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COMPANY REGISTRATION NUMBER: 00801901
D & M Audiovisual Limited
Financial Statements
Period ending
31 December 2023
D & M Audiovisual Limited
Financial Statements
Period from 1 April 2023 to 31 December 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
D & M Audiovisual Limited
Officers and Professional Advisers
The board of directors
M Young (Resigned 14 April 2023)
J E H Dear
D R Sheen (Resigned 9 August 2024)
P K Hataishi (Appointed 9 May 2023)
Registered office
Dale Road
Worthing
West Sussex
BN11 2BH
Auditor
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
Bankers
JP Morgan Chase Bank
1 Chaseside
Bournemouth
Dorset
BH7 7DA
D & M Audiovisual Limited
Strategic Report
Period from 1 April 2023 to 31 December 2023
Principal activities and fair review
The principal activity of the company during the year continued to be the wholesale distribution of high-quality audio-visual products from Denon, Marantz, Bowers & Wilkins & associated brands. In April 2022 Sound United was acquired by Masimo and the Masimo Consumer division was formed. We continued in 2023 with further integration which will lead to a more broader product portfolio and further improvement of processes. The last 9 months has seen significant disruption at a macro level, with the Russia/Ukraine conflict and an instable situation in the middle east. Topics like high inflation, low consumer confidence and a much-reported cost of living impact in the UK are continuing in 2023. Based on the reason mentioned above, the business starts to show a decline in sales, but we continue to gain market share across nearly all categories. We took significant strides in our key strategic categories, Headphones & Denon Wireless Multiroom, growing our market share in both categories by working with our key retail partners, investing in branded retail/online space and advertising, resulting in over-delivering budgeted targets both top and bottom line. Looking ahead we are aiming to consolidate our position in the core hi-fi/AV categories to ride the current market challenges, focusing on the high-end range growth and retain our margin goals in the category. We will continue to build on our momentum in our growth categories of Headphones (Both Bowers and Wilkins and Denon) and Denon Wireless Multiroom as well as ramp up our Custom Install presence with our strategic partner to build a healthy business for the future. As last year we are anticipating a decline in Soundbars, in keeping with the total market situation, however we continue to grow our market share in the category to offset some of the decline.
Financial risk management objectives and policies
The company is at an advantage in its management of risk as it is supported by its European parent company and its ultimate holding company. Foreign currency exposure, credit risk, the competitive global market and the changes in technology have all provided challenges.
This report was approved by the board of directors on 25 September 2024 and signed on behalf of the board by:
J E H Dear
Director
Registered office:
Dale Road
Worthing
West Sussex
BN11 2BH
D & M Audiovisual Limited
Directors' Report
Period from 1 April 2023 to 31 December 2023
The directors present their report and the financial statements of the company for the period ended 31 December 2023 .
Directors
The directors who served the company during the period were as follows:
J E H Dear
D R Sheen
P K Hataishi
(Appointed 9 May 2023)
M Young
(Resigned 14 April 2023)
Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the directors have set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 25 September 2024 and signed on behalf of the board by:
J E H Dear
Director
Registered office:
Dale Road
Worthing
West Sussex
BN11 2BH
D & M Audiovisual Limited
Independent Auditor's Report to the Members of D & M Audiovisual Limited
Period from 1 April 2023 to 31 December 2023
Opinion
We have audited the financial statements of D & M Audiovisual Limited (the 'company') for the period ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. - Identified laws and regulations were communicated with the audit team regularly and the team remained alert of instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by; - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations To address the risk of fraud through management bias and override of controls, we; - Performed analytical procedures to identify any unusual or unexpected relationships - Tested journal entries to identify unusual transactions - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. - Investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation - Enquiring of management as to actual and potential litigation and claims Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
S P Martin
(Senior Statutory Auditor)
For and on behalf of
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
26 September 2024
D & M Audiovisual Limited
Statement of Income and Retained Earnings
Period from 1 April 2023 to 31 December 2023
Period from
1 Apr 23 to
Year to
31 Dec 23
31 Mar 23
Note
£
£
Turnover
4
18,978,186
31,457,703
Cost of sales
16,939,290
27,884,108
-------------
-------------
Gross profit
2,038,896
3,573,595
Distribution costs
687,952
952,553
Administrative expenses
1,191,165
1,790,548
------------
------------
Operating profit
5
159,779
830,494
Other interest receivable and similar income
7
15,257
Interest payable and similar expenses
8
2,115
------------
------------
Profit before taxation
157,664
845,751
Tax on profit
9
( 45,700)
281,472
---------
---------
Profit for the financial period and total comprehensive income
203,364
564,279
---------
---------
Retained losses at the start of the period
( 451,002)
( 1,015,281)
---------
------------
Retained losses at the end of the period
( 247,638)
( 451,002)
---------
------------
All the activities of the company are from continuing operations.
D & M Audiovisual Limited
Statement of Financial Position
31 December 2023
31 Dec 23
31 Mar 23
Note
£
£
£
£
Current assets
Stocks
10
264,571
368,938
Debtors
11
6,087,572
8,201,398
Cash at bank and in hand
2,406,321
1,399,795
------------
------------
8,758,464
9,970,131
Creditors: amounts falling due within one year
12
3,987,831
5,402,862
------------
------------
Net current assets
4,770,633
4,567,269
------------
------------
Total assets less current liabilities
4,770,633
4,567,269
Creditors: amounts falling due after more than one year
13
2,000,000
2,000,000
------------
------------
Net assets
2,770,633
2,567,269
------------
------------
Capital and reserves
Called up share capital
15
3,018,271
3,018,271
Profit and loss account
16
( 247,638)
( 451,002)
------------
------------
Shareholders funds
2,770,633
2,567,269
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
J E H Dear
Director
Company registration number: 00801901
D & M Audiovisual Limited
Statement of Cash Flows
Period from 1 April 2023 to 31 December 2023
31 Dec 23
31 Mar 23
£
£
Cash flows from operating activities
Profit for the financial period
203,364
564,279
Adjustments for:
Other interest receivable and similar income
( 15,257)
Interest payable and similar expenses
2,115
Tax on profit
(45,700)
277,572
Accrued expenses/(income)
85,732
( 59,295)
Changes in:
Stocks
104,367
( 119,048)
Trade and other debtors
2,113,826
1,067,945
Trade and other creditors
150,671
( 277,645)
------------
------------
Cash generated from operations
2,614,375
1,438,551
Interest paid
( 2,115)
Interest received
15,257
Tax paid
( 63,000)
( 122,359)
------------
------------
Net cash from operating activities
2,549,260
1,331,449
------------
------------
Cash flows from financing activities
Proceeds from loans from group undertakings
( 1,542,734)
( 1,060,896)
------------
------------
Net cash used in financing activities
( 1,542,734)
( 1,060,896)
------------
------------
Net increase in cash and cash equivalents
1,006,526
270,553
Cash and cash equivalents at beginning of period
1,399,795
1,129,242
------------
------------
Cash and cash equivalents at end of period
2,406,321
1,399,795
------------
------------
D & M Audiovisual Limited
Notes to the Financial Statements
Period from 1 April 2023 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dale Road, Worthing, West Sussex, BN11 2BH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Provisions
Provisions for warranties are recognised for the best estimate of the cost of making good under warranty products sold before the balance sheet date.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the company's parent company. It has expressed its willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the amounts derived from the provision of goods and services to customers which fall within the company's ordinary activities, after the deduction of trade discounts and value added tax. Turnover is recognised at the time of delivery.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Turnover
Turnover arises from:
Period from
1 Apr 23 to
Year to
31 Dec 23
31 Mar 23
£
£
Sale of goods
18,978,186
31,457,703
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
1 Apr 23 to
Year to
31 Dec 23
31 Mar 23
£
£
Foreign exchange differences
1,228
( 4,962)
Fees payable for the audit of the financial statements
24,000
3,750
--------
-------
6. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
31 Dec 23
31 Mar 23
No.
No.
Administrative staff
4
4
Number of marketing & distribution
8
8
----
----
12
12
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
1 Apr 23 to
Year to
31 Dec 23
31 Mar 23
£
£
Wages and salaries
890,824
1,408,711
Social security costs
84,130
96,571
Other pension costs
29,853
38,041
------------
------------
1,004,807
1,543,323
------------
------------
7. Other interest receivable and similar income
Period from
1 Apr 23 to
Year to
31 Dec 23
31 Mar 23
£
£
Interest on cash and cash equivalents
15,257
----
--------
8. Interest payable and similar expenses
Period from
1 Apr 23 to
Year to
31 Dec 23
31 Mar 23
£
£
Interest due to group undertakings
2,115
-------
----
9. Tax on profit
Major components of tax (income)/expense
Period from
1 Apr 23 to
Year to
31 Dec 23
31 Mar 23
£
£
Current tax:
UK current tax expense
53,372
254,284
Adjustments in respect of prior periods
( 99,072)
23,288
--------
---------
Total current tax
( 45,700)
277,572
--------
---------
Deferred tax:
Origination and reversal of timing differences
3,900
--------
---------
Tax on profit
( 45,700)
281,472
--------
---------
10. Stocks
31 Dec 23
31 Mar 23
£
£
Finished goods
264,571
368,938
---------
---------
11. Debtors
31 Dec 23
31 Mar 23
£
£
Trade debtors
5,136,085
4,791,307
Amounts owed by group undertakings
876,105
3,406,130
Prepayments and accrued income
75,382
3,961
------------
------------
6,087,572
8,201,398
------------
------------
12. Creditors: amounts falling due within one year
31 Dec 23
31 Mar 23
£
£
Trade creditors
84,648
19,488
Amounts owed to group undertakings
2,274,781
3,817,515
Accruals and deferred income
290,813
205,081
Corporation tax
46,513
155,213
Social security and other taxes
984,566
852,802
Other creditors
306,510
352,763
------------
------------
3,987,831
5,402,862
------------
------------
13. Creditors: amounts falling due after more than one year
31 Dec 23
31 Mar 23
£
£
Shares classed as financial liabilities
2,000,000
2,000,000
------------
------------
The redeemable ordinary shares of £1 each are redeemable by the company at any time by giving not less than one months notice in writing. If not already done so, the company shall redeem the whole of the redeemable ordinary shares outstanding on 31 December 2050 or as soon thereafter as the company shall be able to comply with the statutory provision for the time being affecting such redemption.
14. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 29,853 (2023: £ 38,041 ).
15. Called up share capital
Authorised share capital
31 Dec 23
31 Mar 23
No.
£
No.
£
Ordinary shares of £ 1 each
3,100,000
3,100,000
3,100,000
3,100,000
Redeemable Ordinary shares of £ 1 each
2,000,000
2,000,000
2,000,000
2,000,000
------------
------------
------------
------------
5,100,000
5,100,000
5,100,000
5,100,000
------------
------------
------------
------------
Issued, called up and fully paid
31 Dec 23
31 Mar 23
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
3,018,271
3,018,271
3,018,271
3,018,271
------------
------------
------------
------------
Amounts presented in liabilities:
Redeemable Ordinary shares of £ 1 each
2,000,000
2,000,000
2,000,000
2,000,000
------------
------------
------------
------------
The redeemable ordinary shares of £1 each are redeemable by the company at any time by giving not less than one months notice in writing. If not already done so, the company shall redeem the whole of the redeemable ordinary shares outstanding on 31 December 2050 or as soon thereafter as the company shall be able to comply with the statutory provision for the time being affecting such redemption.
16. Reserves
The profit and loss account reserve is made up of accumulated retained earnings.
17. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
1,399,795
1,006,526
2,406,321
Debt due within one year
(3,817,515)
1,542,734
(2,274,781)
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------------
------------
( 2,417,720)
2,549,260
131,540
------------
------------
------------
D & M Audiovisual Limited
Notes to the Financial Statements (continued)
Period from 1 April 2023 to 31 December 2023
18. Charges on assets
In the previous year, charges 00801901 0023 and 00801901 10022 were satisfied in full. At the year end there were no outstanding charges.
19. Related party transactions
As the company is a wholly owned subsidiary of D & M Europe B.V., the company has taken advantage of the exemption not to disclose transactions or balances with entities which form part of the group. Group accounts can be obtained from Beemdstraat 11, Eindhoven, 5653 MA, Netherlands.
20. Controlling party
The ultimate parent company is Masimo. A company incorporated in North America.