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REGISTERED NUMBER: 10741735 (England and Wales)




















Financial Statements

for the Year Ended 31 December 2023

for

Audience Upholstery Ltd

Audience Upholstery Ltd (Registered number: 10741735)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Audience Upholstery Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs K Arita
S Fukasawa
G Pillinger





SECRETARY: S Edgeworth





REGISTERED OFFICE: 19b Washington Road
West Wilts Trading Estate
Westbury
BA13 4JP





REGISTERED NUMBER: 10741735 (England and Wales)

Audience Upholstery Ltd (Registered number: 10741735)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 11,428 19,705

CURRENT ASSETS
Stocks 74,675 57,428
Debtors 6 50,781 75,811
Cash at bank 46,472 4,953
171,928 138,192
CREDITORS
Amounts falling due within one year 7 311,906 326,985
NET CURRENT LIABILITIES (139,978 ) (188,793 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(128,550

)

(169,088

)

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings (138,550 ) (179,088 )
(128,550 ) (169,088 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





G Pillinger - Director


Audience Upholstery Ltd (Registered number: 10741735)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Audience Upholstery 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Functional and presentation currency
The company's functional and presentation currency is Sterling (£).

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised to write off the cost of valuation of the assets less their residual values over their useful lives on the following basis:

Short leasehold- over the remaining life of the lease
Plant and machinery- 25% reducing balance
Fixtures and fittings- 25% reducing balance
Computer equipment- 25% on straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. And is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.


Audience Upholstery Ltd (Registered number: 10741735)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they Will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are Offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Hire purchase and leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 38,038 39,092 19,751 96,881
DEPRECIATION
At 1 January 2023 33,571 29,914 13,691 77,176
Charge for year 4,467 2,295 1,515 8,277
At 31 December 2023 38,038 32,209 15,206 85,453
NET BOOK VALUE
At 31 December 2023 - 6,883 4,545 11,428
At 31 December 2022 4,467 9,178 6,060 19,705

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,557 5,090
Other debtors - 4,123
Deferred tax asset 44,533 58,462
Prepayments and accrued income 3,691 8,136
50,781 75,811

Audience Upholstery Ltd (Registered number: 10741735)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 26,920 61,984
Amounts owed to group undertakings 174,974 98,971
Social security and other taxes 5,957 4,691
Other creditors 3,014 1,104
Accruals and deferred income 101,041 160,235
311,906 326,985

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 28,700 10,500
Between one and five years 100,450 -
129,150 10,500

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Longmore (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

10. ULTIMATE CONTROLLING PARTY

The immediate parent company during the year was Audience Systems Limited, a company registered in
the United Kingdom.

The ultimate parent company is Kotobuki Holdings Co. Limited, a company registered in Japan and controlled by members of the Fukasawa family.

Group accounts are drawn up by Audience Systems Limited. Copies of the parent company's accounts can be obtained from 19b Washington Road, West Wilts Trading Estate, Westbury, BA13 4JP.