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REGISTERED NUMBER: 02950815 (England and Wales)







Financial Statements for the Year Ended 31 August 2023

for

Audio Products Limited

Audio Products Limited (Registered number: 02950815)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Audio Products Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mr N S Flemen
Mr K J Tomes





REGISTERED OFFICE: Units 1 & 2
Marquis Street
Kirkham
PRESTON
Lancashire
PR4 2HY





REGISTERED NUMBER: 02950815 (England and Wales)





ACCOUNTANTS: Ashworth Treasure Limited
Chartered Accountants
17-19 Park Street
Lytham
Lancashire
FY8 5LU

Audio Products Limited (Registered number: 02950815)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 74,452 74,771

CURRENT ASSETS
Stocks 5 74,569 72,025
Debtors 6 407 1,819
Cash at bank and in hand 23,012 19,995
97,988 93,839
CREDITORS
Amounts falling due within one year 7 30,308 23,265
NET CURRENT ASSETS 67,680 70,574
TOTAL ASSETS LESS CURRENT
LIABILITIES

142,132

145,345

PROVISIONS FOR LIABILITIES 175 218
NET ASSETS 141,957 145,127

CAPITAL AND RESERVES
Called up share capital 66 66
Capital redemption reserve 34 34
Retained earnings 141,857 145,027
SHAREHOLDERS' FUNDS 141,957 145,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:




Mr K J Tomes - Director



Mr N S Flemen - Director


Audio Products Limited (Registered number: 02950815)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Audio Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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.
Freehold property - not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

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 Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Audio Products Limited (Registered number: 02950815)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2022 73,134 27,561 18,869 893 120,457
Additions - - 121 - 121
At 31 August 2023 73,134 27,561 18,990 893 120,578
DEPRECIATION
At 1 September 2022 - 26,632 18,161 893 45,686
Charge for year - 233 207 - 440
At 31 August 2023 - 26,865 18,368 893 46,126
NET BOOK VALUE
At 31 August 2023 73,134 696 622 - 74,452
At 31 August 2022 73,134 929 708 - 74,771

5. STOCKS
2023 2022
£    £   
Finished goods 74,569 72,025

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 407 1,819

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,698 8,965
Tax 1,599 2,395
VAT 5,729 3,139
Other creditors 643 643
Directors' current accounts 7,422 6,423
Accrued expenses 3,217 1,700
30,308 23,265

8. CONTINGENT LIABILITIES

The company had no contingent liabilities as at 31 August 2023 or 31 August 2022.

9. ULTIMATE CONTROLLING PARTY

There is no single ultimate controlling party.