3 false false false false false false false false false false true false false false false false false 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,143 2,970 402 3,372 771 1,173 xbrli:pure xbrli:shares iso4217:GBP 06624786 2023-06-01 2024-05-31 06624786 2024-05-31 06624786 2023-05-31 06624786 2022-06-01 2023-05-31 06624786 2023-05-31 06624786 2022-05-31 06624786 core:FurnitureFittings 2023-06-01 2024-05-31 06624786 core:MotorVehicles 2023-06-01 2024-05-31 06624786 bus:Director1 2023-06-01 2024-05-31 06624786 core:FurnitureFittings 2023-05-31 06624786 core:MotorVehicles 2023-05-31 06624786 core:FurnitureFittings 2024-05-31 06624786 core:MotorVehicles 2024-05-31 06624786 core:WithinOneYear 2024-05-31 06624786 core:WithinOneYear 2023-05-31 06624786 core:ShareCapital 2024-05-31 06624786 core:ShareCapital 2023-05-31 06624786 core:RetainedEarningsAccumulatedLosses 2024-05-31 06624786 core:RetainedEarningsAccumulatedLosses 2023-05-31 06624786 core:FurnitureFittings 2023-05-31 06624786 core:MotorVehicles 2023-05-31 06624786 bus:SmallEntities 2023-06-01 2024-05-31 06624786 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06624786 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06624786 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06624786 bus:FullAccounts 2023-06-01 2024-05-31 06624786 core:IntangibleAssetsOtherThanGoodwill 2023-06-01 2024-05-31 06624786 core:ComputerEquipment 2023-06-01 2024-05-31 06624786 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 06624786 core:IntangibleAssetsOtherThanGoodwill 2024-05-31 06624786 core:IntangibleAssetsOtherThanGoodwill 2023-05-31 06624786 core:ComputerEquipment 2023-05-31 06624786 core:OtherPropertyPlantEquipment 2023-05-31 06624786 core:ComputerEquipment 2024-05-31 06624786 core:OtherPropertyPlantEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: 06624786
Hurricane Sound Ltd
Unaudited financial statements
31 May 2024
Hurricane Sound Ltd
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
771
1,173
Tangible assets
6
77,438
102,262
-------
---------
78,209
103,435
Current assets
Debtors
7
77,175
69,844
Cash at bank and in hand
566,299
404,211
---------
---------
643,474
474,055
Creditors: Amounts falling due within one year
8
( 116,405)
( 89,594)
---------
---------
Net current assets
527,069
384,461
---------
---------
Total assets less current liabilities
605,278
487,896
Provisions
Taxation including deferred tax
( 19,360)
( 25,551)
---------
---------
Net assets
585,918
462,345
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
585,818
462,245
---------
---------
Shareholders funds
585,918
462,345
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hurricane Sound Ltd
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
T J Paisley
Director
Company registration number: 06624786
Hurricane Sound Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite,2 Hillside Business Park, Bury St Edmunds, IP32 7EA. The trading address is 1 Chequer Lane, Ely, Cambridgeshire, CB7 4LN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible asset
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Integral features
-
20% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 3 (2023: 3 ).
5. Intangible assets
Intangible assets
£
Cost
At 1 June 2023 and 31 May 2024
4,143
------
Amortisation
At 1 June 2023
2,970
Charge for the year
402
------
At 31 May 2024
3,372
------
Carrying amount
At 31 May 2024
771
------
At 31 May 2023
1,173
------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Integral features
Total
£
£
£
£
£
Cost
At 1 June 2023
26,471
54,094
93,224
43,629
217,418
Additions
1,401
1,401
-------
-------
-------
-------
---------
At 31 May 2024
26,471
54,094
94,625
43,629
218,819
-------
-------
-------
-------
---------
Depreciation
At 1 June 2023
20,049
16,696
67,727
10,684
115,156
Charge for the year
1,605
9,349
6,545
8,726
26,225
-------
-------
-------
-------
---------
At 31 May 2024
21,654
26,045
74,272
19,410
141,381
-------
-------
-------
-------
---------
Carrying amount
At 31 May 2024
4,817
28,049
20,353
24,219
77,438
-------
-------
-------
-------
---------
At 31 May 2023
6,422
37,398
25,497
32,945
102,262
-------
-------
-------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
75,906
68,763
Other debtors
1,269
1,081
-------
-------
77,175
69,844
-------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Social security and other taxes
83,948
70,955
Other creditors
32,457
18,639
---------
-------
116,405
89,594
---------
-------