Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalse2023-01-01No description of principal activity3225true 03927604 2023-01-01 2023-12-31 03927604 2022-01-01 2022-12-31 03927604 2023-12-31 03927604 2022-12-31 03927604 2022-01-01 03927604 c:Director1 2023-01-01 2023-12-31 03927604 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03927604 d:Buildings d:ShortLeaseholdAssets 2023-12-31 03927604 d:Buildings d:ShortLeaseholdAssets 2022-12-31 03927604 d:FurnitureFittings 2023-01-01 2023-12-31 03927604 d:FurnitureFittings 2023-12-31 03927604 d:FurnitureFittings 2022-12-31 03927604 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03927604 d:OfficeEquipment 2023-01-01 2023-12-31 03927604 d:OfficeEquipment 2023-12-31 03927604 d:OfficeEquipment 2022-12-31 03927604 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03927604 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03927604 d:OtherPropertyPlantEquipment 2023-12-31 03927604 d:OtherPropertyPlantEquipment 2022-12-31 03927604 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03927604 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03927604 d:CurrentFinancialInstruments 2023-12-31 03927604 d:CurrentFinancialInstruments 2022-12-31 03927604 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03927604 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03927604 d:ShareCapital 2023-12-31 03927604 d:ShareCapital 2022-12-31 03927604 d:RetainedEarningsAccumulatedLosses 2023-12-31 03927604 d:RetainedEarningsAccumulatedLosses 2022-12-31 03927604 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03927604 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03927604 c:FRS102 2023-01-01 2023-12-31 03927604 c:Audited 2023-01-01 2023-12-31 03927604 c:FullAccounts 2023-01-01 2023-12-31 03927604 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03927604 d:WithinOneYear 2023-12-31 03927604 d:WithinOneYear 2022-12-31 03927604 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03927604 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03927604









L-ACOUSTICS UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
L-ACOUSTICS UK LIMITED
REGISTERED NUMBER: 03927604

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
311,149
123,618

  
311,149
123,618

Current assets
  

Debtors: amounts falling due within one year
 5 
361,715
507,530

Cash at bank and in hand
 6 
582,598
906,207

  
944,313
1,413,737

Creditors: amounts falling due within one year
 7 
(272,163)
(756,495)

Net current assets
  
 
 
672,150
 
 
657,242

Total assets less current liabilities
  
983,299
780,860

Provisions for liabilities
  

Deferred tax
 8 
(47,072)
(22,765)

  
 
 
(47,072)
 
 
(22,765)

Net assets
  
936,227
758,095


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Profit and loss account
  
931,227
753,095

  
936,227
758,095


Page 1

 
L-ACOUSTICS UK LIMITED
REGISTERED NUMBER: 03927604
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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.

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




................................................
H Guillaume
Director

Date: 25 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
L-ACOUSTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

L-Acoustic UK Limited is a private company limited by shares. The Company is incorporated in England and Wales and its registered address is Aston House, Cornwall Avenue, London, N3 1LF. The registered number is 03927604. Its place of business is 67 Southwood Land, London, N6 5EG. L-Acoustic UK Limited's principal activity is an acoustic system retailer that rents and sells sound systems.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been prepared in Pound Sterling, rounded to nearest £1.

The following principal accounting policies have been applied:

 
2.2

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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

Page 3

 
L-ACOUSTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

 
2.8

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.

Page 4

 
L-ACOUSTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance
Other fixed assets
-
25%
Reducing balance

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

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
L-ACOUSTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 25).

Page 6

 
L-ACOUSTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
-
559,897
102,855
40,407
703,159


Additions
60,287
92,802
29,657
45,826
228,572



At 31 December 2023

60,287
652,699
132,512
86,233
931,731



Depreciation


At 1 January 2023
-
480,858
65,493
33,188
579,539


Charge for the year on owned assets
-
25,410
11,789
3,844
41,043



At 31 December 2023

-
506,268
77,282
37,032
620,582



Net book value



At 31 December 2023
60,287
146,431
55,230
49,201
311,149



At 31 December 2022
-
79,038
37,361
7,219
123,618


5.


Debtors

2023
2022
£
£


Trade debtors
248,887
444,700

Other debtors
103,332
53,188

Prepayments and accrued income
9,496
9,642

361,715
507,530


Page 7

 
L-ACOUSTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
582,598
906,207

582,598
906,207



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
56,402
34,615

Amounts owed to group undertakings
-
571,784

Corporation tax
44,457
28,486

Other taxation and social security
120,471
81,133

Other creditors
34,833
22,526

Accruals and deferred income
16,000
17,951

272,163
756,495



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(22,765)
(24,616)


Charged to profit or loss
(24,307)
1,851



At end of year
(47,072)
(22,765)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(47,072)
(22,765)

(47,072)
(22,765)

Page 8

 
L-ACOUSTICS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £210,281 (2022 - £147,739). Contributions totalling £34,832 (2022 - £22,526) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
229,800

-
229,800

The Company has ongoing negotiation with the landlord for the extension of the lease agreement which ended last 31 December 2023.  The terms of the agreement have yet to be finalised at the date of approval of these financial statements.


11.


Related party transactions

The Company has taken advantage of exemptions available in FRS102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidary of the Group.
The Company paid rent of £229,800 (2022: £229,800) to Blububbles Limited. Blububbles Limited is controlled by C A A Heil, who is a common director.
At the balance sheet date, included in other debtors is a balance of £22,980 (2022: £22,980) due from Blububbles Limited.

12.


Controlling party

The immediate and ultimate parent company is L-Acoustics Group SAS, a company incorporated in France. The smallest and largest group in which the Company's results are included are the consolidated financial statements of L-Acoustics Group SAS, copies of which can be obtained from the registered office address of the parent company 13 Rue de Lavacher Cintrat, 91460 Marcoussus, France.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Alexander Chrysaphiades FCA (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 9