Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30No description of principal activity2023-01-01truefalsefalsetrue 11420808 2023-01-01 2024-06-30 11420808 2022-01-01 2022-12-31 11420808 2024-06-30 11420808 2022-12-31 11420808 c:Director1 2023-01-01 2024-06-30 11420808 d:CurrentFinancialInstruments 2024-06-30 11420808 d:CurrentFinancialInstruments 2022-12-31 11420808 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11420808 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11420808 d:ShareCapital 2024-06-30 11420808 d:ShareCapital 2022-12-31 11420808 d:RetainedEarningsAccumulatedLosses 2024-06-30 11420808 d:RetainedEarningsAccumulatedLosses 2022-12-31 11420808 c:FRS102 2023-01-01 2024-06-30 11420808 c:Audited 2023-01-01 2024-06-30 11420808 c:FullAccounts 2023-01-01 2024-06-30 11420808 c:PrivateLimitedCompanyLtd 2023-01-01 2024-06-30 11420808 c:SmallCompaniesRegimeForAccounts 2023-01-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 11420808









LOUD AUDIO UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
LOUD AUDIO UK LIMITED
REGISTERED NUMBER:11420808

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June
31 December
2024
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
156,842
119,877

Creditors: Amounts Falling Due Within One Year
 5 
(55,281)
(53,503)

  

Net assets
  
101,561
66,374


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
101,560
66,373

Shareholders' funds
  
101,561
66,374


The Company's financial statements have been prepared and 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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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

22 August 2024.




A W Nelson
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
LOUD AUDIO UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Loud Audio UK Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 11420808). The registered office address is 45 Gresham Street, London, EC2V 7BG.

The period of accounts is 18 months having been extended to 30 June 2024 in order to align with the wider group.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company continues to rely entirely on Loud Audio LLC, its parent company, for provision of treasury and banking facilities;  and for the continuation of the agreement to provide services at  a pre agreed mark up on costs. In order to support the going concern assumption, the director has obtained parent company confirmation of its intention to continue providing the aforementioned facilities.
Whilst currently there is no indication that assistance from the parent company would be withdrawn, in practical terms the Company cannot obligate the parent company to continue to provide these facilities should the parent company so desire to remove it.
The director of the Company has also reviewed the financial status of the parent and its    relevant forecasts and therefore they are able to assess that the parent is able to meet the company’s liabilities as they fall due for at least 12 months from the date of approval of the accounts. Based on the above the director believes that it is appropriate to consider the Company a going concern being a period of at least 12 months from the date of approval of the audit report.

  
2.3

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. 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.

Page 2

 
LOUD AUDIO UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.4

Turnover

Turnover comprises recharges made to group entities in respect of all expenses which are charged at a premium to its parent company.

 
2.5

Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and  measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less    and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a  financial liability and an equity instrument. An equity instrument is any contract that evidences     a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.. 

  
2.6

Taxation

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 reporting date in the countries where the Company operates and generates income.

  
2.7

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.


Employees

The average monthly number of employees during the period was 2 (2022 - 2).

Page 3

 
LOUD AUDIO UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Debtors

30 June
31 December
2024
2022
£
£


Amounts owed by group undertakings
156,841
118,585

Other debtors
1
1,292

156,842
119,877



5.


Creditors: Amounts falling due within one year

30 June
31 December
2024
2022
£
£

Trade creditors
7,592
2,291

Corporation tax
5,461
17,486

Accruals and deferred income
42,228
33,726

55,281
53,503



6.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


7.


Controlling party

The Company's immediate parent undertaking is Loud Audio LLC, it's registered office address is 19820 N Creek Pkwy, Bothell, Washington, 98011, United States of America.
The ultimate controlling party is Freedman Electronics Pty Ltd, which is registered in Australia.


8.


Auditor's information

The auditor's report on the financial statements for the period ended 30 June 2024 was unqualified.

The audit report was signed on 22 August 2024 by Peter Key (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 4