2022-07-012023-06-302023-06-30false07579915SOUND ACHIEVEMENTS (YORKSHIRE) 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SOUND ACHIEVEMENTS (YORKSHIRE) LIMITED

Registered Number
07579915
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

SOUND ACHIEVEMENTS (YORKSHIRE) LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

KANJI, Rahim
VAIYA, Alnasir Fatehali

Registered Address

23 St Nicholas Place
Leicester
LE1 4LD

Registered Number

07579915 (England and Wales)
SOUND ACHIEVEMENTS (YORKSHIRE) LIMITED
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets314,08016,127
Tangible assets480,398101,671
94,478117,798
Current assets
Stocks513,96211,441
Debtors6290,299289,372
Cash at bank and on hand12,05075,730
316,311376,543
Creditors amounts falling due within one year7(359,784)(222,051)
Net current assets (liabilities)(43,473)154,492
Total assets less current liabilities51,005272,290
Creditors amounts falling due after one year8(143,958)(216,458)
Provisions for liabilities9(25,418)(25,418)
Net assets(118,371)30,414
Capital and reserves
Called up share capital1,0001,000
Share premium24,70024,700
Profit and loss account(144,071)4,714
Shareholders' funds(118,371)30,414
The financial statements were approved and authorised for issue by the Board of Directors on 14 October 2024, and are signed on its behalf by:
KANJI, Rahim
Director
VAIYA, Alnasir Fatehali
Director

Registered Company No. 07579915
SOUND ACHIEVEMENTS (YORKSHIRE) LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Goodwill amortised for 5 years straight line. Other Intangibles (legal fees) amortised for 10 years straight line.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Due to the covid-19 pandemic and the closure of businesses under UK Government legislation, the business utilized the Government Support schemes: the furlough scheme whereby the Government contributed towards the wage costs of the business, local grants awarded by local authorities and the Eat out to help Scheme. The amounts received are reported under other income in the financial statements. The income is reported in the period that the relief relates to. Other Operating Income The business received covid-19 government support in the financial year of: a local authority grant support total of £Nil (2022: £13,566).
2.Average number of employees

20232022
Average number of employees during the year4032
3.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 July 2242,50058,194100,694
At 30 June 2342,50058,194100,694
Amortisation and impairment
At 01 July 2242,50042,06784,567
Charge for year-2,0472,047
At 30 June 2342,50044,11486,614
Net book value
At 30 June 23-14,08014,080
At 30 June 22-16,12716,127
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 July 22333,352211,521544,873
Additions2,100-2,100
At 30 June 23335,452211,521546,973
Depreciation and impairment
At 01 July 22284,753158,449443,202
Charge for year10,10513,26823,373
At 30 June 23294,858171,717466,575
Net book value
At 30 June 2340,59439,80480,398
At 30 June 2248,59953,072101,671
5.Stocks

2023

2022

££
Raw materials and consumables13,96211,441
Total13,96211,441
6.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings256,683235,542
Other debtors19,38138,019
Prepayments and accrued income14,23515,811
Total290,299289,372
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables34,56045,101
Bank borrowings and overdrafts72,50072,500
Taxation and social security96,47037,928
Other creditors73,07627,115
Accrued liabilities and deferred income83,17839,407
Total359,784222,051
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts143,958216,458
Total143,958216,458
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)25,41825,418
Total25,41825,418
10.Directors advances, credits and guarantees
Included in other creditors is an amount of £35,700(2022: £Nil) which relates to directors Mr R Kanji and Mr A Vaiya.
11.Related party transactions
At the year-end, Amounts owed by/to group undertakings balance include £ 988(2022: £581) due from KIYT Limited , £29,874(2022: £29,894) due from Ravka Ltd, £232,133(2022: £232,133) due from Vaikan Ltd, £18,866(2022: £Nil) due from Worksop Sub2 Ltd, £27,066(2022: £27,066) due to Cathedral Square Ltd and £350(2022: £Nil) due to Cheapside LE1 Ltd, where Mr R Kanji or Mr A F Vaiya are also directors of the companies.