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Registered number: 12189035
Thelatestsounds Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12189035
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 163,400 143,324
Tangible Assets 5 10,473 10,088
173,873 153,412
CURRENT ASSETS
Debtors 6 25,688 39,448
Cash at bank and in hand 789 6,161
26,477 45,609
Creditors: Amounts Falling Due Within One Year 7 (186,428 ) (175,654 )
NET CURRENT ASSETS (LIABILITIES) (159,951 ) (130,045 )
TOTAL ASSETS LESS CURRENT LIABILITIES 13,922 23,367
Creditors: Amounts Falling Due After More Than One Year 8 (11,740 ) (8,184 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,917 ) (1,917 )
NET ASSETS 265 13,266
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 264 13,265
SHAREHOLDERS' FUNDS 265 13,266
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Robert Langdon
Director
10/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Thelatestsounds Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12189035 . The registered office is 18 Whitecroft Way, Beckenham, Kent, BR3 3AG.
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.
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:
Fixtures & Fittings 15% WDV
Computer Equipment 15% WDV
2.4. 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.
2.5. 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 in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Other
£
Cost
As at 1 October 2023 159,248
Additions 40,000
As at 30 September 2024 199,248
Amortisation
As at 1 October 2023 15,924
Provided during the period 19,924
As at 30 September 2024 35,848
Net Book Value
As at 30 September 2024 163,400
As at 1 October 2023 143,324
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 October 2023 1,221 12,309 13,530
Additions 374 1,858 2,232
As at 30 September 2024 1,595 14,167 15,762
Depreciation
As at 1 October 2023 216 3,226 3,442
Provided during the period 207 1,640 1,847
As at 30 September 2024 423 4,866 5,289
Net Book Value
As at 30 September 2024 1,172 9,301 10,473
As at 1 October 2023 1,005 9,083 10,088
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 23,026 36,697
Other debtors 2,662 2,751
25,688 39,448
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 16,558 23,616
Bank loans and overdrafts 12,333 5,000
Corporation tax 16,924 13,486
VAT 17,332 9,464
Other creditors 4,988 35
Director's loan account 118,293 124,053
186,428 175,654
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,740 8,184
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Related Party Transactions
Included in the Other Creditors is an amount owed to the company director Mr R Langdon totalling £118,315 (2023 - £124,053), no interest is to be charged.
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