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Registered number: 03686417
King Sound Reinforcement Ltd.
Unaudited Financial Statements
For The Year Ended 31 March 2024
Halcyon Accountancy
Chartered Certified Accountants
26 Coltsfoot Road
Ware
Hertfordshire
SG12 7NW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03686417
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,714,011 1,536,826
1,714,011 1,536,826
CURRENT ASSETS
Stocks 5 - 1,190
Debtors 6 93,259 97,001
Cash at bank and in hand 57,363 41,676
150,622 139,867
Creditors: Amounts Falling Due Within One Year 7 (195,244 ) (127,578 )
NET CURRENT ASSETS (LIABILITIES) (44,622 ) 12,289
TOTAL ASSETS LESS CURRENT LIABILITIES 1,669,389 1,549,115
Creditors: Amounts Falling Due After More Than One Year 8 (191,601 ) (257,676 )
NET ASSETS 1,477,788 1,291,439
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 1,477,786 1,291,437
SHAREHOLDERS' FUNDS 1,477,788 1,291,439
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Page 2
For the year ending 31 March 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul King
Director
8 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
King Sound Reinforcement Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03686417 . The registered office is Unit 22, Barton Hill Trading Estate, Barton Hill, Bristol, BS5 9RD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Motor Vehicles 14% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 1,518,958 111,368 1,630,326
Additions 170,620 26,200 196,820
As at 31 March 2024 1,689,578 137,568 1,827,146
Depreciation
As at 1 April 2023 54,433 39,067 93,500
Provided during the period 236 19,399 19,635
As at 31 March 2024 54,669 58,466 113,135
Net Book Value
As at 31 March 2024 1,634,909 79,102 1,714,011
As at 1 April 2023 1,464,525 72,301 1,536,826
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 262,200 173,855
Motor Vehicles 27,559 43,087
289,759 216,942
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5. Stocks
2024 2023
£ £
Materials - 1,190
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 38,521 42,263
Other debtors 54,738 54,738
93,259 97,001
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 58,149 44,486
Trade creditors 19,291 2,891
Bank loans and overdrafts 62,272 62,272
Other taxes and social security 2,026 779
VAT 33,049 15,810
Accruals and deferred income 19,788 475
Directors' loan accounts 669 865
195,244 127,578
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 119,723 123,511
Bank loans 71,878 134,165
191,601 257,676
Bank loans included in creditors are unsecured.
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 58,149 44,486
Later than one year and not later than five years 119,723 123,511
177,872 167,997
177,872 167,997
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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