Sound Framing Ltd 10768418 false 2023-06-01 2024-03-31 2024-03-31 The principal activity of the company is framing services Digita Accounts Production Advanced 6.30.9574.0 true true 10768418 2023-06-01 2024-03-31 10768418 2024-03-31 10768418 bus:OrdinaryShareClass1 2024-03-31 10768418 core:CurrentFinancialInstruments 2024-03-31 10768418 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10768418 core:FurnitureFittingsToolsEquipment 2024-03-31 10768418 bus:SmallEntities 2023-06-01 2024-03-31 10768418 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-03-31 10768418 bus:FilletedAccounts 2023-06-01 2024-03-31 10768418 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-03-31 10768418 bus:RegisteredOffice 2023-06-01 2024-03-31 10768418 bus:Director1 2023-06-01 2024-03-31 10768418 bus:OrdinaryShareClass1 2023-06-01 2024-03-31 10768418 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-03-31 10768418 core:FurnitureFittings 2023-06-01 2024-03-31 10768418 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-03-31 10768418 core:PlantMachinery 2023-06-01 2024-03-31 10768418 countries:EnglandWales 2023-06-01 2024-03-31 10768418 2023-05-31 10768418 core:FurnitureFittingsToolsEquipment 2023-05-31 10768418 2022-06-01 2023-05-31 10768418 2023-05-31 10768418 bus:OrdinaryShareClass1 2023-05-31 10768418 core:CurrentFinancialInstruments 2023-05-31 10768418 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10768418 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10768418

Sound Framing Ltd

Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 31 March 2024

 

Sound Framing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Sound Framing Ltd

Company Information

Director

D White

Registered office

Unit 58-59,
Faraday Mill Business Park,
Plymouth
PL4 0ST

Accountants

Herbert Lewis Williams & Associates Limited
Chartered Certified Accountants
Leigh Court Business Centre
Abbots Leigh
Bristol
BS8 3RA

 

Sound Framing Ltd

(Registration number: 10768418)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14

455

Current assets

 

Stocks

5

2,000

2,000

Debtors

6

1,493

1,316

Cash at bank and in hand

 

3,832

169

 

7,325

3,485

Creditors: Amounts falling due within one year

7

(42,676)

(36,869)

Net current liabilities

 

(35,351)

(33,384)

Net liabilities

 

(35,337)

(32,929)

Capital and reserves

 

Called up share capital

8

2

2

Capital redemption reserve

3

3

Retained earnings

(35,342)

(32,934)

Shareholders' deficit

 

(35,337)

(32,929)

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period 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 Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

.........................................
D White
Director

 

Sound Framing Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

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:
Unit 58-59,
Faraday Mill Business Park,
Plymouth
PL4 0ST

These financial statements were authorised for issue by the director on 23 August 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

The financial statements have been prepared on a going concern basis.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Sound Framing Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

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

Plant & Machinery

Straight line - 15%

Fixtures & Fittings

Straight line - 15%

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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

 

Sound Framing Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

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 profit and loss account 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2023 - 2).

 

Sound Framing Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

16,890

16,890

At 31 March 2024

16,890

16,890

Depreciation

At 1 June 2023

16,435

16,435

Charge for the period

441

441

At 31 March 2024

16,876

16,876

Carrying amount

At 31 March 2024

14

14

At 31 May 2023

455

455

5

Stocks

2024
£

2023
£

Other inventories

2,000

2,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,493

628

Prepayments

-

688

 

1,493

1,316

 

Sound Framing Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

7,700

Trade creditors

 

-

77

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8,129

-

Taxation and social security

 

293

97

Accruals and deferred income

 

1,200

483

Other creditors

 

33,054

28,512

 

42,676

36,869

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

7,700