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Registered number: 03555097










ADLIB AUDIO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
ADLIB AUDIO LIMITED
 
 
COMPANY INFORMATION


Directors
A. P. Dockerty 
J. C. Hughes 
D. A. Jones 
D. A. Kay 
P. J. Stoker 
T. I. Edwards (appointed 25 September 2024)




Registered number
03555097



Registered office
Adlib House
Kitling Road

Knowsley Business Park

Liverpool

L34 9JS




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
ADLIB AUDIO LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10 - 11
Statement of changes in equity
12 - 13
Notes to the financial statements
14 - 36


 
ADLIB AUDIO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their report for the year ended 30 April 2024. 

Business review
 
In February 2024 the Board of Directors achieved a significant milestone with the completion of a Management Buyout (MBO).  The company’s management team remains unchanged, and trading has been very much business as usual.
There has been continued growth in Turnover for the financial year, with an increase of 18% to £28.4m.   The Business has made significant asset purchases totalling £7.2m to meet client demand and help facilitate growth. This investment will secure future revenue and continue the positive outlook for FY2025 where Management anticipate growth across all disciplines. 
Following the MBO, the Management team can focus more attention on strategic growth plans developing our core services and increasing our presence in key markets.  
EBITDA increased by £0.3m to £5.9m (FY2023: £5.6m).  The EBITDA margin achieved was 21% which was slightly down on the 23% achieved FY2023 but demonstrates consistency in operations and cash generation.  Given inflationary pressures, increased wages and rising overheads, the Business has shown resilience to deliver strong results which secured Profit before tax of £1.4m.  
The Business has made significant developments in IT, HR, resource and asset management solutions with a focus on driving efficiencies and optimising resources.  
Following the MBO the business plans to consolidate its position as the UK’s leading independent event technology partner by strengthening underlying financial performance, continue to reinvest profits to fund growth whilst carefully monitoring operating profit, net cash and net debt levels.  

Principal risks and uncertainties
 
The business produces weekly short-term cashflows and regularly monitors Orderbook and Pipeline data to ensure Trading Performance is inline with expectations.  Financial outturn is reviewed in Management Accounts and Detailed Projections, along with working capital requirements and cash position.  
All new customers and suppliers are onboarded following a credit check and further due diligence.  Credit agency data is cross matched across our ledgers to help monitor credit risk and changes in credit scores.  This along with our credit policies has successfully kept Bad Debt to a minimum (0.1% of turnover).  
The business secured £4m of CBILS loans in 2020/21. At the end of April 2024, the balance remaining is £1.26m, demonstrating our cash generative activities to drive down COVID-19 government backed debt.  
The business has experienced interest rate increases on variable rate loans.  However the majority of new Asset Finance and existing bank loans are on a fixed rate which has reduced our exposure to interest rate increases. 

Financial key performance indicators
 
We consider that our key financial performance indicators are those that show the overall performance and strength of the company; The most appropriate measures being turnover, gross margin and cash flow.

Page 1

 
ADLIB AUDIO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


This report was approved by the board on 16 December 2024 and signed on its behalf.





J. C. Hughes
Director

Page 2

 
ADLIB AUDIO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The company's principal activites during the year continued to be that of Sales, Hire, Manufacture, and Installation of Sound, PA, AV Lighting, Rigging and Flight Case and Speaker manufacture.  Provision of Crew to the Event and Entertainment Industry.  Provision of Technical Training Services.  Property Owners.  Installation of stage engineering and installation of electrical works.  Video Content Production.

Results and dividends

The profit for the year, after taxation, amounted to £1,024,736 (2023 - £2,140,347).

Dividends amounting to £60,000 (2023 - £438,499) were paid during the year. The directors do not recommended any further dividends for the year. 

Directors

The directors who served during the year were:

A. P. Dockerty 
J. C. Hughes 
D. A. Jones 
D. A. Kay 
P. J. Stoker 

Page 3

 
ADLIB AUDIO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future developments

The directors plan to continue to develop the existing activities of the company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 December 2024 and signed on its behalf.
 





J. C. Hughes
Director

Page 4

 
ADLIB AUDIO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED
 

Opinion

We have audited the financial statements of Adlib Audio Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 April 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 5

 
ADLIB AUDIO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED (CONTINUED)


Opinion on other matters 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 the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the 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 the 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 or the Directors' report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 3, 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.

Page 6

 
ADLIB AUDIO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.

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:

The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
enquiries of management; and
journal entry testing, with a focus on manual journals indicating large or unusual transactions based on our understanding of the business.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
 
Page 7

 
ADLIB AUDIO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED (CONTINUED)



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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 2006Our 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 Auditors' 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.




Andrew McCall (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

16 December 2024
Page 8

 
ADLIB AUDIO LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
28,386,792
24,062,848

Cost of sales
  
(15,135,235)
(12,797,791)

Gross profit
  
13,251,557
11,265,057

Administrative expenses
  
(10,943,411)
(8,388,554)

Other operating income
 5 
3,000
80,000

Operating profit
 6 
2,311,146
2,956,503

Income from shares in group undertakings
  
665,291
-

Amounts written off investments
  
(731,762)
-

Interest receivable and similar income
 10 
254
15,779

Interest payable and similar expenses
 11 
(819,088)
(616,413)

Profit before tax
  
1,425,841
2,355,869

Tax on profit
 12 
(401,105)
(215,522)

Profit for the financial year
  
1,024,736
2,140,347

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
1,334,281
-

Deferred tax on revaluation
  
(580,115)
-

Other comprehensive income for the year
  
754,166
-

Total comprehensive income for the year
  
1,778,902
2,140,347

The notes on pages 14 to 36 form part of these financial statements.

Page 9

 
ADLIB AUDIO LIMITED
REGISTERED NUMBER: 03555097

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
23,222
35,889

Tangible assets
 15 
22,813,297
17,703,491

Investments
 16 
211,155
881,390

  
23,047,674
18,620,770

Current assets
  

Stocks
 17 
1,942,311
2,140,949

Debtors
 18 
4,121,128
4,201,975

Cash at bank and in hand
 19 
550,063
1,516,939

  
6,613,502
7,859,863

Creditors: amounts falling due within one year
 20 
(10,903,288)
(8,420,012)

Net current liabilities
  
 
 
(4,289,786)
 
 
(560,149)

Total assets less current liabilities
  
18,757,888
18,060,621

Creditors: amounts falling due after more than one year
 21 
(9,777,922)
(11,874,923)

Provisions for liabilities
  

Deferred tax
 25 
(1,944,946)
(963,726)

Other provisions
 26 
(35,453)
(48,384)

  
 
 
(1,980,399)
 
 
(1,012,110)

Net assets
  
6,999,567
5,173,588


Capital and reserves
  

Called up share capital 
 27 
159
112

Share premium account
 28 
41,213
41,213

Revaluation reserve
 28 
754,166
-

Capital redemption reserve
 28 
17
17

Profit and loss account
 28 
6,204,012
5,132,246

  
6,999,567
5,173,588


Page 10

 
ADLIB AUDIO LIMITED
REGISTERED NUMBER: 03555097
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2024.




J. C. Hughes
Director

The notes on pages 14 to 36 form part of these financial statements.

Page 11
 

 
ADLIB AUDIO LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 May 2023
112
41,213
17
-
5,132,246
5,173,588



Comprehensive income for the year


Profit for the year

-
-
-
-
1,024,736
1,024,736


Surplus on revaluation of leasehold property
-
-
-
1,334,281
-
1,334,281


Deferred tax on revaluation
-
-
-
(580,115)
-
(580,115)



Other comprehensive income for the year
-
-
-
754,166
-
754,166



Total comprehensive income for the year
-
-
-
754,166
1,024,736
1,778,902



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(60,000)
(60,000)


Shares issued during the year
47
-
-
-
-
47


Equity settled share-based payments
-
-
-
-
107,030
107,030



Total transactions with owners
47
-
-
-
47,030
47,077



At 30 April 2024
159
41,213
17
754,166
6,204,012
6,999,567



The notes on pages 14 to 36 form part of these financial statements.

Page 12

 

 
ADLIB AUDIO LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£
£


At 1 May 2022
112
41,213
17
3,430,398
3,471,740



Comprehensive income for the year


Profit for the year
-
-
-
2,140,347
2,140,347

Total comprehensive income for the year
-
-
-
2,140,347
2,140,347



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(438,499)
(438,499)



Total transactions with owners
-
-
-
(438,499)
(438,499)



At 30 April 2023
112
41,213
17
5,132,246
5,173,588



The notes on pages 14 to 36 form part of these financial statements.

Page 13
 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Adlib Audio Limited is a private limited company incorporated in England and Wales.  Its registered office is Adlib House, Kitling Road, Liverpool L34 9JS.  The company number is 03555097.
The company's principal activites during the year continued to be that of Sales, Hire, Manufacture, and Installation of Sound, PA, AV Lighting, Rigging and Flight Case and Speaker manufacture.  Provision of Crew to the Event and Entertainment Industry.  Provision of Technical Training Services.  Property Owners.  Installation of stage engineering and installation of electrical works.  Video Content Production.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

The company depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The directors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities.  Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

Page 14

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 16

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 17

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
50 years straight line
Plant and machinery
-
22.5% reducing balance
Motor vehicles
-
22.5% / 25% reducing balance
Fixtures and fittings
-
22.5% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 18

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.16

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the
Page 20

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.23
Financial instruments (continued)

asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 21

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, stimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The items in the financial statements where these judgements and estimates have been made include depreciation of fixed assets, the carrying value of stocks and the provision for bad and doubtful debts.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity which is disclosed in Note 1.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
24,932,872
22,949,076

Rest of Europe
807,854
315,618

Rest of the world
2,646,066
798,154

28,386,792
24,062,848



5.


Other operating income

2024
2023
£
£

Government grants receivable
3,000
80,000

3,000
80,000


Page 22

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(1,841)
(12,353)

Other operating lease rentals
-
837


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,500
13,500


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
7,695,765
6,417,546

Social security costs
785,917
672,255

Cost of defined contribution scheme
169,553
135,972

8,651,235
7,225,773


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
15
14



Hire and support services
147
134



Manufacturing
5
5



Administration
32
28

199
181

Page 23

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
713,634
539,991

Company contributions to defined contribution pension schemes
21,697
7,290

735,331
547,281


During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £188,668 (2023 - £137,889).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,390 (2023 - £860).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
254
15,779

254
15,779


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
289,013
324,503

Other loan interest payable
71,545
72,654

Finance leases and hire purchase contracts
458,530
219,256

819,088
616,413

Page 24

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(8,802)


-
(8,802)


Total current tax
-
(8,802)

Deferred tax


Origination and reversal of timing differences
401,105
224,324

Total deferred tax
401,105
224,324


Tax on profit
401,105
215,522

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,425,840
2,355,869


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
356,460
459,233

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
222,225
8,373

Fixed asset differences
21,749
(267,449)

Adjustments to tax charge in respect of prior periods
(12,232)
-

Dividends from UK companies
(166,323)
-

Tax deduction arising from exercise of employee options
(26,758)
-

Other differences leading to an increase (decrease) in the tax charge
5,984
(34,222)

Remeasurement of deferred tax
-
49,587

Total tax charge for the year
401,105
215,522

Page 25

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

Due to the levels of capital investment trading tax losses of £8,907,221 (2023 - £6,619,663) are carried forward and are avaiable to reduce the tax payable on future trading profits.


13.


Dividends

2024
2023
£
£


Paid on Ordinary shares of £0.001 each
60,000
438,499

60,000
438,499


14.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
38,000



At 30 April 2024

38,000



Amortisation


At 1 May 2023
2,111


Charge for the year on owned assets
12,667



At 30 April 2024

14,778



Net book value



At 30 April 2024
23,222



At 30 April 2023
35,889



Page 26

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023
7,271,163
21,193,134
1,074,316
29,538,613


Additions
447,909
6,304,415
446,038
7,198,362


Transfers intra group
590,000
-
-
590,000


Disposals
-
(1,133,864)
(46,911)
(1,180,775)


Revaluations
78,680
-
-
78,680



At 30 April 2024

8,387,752
26,363,685
1,473,443
36,224,880



Depreciation


At 1 May 2023
1,091,621
10,171,422
572,078
11,835,121


Charge for the year on owned assets
194,837
1,042,958
30,179
1,267,974


Charge for the year on financed assets
-
2,146,428
138,260
2,284,688


Disposals
-
(680,825)
(39,774)
(720,599)


On revalued assets
(1,255,601)
-
-
(1,255,601)



At 30 April 2024

30,857
12,679,983
700,743
13,411,583



Net book value



At 30 April 2024
8,356,895
13,683,702
772,700
22,813,297



At 30 April 2023
6,179,541
11,021,712
502,238
17,703,491

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
9,437,932
7,572,052

Motor vehicles
635,756
215,999

10,073,688
7,788,051

Page 27

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Cost or valuation at 30 April 2024 is as follows:

Land and buildings
£


At cost
8,309,072
At valuation:

Valuations on 3 August 2023 and 9 January 2024 based on market value
78,680



8,387,752

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
8,309,072
7,271,163

Accumulated depreciation
(1,312,390)
(1,091,621)

Net book value
6,996,682
6,179,542


16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
881,390


Amounts written off
(670,235)



At 30 April 2024
211,155




Page 28

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Adlib Developments Limited
Adlib House Kitling Road, Knowsley Business Park, Liverpool, L34 9JS
Ordinary
100%
Triplex Productions Limited
Adlib House Kitling Road, Knowsley Business Park, Prescot, L34 9JS
Ordinary
100%


17.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
30,245
5,150

Finished goods and goods for resale
1,912,066
2,135,799

1,942,311
2,140,949


Page 29

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Debtors


2024
2023
£
£



Trade debtors
2,263,825
2,749,963

Amounts owed by group undertakings
1,115,179
143,676

Other debtors
7,197
7,318

Prepayments and accrued income
734,927
1,301,018

4,121,128
4,201,975



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
550,063
1,516,939

550,063
1,516,939



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
580,817
443,885

Trade creditors
2,440,564
2,242,533

Amounts owed to group undertakings
100
13,864

Other taxation and social security
998,341
577,805

Obligations under finance lease and hire purchase contracts
3,795,566
2,494,840

Other creditors
550,819
460,430

Accruals and deferred income
2,537,081
2,186,655

10,903,288
8,420,012


Bank loans and other loans are secured by a fixed and floating charge on the assets of the company.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

Page 30

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,613,059
6,668,090

Other loans
-
667,000

Net obligations under finance leases and hire purchase contracts
5,164,863
4,509,833

Other creditors
-
30,000

9,777,922
11,874,923


Bank loans and other loans are secured by a fixed and floating charge on the assets of the company.
Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
2,947,040
3,170,495

2,947,040
3,170,495

The loans due after more than five years are repayable by fixed monthly instalments. Interest is chargeable at fixed rates of 3.11% or 3.48% per annum or at variable rates of 2.45% or 3.99% over Bank of England Base Rate.

Page 31

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
580,817
443,885


580,817
443,885

Amounts falling due 1-2 years

Bank loans
568,079
806,060


568,079
806,060

Amounts falling due 2-5 years

Bank loans
1,097,939
2,691,535

Other loans
-
667,000


1,097,939
3,358,535

Amounts falling due after more than 5 years

Bank loans
2,947,040
3,170,495

2,947,040
3,170,495

5,193,875
7,778,975



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
4,220,595
2,494,840

Between 1-5 years
5,387,792
4,509,833

Over 5 years
70,301
-

9,678,688
7,004,673

Page 32

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
550,063
1,516,939




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


25.


Deferred taxation




2024


£






At beginning of year
(963,726)


Charged to profit or loss
(981,220)



At end of year
(1,944,946)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,595,206)
(2,644,790)

Tax losses carried forward
2,226,805
1,659,992

Capital gains
(580,115)
-

Short term timing differences
3,570
21,072

(1,944,946)
(963,726)

Page 33

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

26.


Provisions




Grants

£





At 1 May 2023
48,384


Utilised in year
(12,931)



At 30 April 2024
35,453

The provision relates to grants received in respect of capital expenditure and job numbers; amounts relating to capital expenditure are amortised at the same rate as the assets depreciated, amounts relating to jobs are amortised over 3 years.


27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



158,537 (2023 - 111,946) Ordinary shares of £0.001 each
159
112


On 2 May 2023, 30,395 Ordinary shares of £0.001 each and 19,196 B Ordinary shares of £0.001 each were issued for consideration of £44.
On 9 February 2024, the B Ordinary shares of £0.001 each were redesignated Ordinary shares of £0.001 each.


28.


Reserves

Share premium account

The share premium account represents all amounts received for shares issued at a premium.

Revaluation reserve

The revaluation reserve represents the increase from historic cost for long leasehold property.

Capital redemption reserve

This reserve represents the amount equal to the nominal value of shares repurchased by the company to
date.

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses less dividends paid and
cash paid for purchase of own shares.

Page 34

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.


Share-based payments

Adlib Audio Ltd has granted Enterprise Management Incentive (EMI] options.
Directors and staff are granted options at the parent company's discretion. Options have been granted in two tranches. 
A tranche of options of 30,395 ordinary shares were granted to staff members on 19 July 2022. The estimated fair value of each option granted is £3.38. The estimated fair value was calculated with reference to the valuation agreed with HMRC. If any individual leaves the company before the exercise of their options then their options lapse. 
There are no performance conditions attaching to the scheme. The exercise price is £0.001 per share.
A tranche of options of 16,196 B shares were granted to staff members on 19 July 2022. The estimated fair value of each option granted is £0.001. The estimated fair value was calculated with reference to the valuation agreed with HMRC. If any individual leaves the company before the exercise of their options then their options lapse. 
There are no performance conditions attaching to the scheme. The exercise price is £0.001 per share.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

46.59

46,591

 
-
 
Granted during the year


-

46.59
 
46,591
 
Exercised during the year

46.59

(46,591)

 
-
 
Outstanding at the end of the year

-

46.59
 
46,591
 

During the year, all options were exercised.





30.


Contingent liabilities

Bank loans of the parent company, A Square Company Holdings Limited, amounting to £2,062,373 as at 30 April 2024 are secured by an unlimited multilateral guarantee given by Adlib Audio Limited.

Page 35

 
ADLIB AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

31.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totalling £38,785 (2023 - £32,265) were payable to the fund at the reporting date and are included in creditors.


32.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.


2024
2023
£
£

 
Loans due to directors
-
667,000
 
Repayment of directors loans during the year
667,000
-
 
Directors loan interest paid in the year
31,139
40,020
 
Dividends paid to directors in the year
-
438,499


33.


Controlling party

Until the 9 February 2024, the company was controlled by A.P. Dockerty.
On 9 February 2024, the company became a wholly owned subsidiary of A Square Company Holdings Limited, a company registered in England and Wales.  The registered office of A Square Holdings Company Limited is Adlib House, Kitling Road, Knowsley Business Park, Liverpool, L34 9JS.

 
Page 36