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REGISTERED NUMBER: 06805107 (England and Wales)















Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 31 January 2024

for

Sonic Megastore Limited

Sonic Megastore Limited (Registered number: 06805107)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Sonic Megastore Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Parshotam Showan





REGISTERED OFFICE: Sonic Megastore
Ingleby Road
Bradford
BD8 9AN





REGISTERED NUMBER: 06805107 (England and Wales)





AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Sonic Megastore Limited (Registered number: 06805107)

Strategic Report
for the Year Ended 31 January 2024

The director presents its strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
The results of the company as set out on page 7 show a profit on ordinary activities before tax of £813,694 (2023: £514,145).

The Company's statement of financial position set out on page 9, remains strong with good cash reserves.

High inflation, interest rates and fuel costs during the year have contributed to the current 'Cost of Living Crisis', creating difficult economic conditions. This has negatively impacted consumers, resulting in a decrease in turnover of 8% during the year. Post year end the company has seen consumer confidence returning and turnover has started to return to previous results.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial, credit, liquidity and cashflow risk are considered low as the company continues to show strong profitability and cash generation. Working capital is managed and constantly reviewed on a weekly basis. The company maintains a healthy balance sheet which remains strong due to continued investment in the Company's assets that allow the business to run efficiently.

BUSINESS ENVIRONMENT
Since the year end, the company has seen positive results and anticipates similar trading levels in the oncoming year.

STRATEGY
The business strategy for 2024 sees the company continuing to concentrate on delivering profitable and sustainable growth through investments in key personnel, sales and marketing and improving efficiencies in distribution and returns management.

KEY PERFORMANCE INDICATORS
The board monitors the progress of the company by reference to the following KPI's :



2024 2023
£ £
Turnover 14,266,069 15,595,212
Gross profit percentage 32.6% 28.6%
Operating profit percentage 5.6% 3.2%

The main non-financial KPI is customer reviews which the company monitor online.

FUTURE DEVELOPMENTS
The company feels that it is well placed to continue to grow its customer base and profitability.

ON BEHALF OF THE BOARD:





Parshotam Showan - Director


24 October 2024

Sonic Megastore Limited (Registered number: 06805107)

Report of the Director
for the Year Ended 31 January 2024

The director presents its report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of domestic electrical appliances and consumer electronics both regionally and nationwide.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2024 was £1.49p per share.

DIRECTOR
Parshotam Showan held office during the whole of the period from 1 February 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable it to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and it has taken all the steps that it ought to have taken as a director in order to make itself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Parshotam Showan - Director


24 October 2024

Report of the Independent Auditors to the Members of
Sonic Megastore Limited

Opinion
We have audited the financial statements of Sonic Megastore Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Sonic Megastore Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

While planning our audit, we have enquired of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that require additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Sonic Megastore Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

24 October 2024

Sonic Megastore Limited (Registered number: 06805107)

Statement of Comprehensive
Income
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 3 14,266,069 15,595,212

Cost of sales 9,611,212 11,128,085
GROSS PROFIT 4,654,857 4,467,127

Administrative expenses 3,928,473 4,043,827
726,384 423,300

Other operating income 70,000 70,000
OPERATING PROFIT 5 796,384 493,300

Interest receivable and similar income 46,667 73,440
843,051 566,740

Interest payable and similar expenses 6 29,357 52,595
PROFIT BEFORE TAXATION 813,694 514,145

Tax on profit 7 198,062 94,578
PROFIT FOR THE FINANCIAL YEAR 615,632 419,567

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

615,632

419,567

Sonic Megastore Limited (Registered number: 06805107)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 358,526 122,553
Investments 10 551,393 504,726
909,919 627,279

CURRENT ASSETS
Stocks 11 4,599,360 5,263,216
Debtors 12 721,750 719,704
Cash at bank and in hand 2,700,660 2,098,513
8,021,770 8,081,433
CREDITORS
Amounts falling due within one year 13 3,004,282 3,166,217
NET CURRENT ASSETS 5,017,488 4,915,216
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,927,407

5,542,495

CREDITORS
Amounts falling due after more than one
year

14

(224,278

)

(125,193

)

PROVISIONS FOR LIABILITIES 18 (226,424 ) (156,229 )
NET ASSETS 5,476,705 5,261,073

CAPITAL AND RESERVES
Called up share capital 19 268,000 268,000
Capital redemption reserve 20 132,000 132,000
Retained earnings 20 5,076,705 4,861,073
SHAREHOLDERS' FUNDS 5,476,705 5,261,073

The financial statements were approved by the director and authorised for issue on 24 October 2024 and were signed by:





Parshotam Showan - Director


Sonic Megastore Limited (Registered number: 06805107)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 268,000 4,791,506 132,000 5,191,506

Changes in equity
Dividends - (350,000 ) - (350,000 )
Total comprehensive income - 419,567 - 419,567
Balance at 31 January 2023 268,000 4,861,073 132,000 5,261,073

Changes in equity
Dividends - (400,000 ) - (400,000 )
Total comprehensive income - 615,632 - 615,632
Balance at 31 January 2024 268,000 5,076,705 132,000 5,476,705

Sonic Megastore Limited (Registered number: 06805107)

Cash Flow Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,447,953 792,481
Interest paid (26,821 ) (51,615 )
Interest element of hire purchase payments
paid

(2,536

)

(980

)
Tax paid (357,405 ) -
Net cash from operating activities 1,061,191 739,886

Cash flows from investing activities
Purchase of tangible fixed assets (270,079 ) (1,949 )
Net cash from investing activities (270,079 ) (1,949 )

Cash flows from financing activities
Capital repayments in year 136,035 (200,000 )
Amount withdrawn by directors 75,000 171,700
Equity dividends paid (400,000 ) (350,000 )
Net cash from financing activities (188,965 ) (378,300 )

Increase in cash and cash equivalents 602,147 359,637
Cash and cash equivalents at beginning of
year

2

2,098,513

1,738,876

Cash and cash equivalents at end of year 2 2,700,660 2,098,513

Sonic Megastore Limited (Registered number: 06805107)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 813,694 514,145
Depreciation charges 34,105 30,314
Finance costs 29,357 52,595
Finance income (46,667 ) (73,440 )
830,489 523,614
Decrease in stocks 663,856 472,607
(Increase)/decrease in trade and other debtors (2,046 ) 21,117
Decrease in trade and other creditors (44,346 ) (224,857 )
Cash generated from operations 1,447,953 792,481

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 2,700,660 2,098,513
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 2,098,513 1,738,876


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 2,098,513 602,147 2,700,660
2,098,513 602,147 2,700,660
Debt
Finance leases (36,946 ) (224,923 ) (261,869 )
Debts falling due within 1 year (88,889 ) - (88,889 )
Debts falling due after 1 year (118,518 ) 88,889 (29,629 )
(244,353 ) (136,034 ) (380,387 )
Total 1,854,160 466,113 2,320,273

Sonic Megastore Limited (Registered number: 06805107)

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

1. STATUTORY INFORMATION

Sonic Megastore 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised id the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the accounts requires management to make judgements, estimates and assumptions that affects the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 - 20% reducing balance
Motor vehicles - 20% reducing balance
Computer equipment - 20% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


Sonic Megastore Limited (Registered number: 06805107)

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the ease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of future payments is treated as a liability.

Rentals paid under operating leases are charged to profit and loss in the relevant period.

Unlisted investments
Unlisted investments are measured at fair value. The annual fair value adjustment is recognised in the profit and loss account.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 14,238,789 15,571,292
Commissions 27,280 23,920
14,266,069 15,595,212

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,897,606 1,834,429
Social security costs 188,553 189,311
Other pension costs 33,683 113,111
2,119,842 2,136,851

Sonic Megastore Limited (Registered number: 06805107)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Total 58 57

2024 2023
£    £   
Director's remuneration 199,998 162,500

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 34,106 30,315
Auditors' remuneration 10,000 8,000
Other non- audit services 9,332 5,700

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 13,014 18,659
HMRC charges and interest 13,807 32,956
Hire purchase 2,536 980
29,357 52,595

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 130,586 94,663
Prior year provision movement (2,719 ) (5,038 )
Total current tax 127,867 89,625

Deferred tax 70,195 4,953
Tax on profit 198,062 94,578

Sonic Megastore Limited (Registered number: 06805107)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 813,694 514,145
Profit multiplied by the standard rate of corporation tax in the UK of
24.030% (2023 - 19%)

195,531

97,688

Effects of:
Expenses not deductible for tax purposes 3,225 5,692
Adjustments to tax charge in respect of previous periods (3,469 ) (5,038 )
Rate change differences 2,751 -
Other 24 (3,764 )
Total tax charge 198,062 94,578

8. DIVIDENDS
2024 2023
£    £   
Allotted,called up and fully paid: shares of £1 each
Interim 400,000 350,000

9. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 105,306 205,941 14,082 325,329
Additions 3,500 266,000 579 270,079
At 31 January 2024 108,806 471,941 14,661 595,408
DEPRECIATION
At 1 February 2023 90,594 107,033 5,149 202,776
Charge for year 3,585 28,648 1,873 34,106
At 31 January 2024 94,179 135,681 7,022 236,882
NET BOOK VALUE
At 31 January 2024 14,627 336,260 7,639 358,526
At 31 January 2023 14,712 98,908 8,933 122,553

The Net Book Value of assets held under Hire Purchase Agreements was £273,068 (2023 : £66,092). The depreciation charge for the year on assets held under Hire Purchase Agreements was £12,850 (2023 : £13,218).

Sonic Megastore Limited (Registered number: 06805107)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 February 2023 504,726
Additions 46,667
At 31 January 2024 551,393
NET BOOK VALUE
At 31 January 2024 551,393
At 31 January 2023 504,726

11. STOCKS
2024 2023
£    £   
Finished goods 4,599,360 5,263,216

12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 144,850 186,137
Other debtors 50,000 50,000
Prepayments 126,900 83,567
321,750 319,704

Amounts falling due after more than one year:
Amounts owed by associates 400,000 400,000

Aggregate amounts 721,750 719,704

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 88,889 88,889
Hire purchase contracts (see note 16) 67,220 30,271
Trade creditors 1,352,896 1,771,690
Tax 130,586 360,124
Social security and other taxes 91,969 113,238
VAT 290,860 288,315
Other creditors 206,618 181,782
Wages creditor 126,605 132,679
Directors' current accounts 246,700 171,700
Accrued expenses 401,939 27,529
3,004,282 3,166,217

Sonic Megastore Limited (Registered number: 06805107)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 29,629 118,518
Hire purchase contracts (see note 16) 194,649 6,675
224,278 125,193

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 88,889 88,889

Amounts falling due between one and two years:
Bank loans - 1-2 years 29,629 88,889

Amounts falling due between two and five years:
Bank loans - 2-5 years - 29,629

Loans are repayable in equal monthly instalment over the borrowing term at a interest rate of 2.5%.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 67,220 30,271
Between one and five years 194,649 6,675
261,869 36,946

Non-cancellable operating leases
2024 2023
£    £   
Within one year 224,700 345,400
Between one and five years - 120,700
224,700 466,100

Sonic Megastore Limited (Registered number: 06805107)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 118,518 207,407
Hire purchase contracts 261,869 36,946
380,387 244,353

The hire purchase balances are secured on the assets to which they relate to.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 89,632 30,395
Other timing differences 136,792 125,834
226,424 156,229

Deferred
tax
£   
Balance at 1 February 2023 156,229
Provided during year 70,195
Balance at 31 January 2024 226,424

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
268,000 Allotted,called up and fully
paid: £1 268,000 268,000

Each Ordinary share holds the rights to one vote at a share holders meeting. Each Ordinary share holds equal rights to dividends and capital distribution.

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 4,861,073 132,000 4,993,073
Profit for the year 615,632 615,632
Dividends (400,000 ) (400,000 )
At 31 January 2024 5,076,705 132,000 5,208,705

Sonic Megastore Limited (Registered number: 06805107)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

21. RELATED PARTY DISCLOSURES

Lloyds Bank Plc hold a fixed and floating charge over the company assets in respect of debt owed by AVS UK Developments Limited, a company under common ownership.

Other related parties
2024 2023
£    £   
Rent 104,000 52,000
Amount due from related party 400,000 400,000

22. ULTIMATE CONTROLLING PARTY

During the current and previous year there was no ultimate controlling party based on the current shareholdings.