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REGISTERED NUMBER: 05396906 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 March 2024

for

Audio File In-car Limited

Audio File In-car Limited (Registered number: 05396906)

Contents of the Financial Statements
For The Year Ended 31 March 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Audio File In-car Limited

Company Information
For The Year Ended 31 March 2024







DIRECTOR: Mr G Hallwood





REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET





REGISTERED NUMBER: 05396906 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Audio File In-car Limited (Registered number: 05396906)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 63,767 37,073
63,767 37,073

CURRENT ASSETS
Stocks 70,100 45,120
Debtors 6 59,527 132,751
Cash at bank and in hand 277,452 144,851
407,079 322,722
CREDITORS
Amounts falling due within one year 7 186,974 144,661
NET CURRENT ASSETS 220,105 178,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

283,872

215,134

CREDITORS
Amounts falling due after more than one
year

8

(13,466

)

(23,953

)

PROVISIONS FOR LIABILITIES 9 (4,606 ) (439 )
NET ASSETS 265,800 190,742

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 265,798 190,740
SHAREHOLDERS' FUNDS 265,800 190,742

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

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

The director acknowledges his 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 File In-car Limited (Registered number: 05396906)

Statement of Financial Position - continued
31 March 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 Income and Retained Earnings has not been delivered.

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





Mr G Hallwood - Director


Audio File In-car Limited (Registered number: 05396906)

Notes to the Financial Statements
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Audio File In-car 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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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

Goodwill
Goodwill, being the amount paid in connection with the acquistion of the business in 2005, has been fully amortised over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% 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.

Audio File In-car Limited (Registered number: 05396906)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 - 9 ) .

Audio File In-car Limited (Registered number: 05396906)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 123,800
AMORTISATION
At 1 April 2023
and 31 March 2024 123,800
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 20,081 74,143 16,096 110,320
Additions 1,524 55,550 3,446 60,520
Disposals (9,853 ) (44,101 ) (8,039 ) (61,993 )
At 31 March 2024 11,752 85,592 11,503 108,847
DEPRECIATION
At 1 April 2023 12,060 49,996 11,191 73,247
Charge for year 1,510 18,000 4,176 23,686
Eliminated on disposal (8,925 ) (35,269 ) (7,659 ) (51,853 )
At 31 March 2024 4,645 32,727 7,708 45,080
NET BOOK VALUE
At 31 March 2024 7,107 52,865 3,795 63,767
At 31 March 2023 8,021 24,147 4,905 37,073

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,205 26,445
Other debtors 54,322 106,306
59,527 132,751

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,648 10,070
Trade creditors 76,647 58,318
Taxation and social security 63,320 45,108
Other creditors 36,359 31,165
186,974 144,661

Audio File In-car Limited (Registered number: 05396906)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 13,466 23,953

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,606 439

Deferred
tax
£   
Balance at 1 April 2023 439
Charge to Statement of Income and Retained Earnings during year 4,167
Balance at 31 March 2024 4,606

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2