditors: amounts falling due within one year
(59,383)
(56,517)
Net current liabilities
(3,466)
(14,353)
Total assets less current liabilities
79,245 
62,594 
Creditors: amounts falling due after more than one year
(27,500)
(26,833)
Net assets
51,745 
35,761 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
51,744 
35,760 
Shareholders' funds
51,745 
35,761 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 July 2024 and were signed on its behalf by
Simon Payling Director Company Registration No. SC434187
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Smalltown Audio Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Smalltown Audio Ltd is a private company, limited by shares, registered in Scotland, registration number SC434187. The registered office is Unit 3B Moorend, Shewalton Road, Irvine, KA11 5AW, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
20% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
203,762 
37,473 
14,300 
255,535 
Additions
26,440 
- 
- 
26,440 
At 31 December 2023
230,202 
37,473 
14,300 
281,975 
Depreciation
At 1 January 2023
147,261 
26,179 
5,148 
178,588 
Charge for the year
16,588 
2,258 
1,830 
20,676 
At 31 December 2023
163,849 
28,437 
6,978 
199,264 
Net book value
At 31 December 2023
66,353 
9,036 
7,322 
82,711 
At 31 December 2022
56,501 
11,294 
9,152 
76,947 
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Smalltown Audio Ltd Notes to the Accounts for the year ended 31 December 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
12,277 
- 
Other debtors
- 
2,548 
12,277 
2,548 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
8,334 
17,333 
VAT
13,338 
7,670 
Trade creditors
1,500 
1,500 
Taxes and social security
14,467 
7,378 
Loans from directors
21,744 
22,636 
59,383 
56,517 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
27,500 
26,833 
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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