Registration number:
Clockaudio Limited
for the Year Ended 31 March 2024
Clockaudio Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Clockaudio Limited
Company Information
Directors |
Mrs C Hallington Mr M D Powell |
Company secretary |
Mrs C Hallington |
Registered office |
|
Registered number |
02887276 |
Accountants |
|
Clockaudio Limited
(Registration number: 02887276)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
10,500 |
10,500 |
|
Retained earnings |
17,652,548 |
17,475,299 |
|
Shareholders' funds |
17,663,048 |
17,485,799 |
Clockaudio Limited
(Registration number: 02887276)
Balance Sheet as at 31 March 2024
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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
......................................... |
Clockaudio Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.
Preparation of consolidated financial statements
The financial statements contain information about Clockaudio Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
Revenue recognition
Turnover represents net invoiced sales of goods, excluding value added tax.
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates,VAT and other sales tax or duty.
Clockaudio Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Foreign currency transactions and balances
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.
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS19.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
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 less residual value, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Nil |
Fixtures and fittings |
15% reducing balance |
Plant and machinery |
15% reducing balance |
Motor vehicles |
25% reducing balance |
The company maintains its freehold property to a high standard and also takes into account market valuation when determining its depreciation policy.
Investments
In accordance with FRS102 1A, the investments are not publicly traded and fair value cannot be measured reliably. As a result, they are shown in the accounts at cost less impairment.
Clockaudio Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
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
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Provisions
A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.
Pensions
Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Clockaudio Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
- |
|
- |
- |
|
At 31 March 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2023 |
- |
|
|
|
|
Charge for the year |
- |
|
|
|
|
At 31 March 2024 |
- |
|
|
|
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
|
|
At 31 March 2023 |
|
|
|
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2023 |
|
Provision |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
Clockaudio Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Singapore |
|
|
|
Subsidiary undertakings |
Clockaudio PTE Limited The principal activity of Clockaudio PTE Limited is |
Information in respect of Capital & Reserves and Profit & Loss of Clockaudio PTE Limited is not yet available for current year and last year.
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
Clockaudio Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,000 |
|
10,000 |
|
|
500 |
|
500 |
|
|
|
|
Related party transactions |
Transactions with the directors
Included in other creditors, the company owed to the director, Mrs C Hallington of £199 as at balance sheet date whereas the director owed £21,002 to the company in 2023.
Clockaudio North America Inc.
Clockaudio North America Inc. is related by virtue of significant influence.
Included in trade debtors is a balance for the sum of £160,980 (2023 - £92,584) due from Clockaudio North America Inc. Turnover includes the sum of £841,860 (2023- £864,321) in respect of sales made to Clockaudio North America Inc.
Clockaudio PTE Limited
Subsidiary company
Included in debtors is a balance for the sum of £534,206 (2023 - £420,491) due from Clockaudio PTE Limited.
The company has taken advantage of the exemption under 'FRS102 Related Party Disclosures' for wholly owned subsidiaries not to disclose intra-group transactions.