Autograph (Holdings) Limited 01844488 false 2023-02-01 2024-01-31 2024-01-31 2024-01-31 The principal activity of the company is that of the provision of design and consultancy services to the sound industry and the sale and hire of sound equipment and installation services. Digita Accounts Production Advanced 6.30.9574.0 true true true false true false false false false 01844488 2023-02-01 2024-01-31 01844488 2024-01-31 01844488 bus:OrdinaryShareClass1 2024-01-31 01844488 bus:Consolidated 2024-01-31 01844488 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-01-31 01844488 core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 01844488 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2024-01-31 01844488 core:CapitalRedemptionReserve 2024-01-31 01844488 core:CapitalRedemptionReserve bus:Consolidated 2024-01-31 01844488 core:RetainedEarningsAccumulatedLosses 2024-01-31 01844488 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-01-31 01844488 core:ShareCapital 2024-01-31 01844488 core:ShareCapital bus:Consolidated 2024-01-31 01844488 core:SharePremium 2024-01-31 01844488 core:SharePremium bus:Consolidated 2024-01-31 01844488 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-01-31 01844488 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 01844488 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2024-01-31 01844488 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 01844488 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2024-01-31 01844488 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-01-31 01844488 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments bus:Consolidated 2024-01-31 01844488 core:CurrentFinancialInstruments 2024-01-31 01844488 core:CurrentFinancialInstruments bus:Consolidated 2024-01-31 01844488 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 01844488 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-01-31 01844488 core:Non-currentFinancialInstruments 2024-01-31 01844488 core:Non-currentFinancialInstruments bus:Consolidated 2024-01-31 01844488 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 01844488 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-01-31 01844488 core:BetweenOneFiveYears bus:Consolidated 2024-01-31 01844488 core:BetweenTwoFiveYears bus:Consolidated 2024-01-31 01844488 core:WithinOneYear bus:Consolidated 2024-01-31 01844488 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2024-01-31 01844488 core:FurnitureFittingsToolsEquipment 2024-01-31 01844488 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-01-31 01844488 core:LandBuildings bus:Consolidated 2024-01-31 01844488 core:MotorVehicles bus:Consolidated 2024-01-31 01844488 core:OtherPropertyPlantEquipment bus:Consolidated 2024-01-31 01844488 core:DeferredTaxation bus:Consolidated 2024-01-31 01844488 bus:FRS102 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Audited bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:FullAccounts bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:RegisteredOffice bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Director1 2023-02-01 2024-01-31 01844488 bus:Director1 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Director2 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Director3 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Director5 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Director6 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Director7 2023-02-01 2024-01-31 01844488 bus:Director7 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:HighestPaidDirector bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 01844488 bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:Consolidated 1 2023-02-01 2024-01-31 01844488 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-02-01 2024-01-31 01844488 bus:ConsolidatedGroupCompanyAccounts 2023-02-01 2024-01-31 01844488 core:Associate1 2023-02-01 2024-01-31 01844488 core:Associate1 countries:AllCountries 2023-02-01 2024-01-31 01844488 core:CapitalRedemptionReserve 2023-02-01 2024-01-31 01844488 core:CapitalRedemptionReserve bus:Consolidated 2023-02-01 2024-01-31 01844488 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 01844488 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-02-01 2024-01-31 01844488 core:ShareCapital 2023-02-01 2024-01-31 01844488 core:ShareCapital bus:Consolidated 2023-02-01 2024-01-31 01844488 core:SharePremium 2023-02-01 2024-01-31 01844488 core:SharePremium bus:Consolidated 2023-02-01 2024-01-31 01844488 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-02-01 2024-01-31 01844488 countries:OtherCountriesRegions bus:Consolidated 2023-02-01 2024-01-31 01844488 countries:UnitedKingdom bus:Consolidated 2023-02-01 2024-01-31 01844488 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2023-02-01 2024-01-31 01844488 core:FurnitureFittings bus:Consolidated 2023-02-01 2024-01-31 01844488 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-02-01 2024-01-31 01844488 core:LandBuildings bus:Consolidated 2023-02-01 2024-01-31 01844488 core:MotorVehicles bus:Consolidated 2023-02-01 2024-01-31 01844488 core:OtherPropertyPlantEquipment bus:Consolidated 2023-02-01 2024-01-31 01844488 core:PlantMachinery bus:Consolidated 2023-02-01 2024-01-31 01844488 core:DeferredTaxation bus:Consolidated 2023-02-01 2024-01-31 01844488 core:Subsidiary1 2023-02-01 2024-01-31 01844488 core:Subsidiary1 countries:AllCountries 2023-02-01 2024-01-31 01844488 core:Subsidiary2 2023-02-01 2024-01-31 01844488 core:Subsidiary2 countries:AllCountries 2023-02-01 2024-01-31 01844488 core:Subsidiary3 2023-02-01 2024-01-31 01844488 core:Subsidiary3 countries:AllCountries 2023-02-01 2024-01-31 01844488 core:UKTax bus:Consolidated 2023-02-01 2024-01-31 01844488 countries:AllCountries bus:Consolidated 2023-02-01 2024-01-31 01844488 2023-01-31 01844488 bus:Consolidated 2023-01-31 01844488 core:CapitalRedemptionReserve 2023-01-31 01844488 core:CapitalRedemptionReserve bus:Consolidated 2023-01-31 01844488 core:RetainedEarningsAccumulatedLosses 2023-01-31 01844488 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-31 01844488 core:ShareCapital 2023-01-31 01844488 core:ShareCapital bus:Consolidated 2023-01-31 01844488 core:SharePremium 2023-01-31 01844488 core:SharePremium bus:Consolidated 2023-01-31 01844488 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-01-31 01844488 core:CostValuation 2023-01-31 01844488 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2023-01-31 01844488 core:FurnitureFittingsToolsEquipment 2023-01-31 01844488 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-01-31 01844488 core:LandBuildings bus:Consolidated 2023-01-31 01844488 core:MotorVehicles bus:Consolidated 2023-01-31 01844488 core:OtherPropertyPlantEquipment bus:Consolidated 2023-01-31 01844488 core:DeferredTaxation bus:Consolidated 2023-01-31 01844488 2022-02-01 2023-01-31 01844488 2023-01-31 01844488 bus:OrdinaryShareClass1 2023-01-31 01844488 bus:Consolidated 2023-01-31 01844488 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-01-31 01844488 core:TaxLossesCarry-forwardsDeferredTax 2023-01-31 01844488 core:TaxLossesCarry-forwardsDeferredTax bus:Consolidated 2023-01-31 01844488 core:CapitalRedemptionReserve 2023-01-31 01844488 core:CapitalRedemptionReserve bus:Consolidated 2023-01-31 01844488 core:RetainedEarningsAccumulatedLosses 2023-01-31 01844488 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-31 01844488 core:ShareCapital 2023-01-31 01844488 core:ShareCapital bus:Consolidated 2023-01-31 01844488 core:SharePremium 2023-01-31 01844488 core:SharePremium bus:Consolidated 2023-01-31 01844488 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-01-31 01844488 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 01844488 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-01-31 01844488 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 01844488 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2023-01-31 01844488 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-01-31 01844488 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments bus:Consolidated 2023-01-31 01844488 core:CurrentFinancialInstruments 2023-01-31 01844488 core:CurrentFinancialInstruments bus:Consolidated 2023-01-31 01844488 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 01844488 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-01-31 01844488 core:Non-currentFinancialInstruments 2023-01-31 01844488 core:Non-currentFinancialInstruments bus:Consolidated 2023-01-31 01844488 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 01844488 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-01-31 01844488 core:BetweenOneFiveYears bus:Consolidated 2023-01-31 01844488 core:BetweenTwoFiveYears bus:Consolidated 2023-01-31 01844488 core:WithinOneYear bus:Consolidated 2023-01-31 01844488 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2023-01-31 01844488 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-01-31 01844488 core:LandBuildings bus:Consolidated 2023-01-31 01844488 core:MotorVehicles bus:Consolidated 2023-01-31 01844488 core:OtherPropertyPlantEquipment bus:Consolidated 2023-01-31 01844488 bus:HighestPaidDirector bus:Consolidated 2022-02-01 2023-01-31 01844488 bus:Consolidated 2022-02-01 2023-01-31 01844488 bus:Consolidated 1 2022-02-01 2023-01-31 01844488 core:Associate1 2022-02-01 2023-01-31 01844488 core:CapitalRedemptionReserve 2022-02-01 2023-01-31 01844488 core:CapitalRedemptionReserve bus:Consolidated 2022-02-01 2023-01-31 01844488 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 01844488 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-02-01 2023-01-31 01844488 core:ShareCapital 2022-02-01 2023-01-31 01844488 core:ShareCapital bus:Consolidated 2022-02-01 2023-01-31 01844488 core:SharePremium 2022-02-01 2023-01-31 01844488 core:SharePremium bus:Consolidated 2022-02-01 2023-01-31 01844488 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-02-01 2023-01-31 01844488 countries:OtherCountriesRegions bus:Consolidated 2022-02-01 2023-01-31 01844488 countries:UnitedKingdom bus:Consolidated 2022-02-01 2023-01-31 01844488 core:Subsidiary1 2022-02-01 2023-01-31 01844488 core:Subsidiary2 2022-02-01 2023-01-31 01844488 core:Subsidiary3 2022-02-01 2023-01-31 01844488 core:UKTax bus:Consolidated 2022-02-01 2023-01-31 01844488 2022-01-31 01844488 bus:Consolidated 2022-01-31 01844488 core:CapitalRedemptionReserve 2022-01-31 01844488 core:CapitalRedemptionReserve bus:Consolidated 2022-01-31 01844488 core:RetainedEarningsAccumulatedLosses 2022-01-31 01844488 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-01-31 01844488 core:ShareCapital 2022-01-31 01844488 core:ShareCapital bus:Consolidated 2022-01-31 01844488 core:SharePremium 2022-01-31 01844488 core:SharePremium bus:Consolidated 2022-01-31 01844488 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01844488

Autograph (Holdings) Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 January 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Autograph (Holdings) Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated Income Statement

11

Consolidated Statement of Financial Position

12 to 13

Statement of Financial Position

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Financial Statements

18 to 42

 

Autograph (Holdings) Limited

Company Information

Directors

A W Bruce

S M Bruce

T K Jardine

J B Bruce

K A Bruce

S L Arnold

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

Autograph (Holdings) Limited

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the group is that of the provision of design and consultancy services to the sound industry and the sale and hire of sound equipment and installation services.

Fair review of the business

After the very fast and positive bounce back in the previous year the view for 2024 was taken with some caution. However, it appears our industry has continued to recover well and in some cases, much better than was initially expected. The Board, under the circumstances, fully expected this year’s turnover to level off or possibly fall slightly. With this, the directors were also very confident that with this, a good profit was still possible. The group continued to make some fundamental changes including adjusting critical overheads in line with the amount of work. By virtue of sound financial management, we have consistently met any financial responsibilities throughout the period. We continued to discuss long term contracts with producers to manage the long-term deals that were in place, protecting both us and our clients for the future. Again, the diversity of service provision we had put in place in previous years is now starting to pay off and the areas of growth are very evident. Gross profit margin over the past few years has been distorted by a number of factors, most notably the effects of COVID-19 on turnover. The board now expects the gross profit margin to become the new normal after initially believing it was a product of Covid 19 recovery.

Financial KPIs

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£

14,682,104

15,369,066

Gross profit

£

6,517,696

7,532,451

Gross profit margin

%

44

49

The Board of Directors is of the opinion that the benchmarks above are at an acceptable level and expect similar results in the forthcoming year.

Outlook

The Company and the group of which it is a member continue to occupy a key place within the market. The strength of our recovery has reinforced and in fact grown the respect we hold within our industry. We continue to source new work and we have diversified in certain areas of the industry to satisfy new customers. These changes and the foundations already in place will make the company stronger in the face of diversity in the future.

 

Autograph (Holdings) Limited

Strategic Report for the Year Ended 31 January 2024

Future developments

The new organisation structures mean that how we approach work has revolutionised the capability to do big projects. This will continue to help us grow and move forward. The introduction of new software for tracking and accountancy has also helped us manage future projects.

Continuing to be proactive on new projects and requesting information earlier is also helping the planning and organisation which in turn allows us to manage our financial positions in more detail.

Financial instruments

The company uses basic financial instruments, other than derivatives, comprising bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and hire purchase agreements. The main purpose of these instruments is to raise funds for and finance the company's operations.

The company is also exposed to the group composite guarantee, in which it is potentially liable for the loans and overdrafts of other related companies.

It is, and has been throughout the year under review, the company policy that no trading in financial instruments shall be undertaken.
 

Principal risks and uncertainties

There are a few main factors which affect our current and future position in the current market. Although manufacturing lead times are improving, they still are not back to the schedules of pre Covid. The employing of skilled full-time labour or freelance labour is still a concern. There continues to be a lack of competent people in our industry post Covid, something we are internally working on constantly.

The company has exposure to three main areas of risk: liquidity risk, customer credit exposure and interest rate risk. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company makes use of money market facilities where funds are available. With the change of Interest rates, the settling of CBIL has now become a priority

The company has entered into several hire purchase agreements. The liquidity risk in respect of these is managed in the same way as loans.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The global economic downturn could have an effect on turnover but the group feels able to manage this risk by virtue of the move into alternative areas of sound provision and experiences, and managing its access to equipment by way of proactive control over its own large stock resource enabling the continued provision of high quality equipment to its customers.

 

Autograph (Holdings) Limited

Strategic Report for the Year Ended 31 January 2024

Summary

The Board continuously monitors for and responds to changes in the company's risk environment so ensuring that the company remains well placed to address operational, reputational, financial and business risks in a timely and appropriate manner.

Approved by the Board on 21 November 2024 and signed on its behalf by:

.........................................
A W Bruce
Director

.........................................
S L Arnold
Director

 

Autograph (Holdings) Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the for the year ended 31 January 2024.

Directors of the group

The directors who held office during the year were as follows:

A W Bruce

S M Bruce

T K Jardine

J B Bruce

K A Bruce

S L Arnold

Principal Activity

The principal activity of the group is that of the provision of design and consultancy services to the sound industry and the sale and hire of sound equipment and installation services.

Dividends

The directors do not recommend payment of a dividend.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial risk management and exposure.

Other disclosures

S J Cryer, a partner of Brebners until 5th April 2011 is a joint trustee of trusts holding 60,000 ordinary shares of £1 each in the company, in which he has no beneficial interest.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 21 November 2024 and signed on its behalf by:

.........................................
A W Bruce
Director

.........................................
S L Arnold
Director

 

Autograph (Holdings) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Autograph (Holdings) Limited

Independent Auditor's Report to the Members of
Autograph (Holdings) Limited

Opinion

We have audited the financial statements of Autograph (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024, which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the company's affairs as at 31 January 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Autograph (Holdings) Limited

Independent Auditor's Report to the Members of
Autograph (Holdings) Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Autograph (Holdings) Limited

Independent Auditor's Report to the Members of
Autograph (Holdings) Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, health and safety legislation and data protection laws. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the Group is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection and understanding of any legal costs; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

 

Autograph (Holdings) Limited

Independent Auditor's Report to the Members of
Autograph (Holdings) Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
John Chamberlain (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

25 November 2024

 

Autograph (Holdings) Limited

Consolidated Income Statement for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

14,682,104

15,369,066

Cost of sales

 

(8,164,408)

(7,836,615)

Gross profit

 

6,517,696

7,532,451

Administrative expenses

 

(5,337,805)

(5,277,083)

Other operating income

4

-

99,402

Operating profit

5

1,179,891

2,354,770

Income from other fixed asset investments

 

1,983

92

Other interest receivable and similar income

6

4,969

13,955

Interest payable and similar expenses

7

(85,059)

(126,609)

 

(78,107)

(112,562)

Profit before tax

 

1,101,784

2,242,208

Taxation

11

(289,935)

(533,585)

Profit for the financial year

 

811,849

1,708,623

Profit/(loss) attributable to:

 

Owners of the company

 

811,849

1,708,623

The group has no recognised gains or losses for the year other than the results above.

 

Autograph (Holdings) Limited

Consolidated Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

11,548,200

9,482,184

Investments

13

1

1

Other financial assets

14

2,494

9,678

 

11,550,695

9,491,863

Current assets

 

Stocks

15

874,979

949,946

Debtors

16

3,260,283

3,284,428

Cash at bank and in hand

 

3,013,549

4,613,135

 

7,148,811

8,847,509

Creditors: Amounts falling due within one year

18

(6,472,464)

(6,016,427)

Net current assets

 

676,347

2,831,082

Total assets less current liabilities

 

12,227,042

12,322,945

Creditors: Amounts falling due after more than one year

18

(382,139)

(1,579,825)

Provisions for liabilities

20

(812,173)

(522,239)

Net assets

 

11,032,730

10,220,881

Capital and reserves

 

Called up share capital

22

97,136

97,136

Share premium reserve

23

30,288

30,288

Capital redemption reserve

23

49,070

49,070

Profit and loss account

23

10,856,236

10,044,387

Equity attributable to owners of the company

 

11,032,730

10,220,881

Shareholders' funds

 

11,032,730

10,220,881

 

Autograph (Holdings) Limited

Consolidated Statement of Financial Position as at 31 January 2024

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................

A W Bruce
Director

.........................................

S L Arnold
Director

Company registration number: 01844488

 

Autograph (Holdings) Limited

Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

13

140,101

140,101

Other financial assets

14

2,494

9,678

 

142,595

149,779

Current assets

 

Debtors

16

1,978,583

2,293,038

Cash at bank and in hand

 

390,149

1,151,813

 

2,368,732

3,444,851

Creditors: Amounts falling due within one year

18

(3,012,138)

(2,464,535)

Net current (liabilities)/assets

 

(643,406)

980,316

Total assets less current liabilities

 

(500,811)

1,130,095

Creditors: Amounts falling due after more than one year

18

-

(1,100,000)

Net (liabilities)/assets

 

(500,811)

30,095

Capital and reserves

 

Called up share capital

22

97,136

97,136

Share premium reserve

30,288

30,288

Capital redemption reserve

49,070

49,070

Profit and loss account

(677,305)

(146,399)

Total equity

 

(500,811)

30,095

The company made a loss after tax for the financial year of £530,906 (2023 - loss of £346,280).

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................
A W Bruce
Director

.........................................
S L Arnold
Director

Company registration number: 01844488

 

Autograph (Holdings) Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 February 2023

97,136

30,288

49,070

10,044,387

10,220,881

10,220,881

Profit for the year

-

-

-

811,849

811,849

811,849

Total comprehensive income

-

-

-

811,849

811,849

811,849

At 31 January 2024

97,136

30,288

49,070

10,856,236

11,032,730

11,032,730

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 February 2022

97,136

30,288

49,070

8,335,764

8,512,258

8,512,258

Profit for the year

-

-

-

1,708,623

1,708,623

1,708,623

Total comprehensive income

-

-

-

1,708,623

1,708,623

1,708,623

At 31 January 2023

97,136

30,288

49,070

10,044,387

10,220,881

10,220,881

 

Autograph (Holdings) Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 February 2023

97,136

30,288

49,070

(146,399)

30,095

Loss for the year

-

-

-

(530,906)

(530,906)

Total comprehensive income

-

-

-

(530,906)

(530,906)

At 31 January 2024

97,136

30,288

49,070

(677,305)

(500,811)

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 February 2022

97,136

30,288

49,070

199,881

376,375

Loss for the year

-

-

-

(346,280)

(346,280)

Total comprehensive income

-

-

-

(346,280)

(346,280)

At 31 January 2023

97,136

30,288

49,070

(146,399)

30,095

 

Autograph (Holdings) Limited

Consolidated Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

811,849

1,708,623

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

2,660,575

2,765,895

Loss on disposal of other tangible assets

2,161

12,202

Profit on disposal of audio equipment

(181,506)

(308,564)

Finance income

6

(6,952)

(14,047)

Finance costs

7

85,059

126,609

Income tax expense

11

289,935

533,585

 

3,661,121

4,824,303

Working capital adjustments

 

Decrease/(increase) in stocks

15

74,967

(351,428)

Decrease in trade debtors

16

43,775

48,140

Increase/(decrease) in trade creditors

18

1,024,059

(11,234)

Cash generated from operations

 

4,803,922

4,509,781

Income taxes (paid)/received

11

(34,881)

159,495

Net cash flow from operating activities

 

4,769,041

4,669,276

Cash flows from investing activities

 

Interest received

6,952

14,047

Acquisitions of tangible assets

(4,763,170)

(2,061,405)

Proceeds from sale of tangible assets

 

215,924

457,020

Acquisition of investments

 

-

(5,500)

Proceeds from investments

 

7,184

2,000

Net cash flows from investing activities

 

(4,533,110)

(1,593,838)

Cash flows from financing activities

 

Interest paid

7

(85,059)

(126,609)

Payment of bank borrowings

 

(1,500,000)

(400,000)

Payments to hire purchase creditors

 

(250,458)

(439,302)

Net cash flows from financing activities

 

(1,835,517)

(965,911)

Net (decrease)/increase in cash and cash equivalents

 

(1,599,586)

2,109,527

Cash and cash equivalents at 1 February

 

3,763,135

1,653,608

Cash and cash equivalents at 31 January

 

2,163,549

3,763,135

 

Autograph (Holdings) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal place of business is:
2 Spring Place
London
NW5 3BA

The principal activity of the group is that of the provision of design and consultancy services to the sound industry and the sale and hire of sound equipment and installation services.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Summary of disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available FRS 102:

a) No cash flow statement has been presented.
b) Disclosures in respect of financial instruments have not been presented.
c) Disclosures in respect of key management personnel compensation in total have not been presented.

The company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account.

 

Autograph (Holdings) Limited

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

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Autograph (Holdings) Limited

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

Going concern

As at 31 January 2024, the group of which the company is a member had net assets of £11,032,730 including cash at bank of £3,013,549 and made a profit before tax for the year then ended of £1,101,784.

Having navigated through the hardest years in the group's history due to the COVID-19 pandemic, the last two years have seen a strong recovery and return to profitability. The latest unaudited management accounts show that the group has continuing profitability subsequent to the year end. The cashflow position for the year ahead is strong and demonstrates that the group has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, that are believed to be reasonable under the circumstances.

Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

- Depreciation and impairment of fixed assets
The company exercises judgement to determine the useful lives and residual values of audio equipment and these assets are depreciated down to their residual values over their estimated lives. The company also exercises judgement in its review for indicators of impairment and the impact upon the useful economic lives and residual values (see depreciation policy below). When assessing the above management consider their knowledge of the market place, all commercial factors and historical experience.

 

Autograph (Holdings) Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of sound equipment and provision of design and consultancy services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from the sale of sound equipment, normally on delivery when:
- The significant risks and rewards of ownership of the sound equipment have transferred to the buyer;
- The amount of revenue can be reliably measured;
- It is probable that future economic benefits will flow to the entity.

The company recognises revenue from the rendering of design and consultancy services in the period to which the services relate.

Royalties are recognised in the period to which they relate.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Autograph (Holdings) Limited

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

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Where there is a subsequent increase in expected useful life, the impairment provision is reversed to the extent that the assets are restated at the net book value they would have been stated at should the relevant impairment loss not have occurred. An impairment review is carried out and provision made accordingly even if events or changes in circumstances indicate that the carrying value, being measured by a applying discount factor of 2.5% above base to relevant cash flows of fixed assets, may not be recoverable.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

Over the term of the lease

Plant and machinery

10% to 33.3% on cost

Fixtures and fittings

10% to 50% on cost

Motor vehicles

25% on cost

Audio Equipment

8.33% to 50% on cost

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of profit or loss, other comprehensive income and equity of the associate.

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.

 

Autograph (Holdings) Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Hire purchase contracts

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at cost. The asset is then depreciated over its useful life. Future payments are apportioned between finance costs in the income statement and reduction of the liability so as to achieve a constant periodic rate of interest on the remaining balance of the liability using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Autograph (Holdings) Limited

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

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

Employee benefit trust

Autograph Communications Limited is the trustee of the Autograph (Holdings) Group Employees' Trust. Whilst legally not the property of the group, investments in own shares and other assets held by the Trust are recognised in the Accounts at cost, in accordance with FRS 102. Finance costs and administration expenses are charged as they occur and dividends are stated net of dividends arising on own shares. A separate reserve is maintained in recognition of the trust status of the scheme.

 

Autograph (Holdings) Limited

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

3

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Sale of sound equipment

4,220,235

4,111,668

Hire of sound equipment

9,725,396

10,686,702

Royalties received

305,772

271,457

Design and consultancy fees

430,701

299,239

14,682,104

15,369,066

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

13,537,747

13,815,608

Rest of world

1,144,357

1,553,458

14,682,104

15,369,066

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Other operating income - insurance claim

-

99,402

 

Autograph (Holdings) Limited

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

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,660,575

2,765,895

Foreign exchange gains

(24,060)

(32,769)

Loss on disposal of property, plant and equipment

2,161

12,202

Gain on disposal of audio equipment

(181,506)

(308,564)

Other operating lease costs

179,265

192,817

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

4,969

1,376

Other finance income

-

12,579

4,969

13,955

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

50,101

68,615

Interest on obligations under hire purchase contracts

34,958

57,994

85,059

126,609

 

Autograph (Holdings) Limited

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

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,900,235

3,193,635

Social security costs

348,207

404,117

Pension costs, defined contribution scheme

117,827

102,782

3,366,269

3,700,534

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Distribution

46

44

Management

3

3

49

47

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

738,986

1,140,975

Contributions paid to money purchase schemes

51,935

46,855

790,921

1,187,830

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

361,218

561,384

Company contributions to money purchase pension schemes

26,718

24,259

 

Autograph (Holdings) Limited

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

10

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

48,500

48,500


 

11

Taxation

Tax charged/(credited) in the consolidated income statement

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

289,935

533,585

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 24% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,101,784

2,242,208

Corporation tax at standard rate

264,760

426,020

Effect of expense not deductible in determining taxable profit (tax loss)

51,105

8,202

Deferred tax (credit)/expense

289,935

533,585

Tax decrease from effect of capital allowances and depreciation

(57,735)

(2,836)

Tax decrease from other short-term timing differences

(220,799)

-

Tax decrease from effect of tax losses

(37,331)

(431,386)

Total tax charge

289,935

533,585

 

Autograph (Holdings) Limited

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

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated depreciation/(capital allowances)

-

(935,402)

Tax losses carry-forwards

-

123,228

-

(812,174)

2023

Asset
£

Liability
£

Accelerated depreciation/(capital allowances)

-

(846,392)

Tax losses carry-forwards

-

324,153

-

(522,239)

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Tax losses carry-forwards

123,228

-

123,228

-

2023

Asset
£

Liability
£

Tax losses carry-forwards

219,226

-

219,226

-

 

Autograph (Holdings) Limited

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

12

Tangible assets

Group

Leasehold property
£

Fixtures and fittings
 £

Motor vehicles
 £

Audio equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

8,579

1,163,865

172,829

32,915,433

486,947

34,747,653

Additions

-

120,467

-

4,622,329

20,374

4,763,170

Disposals

-

(10,547)

-

(685,399)

(824)

(696,770)

Transfers

-

(2,847)

-

(43,832)

46,679

-

At 31 January 2024

8,579

1,270,938

172,829

36,808,531

553,176

38,814,053

Depreciation

At 1 February 2023

5,325

995,683

89,686

23,792,191

382,584

25,265,469

Charge for the year

887

119,067

31,020

2,460,846

48,755

2,660,575

Eliminated on disposal

-

(8,891)

-

(650,982)

(318)

(660,191)

Transfers

-

(2,509)

-

(28,329)

30,838

-

At 31 January 2024

6,212

1,103,350

120,706

25,573,726

461,859

27,265,853

Carrying amount

At 31 January 2024

2,367

167,588

52,123

11,234,805

91,317

11,548,200

At 31 January 2023

3,254

168,182

83,143

9,123,242

104,363

9,482,184

 

Autograph (Holdings) Limited

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

Assets held hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under hire purchase contracts:

 

2024
£

2023
£

Audio equipment

539,992

663,768

Motor Vehicles

-

76,812

 

539,992

740,580

Company

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

14,619

14,619

At 31 January 2024

14,619

14,619

Depreciation

At 1 February 2023

14,619

14,619

At 31 January 2024

14,619

14,619

Carrying amount

At 31 January 2024

-

-

The company has no tangible assets held under finance lease or hire purchase agreements.

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

140,101

140,101

Subsidiaries

£

Cost or valuation

At 1 February 2023

140,101

Provision

Carrying amount

At 31 January 2024

140,101

At 31 January 2023

140,101

 

Autograph (Holdings) Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) 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

Autograph Sound Recording Limited

130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU

Ordinary

100%

100%

 

England and Wales

     

Autograph Sales Limited

130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU

Ordinary

100%

100%

 

England and Wales

     

Autograph Communications Limited

130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU

Ordinary

100%

100%

 

England and Wales

     

Associates

Autograph A2D Limited

130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU

Ordinary

50%

50%

 

England and Wales

     

Subsidiary undertakings

Autograph Sound Recording Limited

The principal activity of Autograph Sound Recording Limited is the sale and hire of sound equipment and the provision of design and consultancy services to the sound industry.

Autograph Sales Limited

The principal activity of Autograph Sales Limited was the sale and hire of sound equipment and the provision of design and consultancy services until 1 May 2021. On 1 May 2021 the trade and assets were hived across into Autograph Sound Recording Limited.

Autograph Communications Limited

The principal activity of Autograph Communications Limited is non-trading.

Associates

Autograph A2D Limited

The principal activity of Autograph A2D Limited is non-trading.

Investments in associated undertakings are accounted for under the equity method of accounting where material.

 

Autograph (Holdings) Limited

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

14

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

50,559

50,559

Disposals

(7,184)

(7,184)

At 31 January 2024

43,375

43,375

Impairment

At 1 February 2023

40,881

40,881

At 31 January 2024

40,881

40,881

Carrying amount

At 31 January 2024

2,494

2,494

At 31 January 2023

9,678

9,678

 

Autograph (Holdings) Limited

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

Company

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

45,559

45,559

Disposals

(7,184)

(7,184)

At 31 January 2024

38,375

38,375

Impairment

At 1 February 2023

35,881

35,881

At 31 January 2024

35,881

35,881

Carrying amount

At 31 January 2024

2,494

2,494

At 31 January 2023

9,678

9,678

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Finished goods and goods for resale

874,979

949,946

-

-

 

Autograph (Holdings) Limited

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

16

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,432,512

1,380,910

10,251

84,096

Amounts owed by group undertakings

25

-

-

213,637

213,636

Other debtors

 

1,549,414

1,592,085

1,529,107

1,588,915

Prepayments & accrued income

 

260,664

311,433

84,667

187,165

Deferred tax assets

11

-

-

123,228

219,226

Corporation tax asset

11

17,693

-

17,693

-

 

3,260,283

3,284,428

1,978,583

2,293,038

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

3,013,549

4,613,135

390,149

1,151,813

Bank overdrafts

(850,000)

(850,000)

(850,000)

(850,000)

Cash and cash equivalents in statement of cash flows

2,163,549

3,763,135

(459,851)

301,813

 

Autograph (Holdings) Limited

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

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

1,061,079

1,495,659

850,000

1,250,000

Trade creditors

 

833,833

874,726

1,638

1,134

Amount due to group undertakings

25

-

-

1,773,918

541,385

Social security and other taxes

 

424,522

287,841

81,179

7,256

Other payables

 

52,004

86,737

2,285

1,667

Accruals and deferred income

 

4,100,773

3,252,630

303,118

644,841

Corporation tax liability

11

253

18,834

-

18,252

 

6,472,464

6,016,427

3,012,138

2,464,535

Due after one year

 

Loans and borrowings

19

145,537

1,461,415

-

1,100,000

Other non-current financial liabilities

 

236,602

118,410

-

-

 

382,139

1,579,825

-

1,100,000

Accruals and deferred income due within one year include £1,128,000 (2023: £519,397) of pre-paid hire income attributable to the next twelve months, which is not refundable.
 

 

Autograph (Holdings) Limited

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

19

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

400,000

-

400,000

Bank overdrafts

850,000

850,000

850,000

850,000

Hire purchase contracts

211,079

245,659

-

-

1,061,079

1,495,659

850,000

1,250,000

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

1,100,000

-

1,100,000

Hire purchase contracts

145,537

361,415

-

-

145,537

1,461,415

-

1,100,000

Loans are secured by fixed and floating charges over the company's assets and undertakings.

Bank overdrafts are secured by an intercompany guarantee supported by fixed and floating charges over the subsidiary companies' assets and undertakings.
 

20

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 February 2023

522,239

522,239

Increase (decrease) in existing provisions

289,935

289,935

At 31 January 2024

812,174

812,174

The company does not have any provisions.

 

Autograph (Holdings) Limited

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

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £117,827 (2023 - £102,782).

22

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary £1 shares shares of £1 each

97,136

97,136

97,136

97,136

         

23

Reserves

Group

- Share premium account

This account records the amount above the nominal value received for shares sold, less transaction costs.

- Capital redemption reserve

This account records the nominal value of shares repurchased by the company.

- Retained earnings

This account records retained earning and accumulated losses.

 

Autograph (Holdings) Limited

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

24

Obligations under leases and hire purchase contracts

Group

Hire purchase contracts

Obligations under hire purchase obligations are as follows:

2024
£

2023
£

Not later than one year

211,079

245,659

Later than one year and not later than five years

145,537

361,415

356,616

607,074

Net obligations under hire purchase contracts are secured on the assets concerned.

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

187,108

187,108

Later than one year and not later than five years

301,244

457,466

488,352

644,574

The amount of non-cancellable operating lease payments recognised as an expense during the year was £179,264 (2023 - £192,816).

 

Autograph (Holdings) Limited

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

25

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

790,921

1,187,830

Transactions with directors

Included within debtors is a balance of £1,230,357 (2023: £1,266,812) due from the directors. During the year advances of £16,438 and repayments of £52,893 were made. There was no interest charged during the year and there are no set repayment terms in place.
 

Group

During the year, property rent amounting to £360,000 (2023: £360,000) was paid to two directors, under a tenancy at will by the group.
 

Company

In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.
 

 

Autograph (Holdings) Limited

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

26

Analysis of changes in net debt

Group

At 1 February 2023
£

Financing cash flows
£

At 31 January 2024
£

Cash and cash equivalents

Cash

4,613,135

(1,599,586)

3,013,549

Overdrafts

(850,000)

-

(850,000)

3,763,135

(1,599,586)

2,163,549

Borrowings

Long term borrowings

(1,100,000)

1,100,000

-

Short term borrowings

(400,000)

400,000

-

Hire purchase liabilities

(607,074)

250,457

(356,617)

(2,107,074)

1,750,457

(356,617)

 

1,656,061

150,871

1,806,932

 

Autograph (Holdings) Limited

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

Company

At 1 February 2023
£

Financing cash flows
£

At 31 January 2024
£

Cash and cash equivalents

Cash

1,151,813

(761,664)

390,149

Overdrafts

(850,000)

-

(850,000)

301,813

(761,664)

(459,851)

Borrowings

Long term borrowings

(1,100,000)

1,100,000

-

Short term borrowings

(400,000)

400,000

-

(1,500,000)

1,500,000

-

 

(1,198,187)

738,336

(459,851)