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REGISTERED NUMBER: 04649681 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

AUDIO 7 LIMITED

AUDIO 7 LIMITED (REGISTERED NUMBER: 04649681)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AUDIO 7 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: M Jepson
M J Josling
A Josling





SECRETARY: Mrs S L Josling





REGISTERED OFFICE: Unit 2 Catsland Farm
Bramlands Lane
Woodmancote
Henfield
West Sussex
BN5 9TG





REGISTERED NUMBER: 04649681 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

AUDIO 7 LIMITED (REGISTERED NUMBER: 04649681)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 78,568 62,791

CURRENT ASSETS
Stocks 8,000 8,000
Debtors 5 394,731 295,734
Cash at bank 135,108 209,033
537,839 512,767
CREDITORS
Amounts falling due within one year 6 (144,399 ) (245,149 )
NET CURRENT ASSETS 393,440 267,618
TOTAL ASSETS LESS CURRENT
LIABILITIES

472,008

330,409

CREDITORS
Amounts falling due after more than one
year

7

-

(8,947

)

PROVISIONS FOR LIABILITIES (13,619 ) (11,930 )
NET ASSETS 458,389 309,532

CAPITAL AND RESERVES
Called up share capital 8 203 203
Retained earnings 458,186 309,329
SHAREHOLDERS' FUNDS 458,389 309,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AUDIO 7 LIMITED (REGISTERED NUMBER: 04649681)

BALANCE SHEET - continued
31 JANUARY 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





A Josling - Director


AUDIO 7 LIMITED (REGISTERED NUMBER: 04649681)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Audio 7 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 Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost, 20% on cost and 15% on reducing balance
Computer equipment - 25% on reducing balance

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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AUDIO 7 LIMITED (REGISTERED NUMBER: 04649681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 148,720 - 9,611 158,331
Additions 4,216 32,121 5,715 42,052
At 31 January 2024 152,936 32,121 15,326 200,383
DEPRECIATION
At 1 February 2023 90,063 - 5,477 95,540
Charge for year 16,619 8,030 1,626 26,275
At 31 January 2024 106,682 8,030 7,103 121,815
NET BOOK VALUE
At 31 January 2024 46,254 24,091 8,223 78,568
At 31 January 2023 58,657 - 4,134 62,791

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 384,822 282,983
Other debtors 9,909 12,751
394,731 295,734

AUDIO 7 LIMITED (REGISTERED NUMBER: 04649681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,947 10,285
Trade creditors 28,636 110,546
Taxation and social security 91,436 108,573
Other creditors 15,380 15,745
144,399 245,149

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 8,947

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary A Shares 1 200 200
3 Ordinary B Shares 1 3 3
203 203

9. RELATED PARTY DISCLOSURES

The amount owed to the directors at the year-end was £14,472 (2023 - £14,802). This amount is interest free and repayable on demand.