14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 23,832 23,832 xbrli:pure xbrli:shares iso4217:GBP 04918777 2023-01-01 2023-12-31 04918777 2023-12-31 04918777 2022-12-31 04918777 2022-01-01 2022-12-31 04918777 2022-12-31 04918777 2021-12-31 04918777 core:NetGoodwill 2023-01-01 2023-12-31 04918777 core:LandBuildings 2023-01-01 2023-12-31 04918777 core:FurnitureFittings 2023-01-01 2023-12-31 04918777 bus:Director1 2023-01-01 2023-12-31 04918777 core:NetGoodwill 2023-12-31 04918777 core:LandBuildings 2022-12-31 04918777 core:FurnitureFittings 2022-12-31 04918777 core:LandBuildings 2023-12-31 04918777 core:FurnitureFittings 2023-12-31 04918777 core:WithinOneYear 2023-12-31 04918777 core:WithinOneYear 2022-12-31 04918777 core:AfterOneYear 2022-12-31 04918777 core:UKTax 2023-01-01 2023-12-31 04918777 core:UKTax 2022-01-01 2022-12-31 04918777 core:ShareCapital 2023-12-31 04918777 core:ShareCapital 2022-12-31 04918777 core:RetainedEarningsAccumulatedLosses 2023-12-31 04918777 core:RetainedEarningsAccumulatedLosses 2022-12-31 04918777 core:MoreThanFiveYears 2023-12-31 04918777 core:MoreThanFiveYears 2022-12-31 04918777 core:FurnitureFittings 2022-12-31 04918777 bus:SmallEntities 2023-01-01 2023-12-31 04918777 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04918777 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04918777 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04918777 bus:FullAccounts 2023-01-01 2023-12-31 04918777 core:ComputerEquipment 2023-01-01 2023-12-31 04918777 core:ComputerEquipment 2022-12-31 04918777 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 04918777
SOUND TRADING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
SOUND TRADING LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
7
38,675
39,507
CURRENT ASSETS
Stocks
14,721
14,007
Debtors
8
664,598
525,893
Cash at bank and in hand
156,221
181,011
---------
---------
835,540
720,911
CREDITORS: amounts falling due within one year
9
( 308,107)
( 218,733)
---------
---------
NET CURRENT ASSETS
527,433
502,178
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
566,108
541,685
CREDITORS: amounts falling due after more than one year
10
( 37,000)
PROVISIONS
Taxation including deferred tax
( 7,348)
( 7,506)
---------
---------
NET ASSETS
558,760
497,179
---------
---------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
557,760
496,179
---------
---------
SHAREHOLDERS FUNDS
558,760
497,179
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SOUND TRADING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
S Allison
Director
Company registration number: 04918777
SOUND TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 - 5 Springfield Mount, Leeds, West Yorkshire, LS2 9NG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property Improvements
-
25% straight line
Fixtures & Fittings
-
25% straight line
Computer Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 14 (2022: 7 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
18,203
10,436
Deferred tax:
Origination and reversal of timing differences
( 158)
1,267
--------
--------
Tax on profit
18,045
11,703
--------
--------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
23,832
--------
Amortisation
At 1 January 2023 and 31 December 2023
23,832
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
--------
7. TANGIBLE ASSETS
Leasehold Property Improve -ments
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2023
302,985
586,491
42,728
932,204
Additions
21,555
21,555
---------
---------
--------
---------
At 31 December 2023
302,985
608,046
42,728
953,759
---------
---------
--------
---------
Depreciation
At 1 January 2023
302,985
548,288
41,424
892,697
Charge for the year
21,618
769
22,387
---------
---------
--------
---------
At 31 December 2023
302,985
569,906
42,193
915,084
---------
---------
--------
---------
Carrying amount
At 31 December 2023
38,140
535
38,675
---------
---------
--------
---------
At 31 December 2022
38,203
1,304
39,507
---------
---------
--------
---------
8. DEBTORS
2023
2022
£
£
Trade debtors
6,687
8,524
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50,000
Other debtors
607,911
517,369
---------
---------
664,598
525,893
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,800
Trade creditors
34,497
30,475
Corporation tax
18,203
10,436
Social security and other taxes
48,561
46,717
Amounts owed to related companies
20,000
Other creditors
186,846
116,305
---------
---------
308,107
218,733
---------
---------
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,000
----
--------
11. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
50,000
50,000
--------
--------