Company registration number 1905954 (England and Wales)
P & A AUDIO VISUAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
P & A AUDIO VISUAL LIMITED
COMPANY INFORMATION
Directors
D Flack
P Flack
Company number
1905954
Registered office
Trident House
105 Derby Road
Liverpool
L20 8LZ
Accountants
Whitnalls
Trident House
105 Derby Road
Liverpool
L20 8LZ
P & A AUDIO VISUAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
P & A AUDIO VISUAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
215,507
220,316
Current assets
Stocks
4
78,555
70,980
Debtors
5
2,935
1,532
Cash at bank and in hand
2,598
81,490
75,110
Creditors: amounts falling due within one year
6
(463,546)
(445,626)
Net current liabilities
(382,056)
(370,516)
Total assets less current liabilities
(166,549)
(150,200)
Creditors: amounts falling due after more than one year
7
(15,722)
(24,055)
Net liabilities
(182,271)
(174,255)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(182,371)
(174,355)
Total equity
(182,271)
(174,255)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
P & A AUDIO VISUAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
P Flack
Director
Company registration number 1905954 (England and Wales)
P & A AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
P & A Audio Visual Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trident House, 105 Derby Road, Liverpool, L20 8LZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2% straight line
Plant and equipment
20% reducing balance
P & A AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
220,120
57,264
277,384
Depreciation and impairment
At 1 April 2023
4,402
52,666
57,068
Depreciation charged in the year
4,402
407
4,809
At 31 March 2024
8,804
53,073
61,877
Carrying amount
At 31 March 2024
211,316
4,191
215,507
At 31 March 2023
215,718
4,598
220,316
P & A AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Stocks
2024
2023
£
£
Stocks
78,555
70,980
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,935
1,532
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
31,486
8,333
Trade creditors
14,086
15,986
Taxation and social security
2,118
2,979
Other creditors
415,856
418,328
463,546
445,626
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,722
24,055
8
Loans and overdrafts
2024
2023
£
£
Bank loans
24,055
32,388
Bank overdrafts
23,153
47,208
32,388
Payable within one year
31,486
8,333
Payable after one year
15,722
24,055
P & A AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Loans and overdrafts
(Continued)
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100