Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr D A Henshaw 18/01/2013 Mr M A Lipington 07/11/2003 Mr J L Wagstaff 16/12/2003 22 August 2024 The principal activity of the Company during the financial year was that of supply of stringed musical instruments and accessories. 03100243 2023-12-31 03100243 bus:Director1 2023-12-31 03100243 bus:Director2 2023-12-31 03100243 bus:Director3 2023-12-31 03100243 2022-12-31 03100243 core:CurrentFinancialInstruments 2023-12-31 03100243 core:CurrentFinancialInstruments 2022-12-31 03100243 core:Non-currentFinancialInstruments 2023-12-31 03100243 core:Non-currentFinancialInstruments 2022-12-31 03100243 core:ShareCapital 2023-12-31 03100243 core:ShareCapital 2022-12-31 03100243 core:RetainedEarningsAccumulatedLosses 2023-12-31 03100243 core:RetainedEarningsAccumulatedLosses 2022-12-31 03100243 core:Goodwill 2022-12-31 03100243 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03100243 core:Goodwill 2023-12-31 03100243 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03100243 core:LandBuildings 2022-12-31 03100243 core:PlantMachinery 2022-12-31 03100243 core:Vehicles 2022-12-31 03100243 core:FurnitureFittings 2022-12-31 03100243 core:LandBuildings 2023-12-31 03100243 core:PlantMachinery 2023-12-31 03100243 core:Vehicles 2023-12-31 03100243 core:FurnitureFittings 2023-12-31 03100243 2023-01-01 2023-12-31 03100243 bus:FilletedAccounts 2023-01-01 2023-12-31 03100243 bus:SmallEntities 2023-01-01 2023-12-31 03100243 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03100243 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03100243 bus:Director1 2023-01-01 2023-12-31 03100243 bus:Director2 2023-01-01 2023-12-31 03100243 bus:Director3 2023-01-01 2023-12-31 03100243 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 03100243 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-01-01 2023-12-31 03100243 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 03100243 core:PlantMachinery 2023-01-01 2023-12-31 03100243 core:Vehicles 2023-01-01 2023-12-31 03100243 core:FurnitureFittings 2023-01-01 2023-12-31 03100243 2022-01-01 2022-12-31 03100243 core:LandBuildings 2023-01-01 2023-12-31 03100243 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 03100243 (England and Wales)

THE SOUND POST LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THE SOUND POST LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE SOUND POST LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
THE SOUND POST LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr D A Henshaw
Mr M A Lipington
Mr J L Wagstaff
REGISTERED OFFICE Jocelyn House 2d Newopaul Way
Warminster Business Park
Warminster
BA12 8RY
United Kingdom
COMPANY NUMBER 03100243 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
THE SOUND POST LIMITED

BALANCE SHEET

As at 31 December 2023
THE SOUND POST LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 911,886 932,485
911,886 932,485
Current assets
Stocks 1,411,869 1,137,569
Debtors 5 242,184 415,986
Cash at bank and in hand 306,918 304,891
1,960,971 1,858,446
Creditors: amounts falling due within one year 6 ( 428,394) ( 411,022)
Net current assets 1,532,577 1,447,424
Total assets less current liabilities 2,444,463 2,379,909
Creditors: amounts falling due after more than one year 7 ( 123,275) ( 157,087)
Provision for liabilities ( 41,854) ( 44,767)
Net assets 2,279,334 2,178,055
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,279,234 2,177,955
Total shareholder's funds 2,279,334 2,178,055

For the financial 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.

Directors' responsibilities:

The financial statements of The Sound Post Limited (registered number: 03100243) were approved and authorised for issue by the Board of Directors on 22 August 2024. They were signed on its behalf by:

Mr M A Lipington
Director
THE SOUND POST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE SOUND POST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Sound Post Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Jocelyn House 2d Newopaul Way, Warminster Business Park, Warminster, BA12 8RY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Seperately acquired trademarks and licences are shown at historical cost.

Trademarks, licenses (including software) and customer-related intangible assets acquired in business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Trademarks, patents and licences 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 the are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 12

3. Intangible assets

Goodwill Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 January 2023 34,500 17,530 52,030
At 31 December 2023 34,500 17,530 52,030
Accumulated amortisation
At 01 January 2023 34,500 17,530 52,030
At 31 December 2023 34,500 17,530 52,030
Net book value
At 31 December 2023 0 0 0
At 31 December 2022 0 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 964,269 139,040 45,361 4,657 1,153,327
Additions 0 0 0 1,358 1,358
At 31 December 2023 964,269 139,040 45,361 6,015 1,154,685
Accumulated depreciation
At 01 January 2023 68,740 114,708 35,501 1,893 220,842
Charge for the financial year 13,800 4,866 2,466 825 21,957
At 31 December 2023 82,540 119,574 37,967 2,718 242,799
Net book value
At 31 December 2023 881,729 19,466 7,394 3,297 911,886
At 31 December 2022 895,529 24,332 9,860 2,764 932,485

5. Debtors

2023 2022
£ £
Trade debtors 174,588 172,187
Other debtors 67,596 243,799
242,184 415,986

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 37,102 40,392
Trade creditors 54,452 60,885
Amounts owed to Group undertakings 5,770 5,770
Taxation and social security 249,631 217,943
Other creditors 81,439 86,032
428,394 411,022

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 123,275 157,087

The amounts included above are secured by way of a fixed charge on the property owned by the company.

8. Related Party Transactions

Director - D Henshaw

2023 2022
£ £
Brought forward 3,356 3,356
Advanced to directors 29,849 636
Repayment by directors (7,696) (636)
25,509 3,356

Director - M A Lipington

2023 2022
£ £
Brought forward 10,256 10,516
Advanced to directors 19,443 1,101
Repayment by directors (17,514) (1,361)
12,185 10,256

Loans to Directors are subject to interest at 2.5% per annum and are repayable on demand.