Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity2truetruefalse 13062946 2023-01-01 2023-12-31 13062946 2022-01-01 2022-12-31 13062946 2023-12-31 13062946 2022-12-31 13062946 2022-01-01 13062946 c:Director1 2023-01-01 2023-12-31 13062946 d:MotorVehicles 2023-01-01 2023-12-31 13062946 d:OfficeEquipment 2023-01-01 2023-12-31 13062946 d:OfficeEquipment 2023-12-31 13062946 d:OfficeEquipment 2022-12-31 13062946 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13062946 d:ComputerEquipment 2023-01-01 2023-12-31 13062946 d:ComputerEquipment 2023-12-31 13062946 d:ComputerEquipment 2022-12-31 13062946 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13062946 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 13062946 d:OtherPropertyPlantEquipment 2023-12-31 13062946 d:OtherPropertyPlantEquipment 2022-12-31 13062946 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13062946 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13062946 d:Goodwill 2023-01-01 2023-12-31 13062946 d:Goodwill 2023-12-31 13062946 d:Goodwill 2022-12-31 13062946 d:CurrentFinancialInstruments 2023-12-31 13062946 d:CurrentFinancialInstruments 2022-12-31 13062946 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13062946 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13062946 d:ShareCapital 2023-12-31 13062946 d:ShareCapital 2022-12-31 13062946 d:RetainedEarningsAccumulatedLosses 2023-12-31 13062946 d:RetainedEarningsAccumulatedLosses 2022-12-31 13062946 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 13062946 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13062946 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13062946 c:OrdinaryShareClass1 2023-12-31 13062946 c:OrdinaryShareClass1 2022-12-31 13062946 c:FRS102 2023-01-01 2023-12-31 13062946 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13062946 c:FullAccounts 2023-01-01 2023-12-31 13062946 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13062946 2 2023-01-01 2023-12-31 13062946 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 13062946 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13062946










SOUND FOWNDATIONS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SOUND FOWNDATIONS LTD
REGISTERED NUMBER: 13062946

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
52,500
60,000

Tangible assets
 5 
23,181
15,422

  
75,681
75,422

Current assets
  

Stocks
 6 
146,645
165,810

Debtors: amounts falling due within one year
 7 
65,571
106,453

Cash at bank and in hand
  
43,275
21,776

  
255,491
294,039

Current Liability
  

Creditors: amounts falling due within one year
 8 
(245,700)
(277,503)

Net current assets
  
 
 
9,791
 
 
16,536

Total assets less current liabilities
  
85,472
91,958

Deferred tax
 9 
(5,796)
(3,856)

  
 
 
(5,796)
 
 
(3,856)

Net assets
  
79,676
88,102


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
79,576
88,002

  
79,676
88,102


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
SOUND FOWNDATIONS LTD
REGISTERED NUMBER: 13062946

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C T Green
Director

Date: 17 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sound Fowndations Ltd is a private company limited by share capital and incorporated in England and Wales.
The company's registered office address is Unit 3a Vulcan House, Calleva Park, Aldermaston, Reading, Berkshire, RG7 8PA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for services during the year, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 4

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Office equipment
-
20%
Computer equipment
-
20%
Demonstration equipment
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employee

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets



Goodwill

£



Cost


At 1 January 2023
75,000



At 31 December 2023

75,000



Amortisation


At 1 January 2023
15,000


Charge for the year on owned assets
7,500



At 31 December 2023

22,500



Net book value



At 31 December 2023
52,500



Page 7

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Demonstration equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
182
5,028
13,512
18,722


Additions
-
-
11,279
11,279



At 31 December 2023

182
5,028
24,791
30,001



Depreciation


At 1 January 2023
92
1,857
1,351
3,300


Charge for the year on owned assets
36
1,005
2,479
3,520



At 31 December 2023

128
2,862
3,830
6,820



Net book value



At 31 December 2023
54
2,166
20,961
23,181

Page 8

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Stock
100,717
119,882

Demonstration stock
45,928
45,928

146,645
165,810



7.


Debtors

2023
2022
£
£

Trade debtors
62,571
95,658

Other debtors
3,000
3,000

Prepayments and accrued income
-
7,795

65,571
106,453



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
7,554
33,797

Corporation tax
26,338
39,810

Other taxation and social security
33,862
53,704

Other creditors
144,978
126,864

Accruals and deferred income
32,968
23,328

245,700
277,503


Page 9

 
SOUND FOWNDATIONS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(3,856)
(552)


Charged to profit or loss
(1,940)
(3,304)



At end of year
(5,796)
(3,856)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,796)
(3,856)

(5,796)
(3,856)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100



11.


Related party transactions

At the balance sheet date amounts payable to directors were £144,978 (2022: £126,864).


Page 10