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REGISTERED NUMBER: 04595098 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Artcoustic (U.K.) Limited

Artcoustic (U.K.) Limited (Registered number: 04595098)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Artcoustic (U.K.) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: K Donvig-Ehlers
P Ljungberg





REGISTERED OFFICE: 823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ





REGISTERED NUMBER: 04595098 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Artcoustic (U.K.) Limited (Registered number: 04595098)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report and financial statements for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company during the year has been that of sale of loudspeakers.

REVIEW OF BUSINESS
The result for the year is considered as expected by the directors.

The directors have positive expectations for the future and expect a positive result for 2024.

DIRECTORS
The directors who served the company throughout the year were as follows:

K Donvig-Ehlers

P Ljungberg

RESULTS
The Company's loss for the year amounted to GBP (75,650).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
The directors of the company who held office at the date of approval of this Annual Report as set out beneath confirm that:

- So far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and

- They have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Krogh & Partners Limited, Chartered Accountants & Registered Auditors have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.


Artcoustic (U.K.) Limited (Registered number: 04595098)

Report of the Directors
for the Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





P Ljungberg - Director


28 June 2024

Report of the Independent Auditors to the Members of
Artcoustic (U.K.) Limited (Registered number: 04595098)

Opinion
We have audited the financial statements of Artcoustic (U.K.) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Artcoustic (U.K.) Limited (Registered number: 04595098)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Artcoustic (U.K.) Limited (Registered number: 04595098)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

28 June 2024

Artcoustic (U.K.) Limited (Registered number: 04595098)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 2 1,066,259 1,629,959

Cost of sales 526,688 831,245
GROSS PROFIT 539,571 798,714

Administrative expenses 635,522 690,023
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT BEFORE TAXATION (95,951 ) 108,691

Tax on (loss)/profit 6 (20,301 ) 20,841
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(75,650

)

87,850

Artcoustic (U.K.) Limited (Registered number: 04595098)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (75,650 ) 87,850


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(75,650

)

87,850

Artcoustic (U.K.) Limited (Registered number: 04595098)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 93,291 -

CURRENT ASSETS
Stocks 8 44,711 85,291
Debtors 9 270,536 164,900
Cash at bank 57,041 269,415
372,288 519,606
CREDITORS
Amounts falling due within one year 10 184,341 162,718
NET CURRENT ASSETS 187,947 356,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

281,238

356,888

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 281,236 356,886
SHAREHOLDERS' FUNDS 281,238 356,888

The financial statements have been prepared 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 28 June 2024 and were signed on its behalf by:




K Donvig-Ehlers - Director



P Ljungberg - Director


Artcoustic (U.K.) Limited (Registered number: 04595098)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 2 269,036 269,038

Changes in equity
Total comprehensive income - 87,850 87,850
Balance at 31 December 2022 2 356,886 356,888

Changes in equity
Total comprehensive income - (75,650 ) (75,650 )
Balance at 31 December 2023 2 281,236 281,238

Artcoustic (U.K.) Limited (Registered number: 04595098)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows.


A Summary of the more important accounting policies, which have been applied consistently, is set out below:

Going concern

In 2023 the Company has realized a loss of GBP 76k. The Group expects positive results and cash flow for 2024 and years to come.

Based on our expectations and budget forecasts, we believe that we will be able to fulfil our commercial and financial obligations and to be able to finance our ongoing obligations.

Deviations from the stipulated budgets for 2024 may result in lower result and need for additional liquidity or credit lines.

The owners have declared that if needed they will commit to the following:

- Reduce or waiver their right to remuneration until the Financial Situation is sufficient sound
- Transfer the liquidity necessary for the activities in and the going concern of the Group

It is management's expectations that the measures taken and to be taken combined with commitments from the owners will ensure that the Group have sufficient liquidity and capital resources to continue their operations.

Management therefore submits and approve the Financial Statements for 2023 on the assumption of going concern.

Turnover

Turnover derives from the principal activity of the Company and is represented by invoiced sales excluding Value Added Tax.

Interest and similar income and charges

Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies

Transactions in foreign currencies are recorded using the exchange rate ruling at the date of the using the rate of exchange ruling at the balance sheet date. Gains or losses on translation are included in the profit and loss.

Tangible assets

Artcoustic (U.K.) Limited (Registered number: 04595098)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

Tangible assets are stated at cost.

Depreciation is provided at the following annual rates estimated over the expected useful lives of the assets:

Leasehold improvement 20%

Stocks

Stock has been valued at the lower cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.

Debtors

Debtors are valued individually and there are made provision according to this valuation.

Creditors

Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Taxation

Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

2. TURNOVER

Turnover is attributable to the one principal activity of the company which arose wholly in the United Kingdom.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The average number of employees during the year was NIL (2022 - NIL).

4. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration - -

There were no other employees than the director.

Artcoustic (U.K.) Limited (Registered number: 04595098)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 4,910 -
Auditor's remuneration 6,825 6,500

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (20,301 ) 20,841
Tax on (loss)/profit (20,301 ) 20,841

7. TANGIBLE FIXED ASSETS
Improvements
to
property
£   
COST
Additions 98,201
At 31 December 2023 98,201
DEPRECIATION
Charge for year 4,910
At 31 December 2023 4,910
NET BOOK VALUE
At 31 December 2023 93,291

8. STOCKS
2023 2022
£    £   
Finished goods and goods for
resale 44,711 85,291

Artcoustic (U.K.) Limited (Registered number: 04595098)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 89,712 49,585
Amounts owed by group undertakings 134,791 97,850
Other debtors 16,920 -
Tax 20,301 -
Prepayments 8,812 17,465
270,536 164,900

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 21,479 21,243
Amounts owed to group undertakings 44,930 1,672
Tax - 20,841
Directors current account 38,241 -
VAT 28,756 39,839
Accruals 50,935 79,123
184,341 162,718

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

12. RESERVES
Retained
earnings
£   

At 1 January 2023 356,886
Deficit for the year (75,650 )
At 31 December 2023 281,236

Artcoustic (U.K.) Limited (Registered number: 04595098)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. CAPITAL COMMITMENTS

At 31 December 2023 the company had commitments under operating leases as set out below:

20232022
£   £   
Net amount payable:
Within one year28,20023,500
In the second to fifth year117,50061,100
After five years00
145,70084,600

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. PARENT UNDERTAKINGS AND RELATED PARTIES

The company's ultimate parent undertaking is Artcoustic International Limited, a company incorporated in England, copies of whose accounts may be obtained from the Companies House.

In the opinion of the directors there is no single ultimate controlling party