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Registration number: 02887276

Clockaudio Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Clockaudio Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Clockaudio Limited

Company Information

Directors

Mrs C Hallington

Mr M D Powell

Company secretary

Mrs C Hallington

Registered office

Unit C Wellington Gate
Silverthorne Way
Waterlooville
Hampshire
PO7 7XY

Registered number

02887276

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Clockaudio Limited

(Registration number: 02887276)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,876,254

2,908,247

Investments

5

1

1

 

2,876,255

2,908,248

Current assets

 

Stocks

759,508

761,660

Debtors

6

1,185,770

843,128

Cash at bank and in hand

 

13,012,404

13,066,466

 

14,957,682

14,671,254

Creditors: Amounts falling due within one year

7

(159,556)

(80,884)

Net current assets

 

14,798,126

14,590,370

Total assets less current liabilities

 

17,674,381

17,498,618

Provisions for liabilities

(11,333)

(12,819)

Net assets

 

17,663,048

17,485,799

Capital and reserves

 

Called up share capital

8

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 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 23 October 2024 and signed on its behalf by:
 

.........................................
Mrs C Hallington
Company secretary and director

 

Clockaudio Limited

Notes to the Financial Statements for the Year Ended 31 March 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 C Wellington Gate
Silverthorne Way
Waterlooville
Hampshire
PO7 7XY
United Kingdom

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.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 22).

 

Clockaudio Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

2,691,897

141,056

17,655

426,704

3,277,312

Additions

-

532

-

-

532

At 31 March 2024

2,691,897

141,588

17,655

426,704

3,277,844

Depreciation

At 1 April 2023

-

117,467

17,599

233,999

369,065

Charge for the year

-

3,605

14

28,906

32,525

At 31 March 2024

-

121,072

17,613

262,905

401,590

Carrying amount

At 31 March 2024

2,691,897

20,516

42

163,799

2,876,254

At 31 March 2023

2,691,897

23,589

56

192,705

2,908,247

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2023

1

Provision

Carrying amount

At 31 March 2024

1

At 31 March 2023

1

 

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

Clockaudio PTE Limited

Singapore

Ordinary

100%

100%

Subsidiary undertakings

Clockaudio PTE Limited

The principal activity of Clockaudio PTE Limited is sales and distribution of audio products.

Information in respect of Capital & Reserves and Profit & Loss of Clockaudio PTE Limited is not yet available for current year and last year.

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

304,938

236,223

Amounts owed by group undertakings

9

534,206

420,491

Other debtors

 

346,626

186,414

 

1,185,770

843,128

 

Clockaudio Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

124,749

47,558

Taxation and social security

14,885

13,829

Other creditors

19,922

19,497

159,556

80,884

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

10,000

10,000

10,000

10,000

Ordinary B non-voting of £1 each

500

500

500

500

10,500

10,500

10,500

10,500

9

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.