IRIS Accounts Production v24.3.2.46 01342898 Board of Directors 1.5.23 30.4.24 30.4.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013428982023-04-30013428982024-04-30013428982023-05-012024-04-30013428982022-04-30013428982022-05-012023-04-30013428982023-04-3001342898ns15:EnglandWales2023-05-012024-04-3001342898ns14:PoundSterling2023-05-012024-04-3001342898ns10:Director12023-05-012024-04-3001342898ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3001342898ns10:SmallEntities2023-05-012024-04-3001342898ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3001342898ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3001342898ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3001342898ns10:FullAccounts2023-05-012024-04-300134289812023-05-012024-04-3001342898ns5:CurrentFinancialInstruments2024-04-3001342898ns5:CurrentFinancialInstruments2023-04-3001342898ns5:Non-currentFinancialInstruments2024-04-3001342898ns5:Non-currentFinancialInstruments2023-04-3001342898ns5:ShareCapital2024-04-3001342898ns5:ShareCapital2023-04-3001342898ns5:SharePremium2024-04-3001342898ns5:SharePremium2023-04-3001342898ns5:RetainedEarningsAccumulatedLosses2024-04-3001342898ns5:RetainedEarningsAccumulatedLosses2023-04-3001342898ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3001342898ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-05-012024-04-3001342898ns5:IntangibleAssetsOtherThanGoodwill2023-04-3001342898ns5:IntangibleAssetsOtherThanGoodwill2024-04-3001342898ns5:IntangibleAssetsOtherThanGoodwill2023-04-3001342898ns5:PlantMachinery2023-04-3001342898ns5:PlantMachinery2023-05-012024-04-3001342898ns5:PlantMachinery2024-04-3001342898ns5:PlantMachinery2023-04-3001342898ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3001342898ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3001342898ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3001342898ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3001342898ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-04-3001342898ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-04-3001342898ns5:HirePurchaseContracts2024-04-3001342898ns5:HirePurchaseContracts2023-04-3001342898ns5:WithinOneYear2024-04-3001342898ns5:WithinOneYear2023-04-3001342898ns5:BetweenOneFiveYears2024-04-3001342898ns5:BetweenOneFiveYears2023-04-3001342898ns5:AllPeriods2024-04-3001342898ns5:AllPeriods2023-04-3001342898ns5:Secured2024-04-3001342898ns5:Secured2023-04-30
REGISTERED NUMBER: 01342898 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Sound Leisure Limited

Sound Leisure Limited (Registered number: 01342898)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Sound Leisure Limited (Registered number: 01342898)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 284,064 328,422
Tangible assets 5 1,068,967 1,018,511
1,353,031 1,346,933

CURRENT ASSETS
Stocks 1,036,681 936,316
Debtors 6 662,660 695,002
Cash at bank and in hand 99,112 662
1,798,453 1,631,980
CREDITORS
Amounts falling due within one year 7 1,147,505 1,056,981
NET CURRENT ASSETS 650,948 574,999
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,003,979

1,921,932

CREDITORS
Amounts falling due after more than one
year

8

(103,747

)

(58,585

)

PROVISIONS FOR LIABILITIES (302,450 ) (297,682 )
NET ASSETS 1,597,782 1,565,665

CAPITAL AND RESERVES
Called up share capital 11 5,100 5,100
Share premium 99,800 99,800
Retained earnings 1,492,882 1,460,765
1,597,782 1,565,665

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sound Leisure Limited (Registered number: 01342898)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





C Black - Director


Sound Leisure Limited (Registered number: 01342898)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Sound Leisure Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01342898

Registered office: Sandleas Way
Leeds
West Yorkshire
LS15 8AR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic of Ireland" and 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 give a true and fair view.

The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised on delivery. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion and the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Computer equipment- 33% on reducing balance
Plant and machinery- 10% on reducing balance
Fixtures and fittings- 10% on reducing balance
Motor vehicles- 2-5 years on cost
Other fixed assets- 20% and 30% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Sound Leisure Limited (Registered number: 01342898)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Deferred tax
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.

Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and that of directors' personal pension schemes are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Sound Leisure Limited (Registered number: 01342898)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, amounts owed to group undertakings, trade creditors, other creditors, hire purchase contracts and bank loans.

Trade debtors, other debtors, cash and bank balances, trade creditors, other creditors and amounts owed to group undertakings are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2023 - 71 ) .

Sound Leisure Limited (Registered number: 01342898)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 553,146
AMORTISATION
At 1 May 2023 224,724
Charge for year 44,358
At 30 April 2024 269,082
NET BOOK VALUE
At 30 April 2024 284,064
At 30 April 2023 328,422

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 3,381,359
Additions 274,753
Disposals (145,778 )
At 30 April 2024 3,510,334
DEPRECIATION
At 1 May 2023 2,362,848
Charge for year 209,138
Eliminated on disposal (130,619 )
At 30 April 2024 2,441,367
NET BOOK VALUE
At 30 April 2024 1,068,967
At 30 April 2023 1,018,511

The net book value of tangible fixed assets includes £ 145,785 (2023 - £ 62,599 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 406,712 457,511
Other debtors 255,948 237,491
662,660 695,002

Sound Leisure Limited (Registered number: 01342898)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,213 22,856
Hire purchase contracts (see note 9) 48,465 20,866
Trade creditors 635,878 646,800
Amounts owed to group undertakings 100,000 5,000
Taxation and social security 40,325 54,479
Other creditors 312,624 306,980
1,147,505 1,056,981

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,237 22,450
Hire purchase contracts (see note 9) 91,510 36,135
103,747 58,585

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 48,465 20,866
Between one and five years 91,510 36,135
139,975 57,001

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,100 11,060
Between one and five years 8,539 13,638
13,639 24,698

Sound Leisure Limited (Registered number: 01342898)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 12,899
Hire purchase contracts 139,975 57,001
Group undertakings balance 100,000 -
239,975 69,900

The bank overdraft is secured by a fixed and floating charge over the assets of the Company, dated July 2004 and also by a cross guarantee with Sound Leisure Holdings Limited by way of a mortgage with Natwest Bank PLC, dated January 2018, which contains a fixed and floating charge over the property or undertaking of Sound Leisure Holdings Limited.

Hire purchase liabilities are secured on the assets to which the contracts relate

The amounts owed to group undertaking is secured by a fixed and floating charge over the assets of the company.

11. CALLED UP SHARE CAPITAL

2024 2023
£ £
Allotted, issued and fully paid 5,100 5,100

12. ULTIMATE CONTROLLING PARTY

The company is controlled by the Black family by virtue of their shareholdings in Sound Leisure Holdings Limited.