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REGISTERED NUMBER: 07552251 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

OCTAVE AUDIO LTD

OCTAVE AUDIO LTD (REGISTERED NUMBER: 07552251)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OCTAVE AUDIO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: T J Chester





SECRETARY: Mrs C Chester





REGISTERED OFFICE: Riverside House
3 Place Farm
Wheathampstead
Hertfordshire
AL4 8SB





REGISTERED NUMBER: 07552251 (England and Wales)





ACCOUNTANTS: Heartwood Accountants Limited
Riverside House
3 Place Farm
Wheathampstead
Hertfordshire
AL4 8SB

OCTAVE AUDIO LTD (REGISTERED NUMBER: 07552251)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,000 8,000
Tangible assets 5 6,040 11,062
13,040 19,062

CURRENT ASSETS
Debtors 6 446 7,002
Cash at bank and in hand 18,741 23,861
19,187 30,863
CREDITORS
Amounts falling due within one year 7 14,466 21,618
NET CURRENT ASSETS 4,721 9,245
TOTAL ASSETS LESS CURRENT LIABILITIES 17,761 28,307

CREDITORS
Amounts falling due after more than one year 8 (6,900 ) (11,500 )

PROVISIONS FOR LIABILITIES (367 ) (1,718 )
NET ASSETS 10,494 15,089

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 10,294 14,889
10,494 15,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OCTAVE AUDIO LTD (REGISTERED NUMBER: 07552251)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 August 2024 and were signed by:





T J Chester - Director


OCTAVE AUDIO LTD (REGISTERED NUMBER: 07552251)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Octave Audio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

OCTAVE AUDIO LTD (REGISTERED NUMBER: 07552251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 20,000
AMORTISATION
At 1 April 2023 12,000
Amortisation for year 1,000
At 31 March 2024 13,000
NET BOOK VALUE
At 31 March 2024 7,000
At 31 March 2023 8,000

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 5,049 13,171 18,220
DEPRECIATION
At 1 April 2023 3,030 4,128 7,158
Charge for year 1,010 4,012 5,022
At 31 March 2024 4,040 8,140 12,180
NET BOOK VALUE
At 31 March 2024 1,009 5,031 6,040
At 31 March 2023 2,019 9,043 11,062

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 7,002
Other debtors 352 -
VAT 94 -
446 7,002

OCTAVE AUDIO LTD (REGISTERED NUMBER: 07552251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 9) 4,600 4,600
Trade creditors 511 -
Tax 3,506 4,399
VAT - 5,117
Other creditors 2,598 1,286
Directors' current accounts 1,495 4,566
Accruals and deferred income 1,756 1,650
14,466 21,618

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 9) 6,900 11,500

Amounts falling due in more than five years:

Repayable by instalments
Bounce Back loan > 1yr 6,900 11,500

9. LOANS

The company took out a Bounce Back Loan in September 2020. The loan is interest free and repayment free for the first 12 months. Thereafter a rate of interest of 2.5% per annum will apply. The term of the loan is 6 years