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Registration number: 04826610

Audio Feed Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

image-name

Chartered Accountants

 

Audio Feed Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Audio Feed Ltd

Company Information

Directors

Mr O Jefferies

Mrs J S Jefferies

Registered office

Unit 5
502 Wallisdown Road
Bournemouth
Dorset
BH11 8PT

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Audio Feed Ltdfor the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Audio Feed Ltd for the year ended 31 January 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Audio Feed Ltd, as a body, in accordance with the terms of our engagement letter dated 20 August 2020. Our work has been undertaken solely to prepare for your approval the accounts of Audio Feed Ltd and state those matters that we have agreed to state to the Board of Directors of Audio Feed Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Audio Feed Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Audio Feed Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Audio Feed Ltd. You consider that Audio Feed Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Audio Feed Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

29 October 2024

 

Audio Feed Ltd

(Registration number: 04826610)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

482,607

433,651

Current assets

 

Stocks

5

33,806

40,421

Debtors

6

98,164

48,167

Cash at bank and in hand

 

10,409

14,200

 

142,379

102,788

Creditors: Amounts falling due within one year

7

(90,945)

(81,673)

Net current assets

 

51,434

21,115

Total assets less current liabilities

 

534,041

454,766

Creditors: Amounts falling due after more than one year

7

(45,819)

(60,241)

Provisions for liabilities

(91,695)

(82,394)

Net assets

 

396,527

312,131

Capital and reserves

 

Called up share capital

100

100

Retained earnings

396,427

312,031

Shareholders' funds

 

396,527

312,131

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 



Mr O Jefferies
Director

 

Audio Feed Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5
502 Wallisdown Road
Bournemouth
Dorset
BH11 8PT
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, although at the year end the Company had a net current liability position. The directors have confirmed they will continue to support the Company for the next 12 months.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Audio Feed Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance basis

Office equipment

25% straight line basis

Motor vehicles

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Audio Feed Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

 

Audio Feed Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 February 2023

741,041

14,889

26,100

782,030

Additions

108,359

4,330

-

112,689

Disposals

(19,006)

-

-

(19,006)

At 31 January 2024

830,394

19,219

26,100

875,713

Depreciation

At 1 February 2023

310,147

12,131

26,100

348,378

Charge for the year

53,178

3,093

-

56,271

Eliminated on disposal

(11,543)

-

-

(11,543)

At 31 January 2024

351,782

15,224

26,100

393,106

Carrying amount

At 31 January 2024

478,612

3,995

-

482,607

At 31 January 2023

430,893

2,758

-

433,651

5

Stocks

2024
£

2023
£

Equipment for resale

33,806

40,421

6

Debtors

Current

2024
£

2023
£

Trade debtors

94,214

41,925

Other debtors

3,950

6,242

 

98,164

48,167

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

19,288

20,086

Trade creditors

 

23,627

18,248

Taxation and social security

 

31,629

4,106

Accruals and deferred income

 

2,183

1,039

Other creditors

 

14,218

38,194

 

90,945

81,673

 

Audio Feed Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,624

35,180

Hire purchase contracts

6,295

15,161

Other borrowings

9,900

9,900

45,819

60,241

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,555

5,556

Bank overdrafts

4,442

4,213

Hire purchase contracts

9,291

10,317

19,288

20,086