Company registration number 14894359 (England and Wales)
STAGE SOUND SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
STAGE SOUND SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
STAGE SOUND SOLUTIONS LIMITED
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
7,134
Tangible assets
4
3,089
10,223
Current assets
Stocks
52,196
Debtors
5
9,599
Cash at bank and in hand
13,641
75,436
Creditors: amounts falling due within one year
6
(42,316)
Net current assets
33,120
Total assets less current liabilities
43,343
Provisions for liabilities
11
Net assets
43,354
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
43,254
Total equity
43,354
For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
Mr P E Hurley
Director
Company registration number 14894359 (England and Wales)
STAGE SOUND SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 25 May 2023
-
Period ended 31 May 2024:
Profit and total comprehensive income
-
43,254
43,254
Issue of share capital
7
100
-
100
Balance at 31 May 2024
100
43,254
43,354
STAGE SOUND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Stage Sound Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A Avenue Park Industrial Estate, Croescadarn Close, Pentwyn, Cardiff, CF23 8HE.
1.1
Reporting period
These are the first set of financial statements since incorporation and cover a period of approximately 53 weeks.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% straight line
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
STAGE SOUND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
1
STAGE SOUND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 25 May 2023
Additions
7,576
At 31 May 2024
7,576
Amortisation and impairment
At 25 May 2023
Amortisation charged for the period
442
At 31 May 2024
442
Carrying amount
At 31 May 2024
7,134
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 25 May 2023
Additions
2,617
1,000
3,617
At 31 May 2024
2,617
1,000
3,617
Depreciation and impairment
At 25 May 2023
Depreciation charged in the period
382
146
528
At 31 May 2024
382
146
528
Carrying amount
At 31 May 2024
2,235
854
3,089
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
2,448
Other debtors
7,151
9,599
STAGE SOUND SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
26,250
Corporation tax
14,032
Other creditors
2,034
42,316
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
During the year, the company issued and fully paid 100 ordinary shares of £1 each.