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Company registration number: 11579698







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


NTI AUDIO UK LIMITED






































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NTI AUDIO UK LIMITED
REGISTERED NUMBER:11579698



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,616
3,218

  
3,616
3,218

Current assets
  

Stocks
  
99,408
136,363

Debtors: amounts falling due within one year
 5 
98,354
127,204

Cash at bank and in hand
  
59,172
106,239

  
256,934
369,806

Creditors: amounts falling due within one year
 6 
(90,540)
(245,825)

Net current assets
  
 
 
166,394
 
 
123,981

Total assets less current liabilities
  
170,010
127,199

Creditors: amounts falling due after more than one year
 7 
(120,523)
(68,279)

  

Net assets
  
49,487
58,920


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
49,387
58,820

  
49,487
58,920


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 on 27 September 2024.




D Zanatta
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


NTI AUDIO UK LIMITED
 


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

1.


General information

NTI Audio UK Limited 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 Companies Information page. 

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

Page 2

 


NTI AUDIO 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

 
2.8

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:

Office equipment
-
33%

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.

Page 3

 


NTI AUDIO UK LIMITED
 


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

2.Accounting policies (continued)

 
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 reporting 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

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

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


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
14,150
9,505
23,655


Additions
1,275
944
2,219


Disposals
-
(482)
(482)



At 31 December 2023

15,425
9,967
25,392



Depreciation


At 1 January 2023
14,149
6,288
20,437


Charge for the year on owned assets
265
1,557
1,822


Disposals
-
(483)
(483)



At 31 December 2023

14,414
7,362
21,776



Net book value



At 31 December 2023
1,011
2,605
3,616



At 31 December 2022
1
3,217
3,218

Page 4

 


NTI AUDIO UK LIMITED
 


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

5.


Debtors

2023
2022
£
£


Trade debtors
86,357
118,728

Other debtors
3,250
3,250

Prepayments
8,747
5,226

98,354
127,204



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,785
3,339

Amounts owed to group undertakings
65,797
195,728

Corporation tax
(4,958)
11,704

Other taxation and social security
3,963
29,579

Other creditors
860
1,104

Accruals and deferred income
15,093
4,371

90,540
245,825



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
120,523
68,279

120,523
68,279



8.


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
13,000
13,000

Later than 1 year and not later than 5 years
356
13,356

13,356
26,356

Page 5

 


NTI AUDIO UK LIMITED
 


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

9.


Controlling party

The ultimate controlling party is Indutrade AB. The company's Registered Office and the address from which consolidated accounts can be obtained is SE-16406, Kista, Sweden. This is the largest group in which the company's accounts are consolidated.
The parent undertaking is NTi Audio AG. The company's Registered Office and the address from which consolidated accounts can be obtained is 9494, Schaan, Liechtenstein. This is the smallest group in which the company's accounts are consolidated.


10.


Auditors' information

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

The audit report was signed on 9 October 2024 by James Fox ACA FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6