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Registered number: 06977154
Sound Training for Reading Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Nunns Accounting Services Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06977154
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 103,778 42,050
Investments 5 78 78
103,856 42,128
CURRENT ASSETS
Stocks 6 90,517 68,534
Debtors 7 527,787 229,734
Cash at bank and in hand 449,675 622,922
1,067,979 921,190
Creditors: Amounts Falling Due Within One Year 8 (602,495 ) (504,349 )
NET CURRENT ASSETS (LIABILITIES) 465,484 416,841
TOTAL ASSETS LESS CURRENT LIABILITIES 569,340 458,969
Creditors: Amounts Falling Due After More Than One Year 9 (31,111 ) (31,667 )
NET ASSETS 538,229 427,302
CAPITAL AND RESERVES
Called up share capital 10 76 76
Share premium account 34,470 34,470
Capital redemption reserve 74 74
Profit and Loss Account 503,609 392,682
SHAREHOLDERS' FUNDS 538,229 427,302
Page 1
Page 2
For the year ending 31 July 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Grant
Director
14/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sound Training for Reading Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06977154 . The registered office is Victoria House Pearson Way, Thornaby, Stockton-On-Tees, TS17 6PT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% SLM
Fixtures & Fittings 25% SLM
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 40 (2023: 40)
40 40
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 101,421 99,038 200,459
Additions - 89,059 89,059
As at 31 July 2024 101,421 188,097 289,518
Depreciation
As at 1 August 2023 92,940 65,469 158,409
Provided during the period 6,087 21,244 27,331
As at 31 July 2024 99,027 86,713 185,740
Net Book Value
As at 31 July 2024 2,394 101,384 103,778
As at 1 August 2023 8,481 33,569 42,050
5. Investments
Listed
£
Cost
As at 1 August 2023 78
As at 31 July 2024 78
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 78
As at 1 August 2023 78
6. Stocks
2024 2023
£ £
Materials 90,517 68,534
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 281,553 149,215
Other debtors 246,234 80,519
527,787 229,734
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 46,620 44,479
Bank loans and overdrafts 5,000 25,689
Other creditors 431,906 330,131
Taxation and social security 118,969 104,050
602,495 504,349
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 31,111 31,667
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 76 76
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