Company registration number 04741221 (England and Wales)
STAGE SOUND SERVICES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
STAGE SOUND SERVICES LTD
COMPANY INFORMATION
Director
Mr P E Hurley
Company number
04741221
Registered office
Unit A Avenue Park Industrial Estate
Croescadarn Close
Pentwyn
Cardiff
CF23 8HE
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
Bankers
Barclays Bank PLC
1-5 St David's Way
28 Working Street
Cardiff
CF10 2DP
STAGE SOUND SERVICES LTD
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
STAGE SOUND SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The director presents the strategic report for the year ended 30 April 2024.
Fair review of the business
The principal activity of the group is the hire and sale of audio and lighting equipment.
The results for the year are shown on page 8 and the group and company's financial position at the year end is shown on pages 10 and 11.
Turnover is the group's key measure of operating effectiveness; turnover increased by £2,356,484 compared to the year ended 30 April 2023. Gross Profit percentage (GP%) is also a key measure of operating effectiveness. GP% was 56.9% for the year compared to 61.0% for the year to 30 April 2023. The profit before tax for the year was £3,692,363 compared to £4,321,718 for the year ended 30 April 2023. The group balance sheet shows net assets of £16,048,863 with net current liabilities of £1,217,120.
We have seen continued strong growth during the year. This growth has resulted in continued capital investment together with a significant investment in its workforce.
Principal risks and uncertainties
The group operates in a competitive market which is a continuing risk and could result in losing sales to its key competitors; the group manages this risk by focusing on quality of service and price.
The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The group does not use derivative financial instruments for speculative purposes.
Cash flow risk
Interest bearing liabilities are subject to variable interest rates, The group has spread its borrowing over a number of lenders but has not actively managed its exposure to changes in interest rates.
Credit risk
The group's principal financial assets are bank balances and cash, and trade and other receivables.
The group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables.
The credit risk on liquid funds and financial instruments is limited because the counterparties are banks and leasing companies with high credit-ratings assigned by international credit-rating agencies.
The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance.
Price risk
The group is exposed to price risk. The group's exposure to price risk is partially managed with exposure spread over a large number of counterparties and customers.
Mr P E Hurley
Director
16 October 2024
STAGE SOUND SERVICES LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The director presents his annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company and group continued to be that of hire and sale of audio and lighting equipment.
Results and dividends
The results for the year are set out on page 8. A fair review of the business is presented in the strategic report on page 1.
Ordinary dividends were paid amounting to £465,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr P E Hurley
Auditor
UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Going concern
The scale and volume of equipment required for productions is dramatically exceeding pre-COVID-19 levels. The amount of equipment utilised for each production has significantly increased, as creative professionals are actively embracing new technologies to enhance their designs.
Furthermore, several productions are extending beyond their initially agreed rental periods. This extension is beneficial for cash generation, as the assets for these productions have already been acquired, resulting in minimal ongoing purchase requirements for these productions.
The group has net assets of £16.0 million (2023: £13.8 million). Net current liabilities at 30 April 2024 were £1.2 million compared to net current assets of £0.2 million at 30 April 2023. The director has prepared forecasts taking all the above factors into account and based on the forecasts prepared the director is confident that the company will be able to meet its debts as they fall due for at least the next twelve months from the date of approval of these financial statements. Based on these indications the director believes that it remains appropriate to prepare the financial statements on a going concern basis.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
STAGE SOUND SERVICES LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
On behalf of the board
Mr P E Hurley
Director
16 October 2024
STAGE SOUND SERVICES LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STAGE SOUND SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAGE SOUND SERVICES LTD
- 5 -
Opinion
We have audited the financial statements of Stage Sound Services Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 group's and the parent company's affairs as at 30 April 2024 and of the group's 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
STAGE SOUND SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAGE SOUND SERVICES LTD
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 auditor’s 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the group and parent company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent company, including the Companies Act 2006;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group and parent company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
STAGE SOUND SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAGE SOUND SERVICES LTD
- 7 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our 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 auditor's 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.
Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
16 October 2024
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
STAGE SOUND SERVICES LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,466,192
13,109,708
Cost of sales
(6,671,391)
(5,124,921)
Gross profit
8,794,801
7,984,787
Administrative expenses
(4,781,577)
(3,438,067)
Other operating income
16,225
1,645
Operating profit
4
4,029,449
4,548,365
Interest receivable and similar income
7
5,577
3,967
Interest payable and similar expenses
8
(342,663)
(230,614)
Profit before taxation
3,692,363
4,321,718
Tax on profit
9
(941,541)
(1,043,926)
Profit for the financial year
2,750,822
3,277,792
Profit for the financial year is all attributable to the owner of the parent company.
STAGE SOUND SERVICES LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
2,750,822
3,277,792
Other comprehensive income
-
-
Total comprehensive income for the year
2,750,822
3,277,792
Total comprehensive income for the year is all attributable to the owners of the parent company.
STAGE SOUND SERVICES LTD
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
379,754
441,087
Tangible assets
12
22,686,602
16,513,963
23,066,356
16,955,050
Current assets
Stocks
15
422,944
424,980
Debtors
16
2,295,430
1,126,494
Cash at bank and in hand
584,084
799,165
3,302,458
2,350,639
Creditors: amounts falling due within one year
17
(4,519,578)
(2,182,920)
Net current (liabilities)/assets
(1,217,120)
167,719
Total assets less current liabilities
21,849,236
17,122,769
Creditors: amounts falling due after more than one year
18
(1,758,926)
(1,068,755)
Provisions for liabilities
Deferred tax liability
23
(1,724,782)
(1,373,796)
(1,724,782)
(1,373,796)
Deferred income
21
(2,316,665)
(917,177)
Net assets
16,048,863
13,763,041
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
16,048,763
13,762,941
Total equity
16,048,863
13,763,041
The financial statements were approved and signed by the director and authorised for issue on 16 October 2024
16 October 2024
Mr P E Hurley
Director
Company registration number 04741221 (England and Wales)
STAGE SOUND SERVICES LTD
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
21,957,934
15,924,966
Investments
13
1,256,746
1,256,746
23,214,680
17,181,712
Current assets
Stocks
15
359,734
344,791
Debtors
16
2,144,856
1,033,726
Cash at bank and in hand
542,566
746,256
3,047,156
2,124,773
Creditors: amounts falling due within one year
17
(4,523,848)
(2,254,679)
Net current liabilities
(1,476,692)
(129,906)
Total assets less current liabilities
21,737,988
17,051,806
Creditors: amounts falling due after more than one year
18
(1,758,926)
(1,068,755)
Provisions for liabilities
Deferred tax liability
23
(1,666,445)
(1,309,301)
(1,666,445)
(1,309,301)
Deferred income
21
(2,316,665)
(917,177)
Net assets
15,995,952
13,756,573
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
15,995,852
13,756,473
Total equity
15,995,952
13,756,573
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,704,379 (2023 - £3,157,474 profit).
The financial statements were approved and signed by the director and authorised for issue on 16 October 2024
16 October 2024
Mr P E Hurley
Director
Company registration number 04741221 (England and Wales)
STAGE SOUND SERVICES LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
10,787,149
10,787,249
Year ended 30 April 2023:
Profit and total comprehensive income
-
3,277,792
3,277,792
Dividends
10
-
(302,000)
(302,000)
Balance at 30 April 2023
100
13,762,941
13,763,041
Year ended 30 April 2024:
Profit and total comprehensive income
-
2,750,822
2,750,822
Dividends
10
-
(465,000)
(465,000)
Balance at 30 April 2024
100
16,048,763
16,048,863
STAGE SOUND SERVICES LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
10,900,999
10,901,099
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
3,157,474
3,157,474
Dividends
10
-
(302,000)
(302,000)
Balance at 30 April 2023
100
13,756,473
13,756,573
Year ended 30 April 2024:
Profit and total comprehensive income
-
2,704,379
2,704,379
Dividends
10
-
(465,000)
(465,000)
Balance at 30 April 2024
100
15,995,852
15,995,952
STAGE SOUND SERVICES LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
8,601,169
6,689,665
Interest paid
(342,663)
(230,614)
Income taxes paid
(819,815)
(581,046)
Net cash inflow from operating activities
7,438,691
5,878,005
Investing activities
Purchase of tangible fixed assets
(7,182,640)
(5,984,096)
Proceeds from disposal of tangible fixed assets
957,346
855,000
Repayment of loans
4,000
-
Interest received
5,577
3,967
Net cash used in investing activities
(6,215,717)
(5,125,129)
Financing activities
Repayment of bank loans
(220,717)
(181,963)
Payment of finance leases obligations
(752,211)
(1,945,869)
Dividends paid to equity shareholders
(465,000)
(302,000)
Net cash used in financing activities
(1,437,928)
(2,429,832)
Net decrease in cash and cash equivalents
(214,954)
(1,676,956)
Cash and cash equivalents at beginning of year
799,038
2,475,994
Cash and cash equivalents at end of year
584,084
799,038
Relating to:
Cash at bank and in hand
584,084
799,165
Bank overdrafts included in creditors payable within one year
-
(127)
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information
Stage Sound Services Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit A, Avenue Park Industrial Estate, Croescadarn Close, Pentwyn, Cardiff, United Kingdom, CF23 8HE.
The group consists of Stage Sound Services Ltd and its 100% owned subsidiary, Stage Lighting Services Limited.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
The consolidated financial statements incorporate those of Stage Sound Services Ltd and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Stage Lighting Services Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Stage Lighting Services Limited for the year from its acquisition on 30th May 2019. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
1.3
Going concern
The scale and volume of equipment required for productions is dramatically exceeding pre-COVID-19 levels. The amount of equipment utilised for each production has significantly increased, as creative professionals are actively embracing new technologies to enhance their designs.
Furthermore, several productions are extending beyond their initially agreed rental periods. This extension is beneficial for cash generation, as the assets for these productions have already been acquired, resulting in minimal ongoing purchase requirements for these productions.
The group has net assets of £16.0 million (2023: £13.8 million). Net current liabilities at 30 April 2024 were £1.2 million compared to net current assets of £0.2 million at 30 April 2023. The director has prepared forecasts taking all the above factors into account and based on the forecasts prepared the director is confident that the company will be able to meet its debts as they fall due for at least the next twelve months from the date of approval of these financial statements. Based on these indications the director believes that it remains appropriate to prepare the financial statements on a going concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which the director has assessed to be 10 years.
For the purposes of impairment testing, goodwill has been allocated to the cash-generating unit ("lighting services") expected to benefit from the acquisition. The lighting services goodwill will be tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the lighting services cash-generating unit is less than the carrying amount of the unit, the impairment loss will be allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% and 20% on cost
Plant and equipment
20% reducing balance and 10% to 33% on cost
Fixtures and fittings
25% reducing balance and 25% on cost
Computers
25% reducing balance
Motor vehicles
25% reducing balance and 25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates 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.
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of tangible fixed assets
The key uncertainties which require estimation and judgement by management are depreciation rates and asset impairment. Depreciation is a significant charge in the financial statements with the depreciation charge for the year being £3,838,463 on assets with a net book value at year end of £22,686,602. The judgement required in estimating the useful life of the company's assets poses some risk, however the current depreciation policies appropriately reflect the consumption of the assets concerned.
Investment and Goodwill
At 30 April 2024 the company had a cost of investment of £1,256,746 in Stage Lighting Services Limited and the group balance sheet includes goodwill of £379,754 in relation to this acquisition.
The activities of Stage Lighting had been severely affected by Covid-19; nevertheless the director had concluded that the investment/goodwill was not impaired on the basis that he was confident that the company would return to profitability as soon as covid restrictions were relaxed. For the years since, Stage Lighting has returned to profitability.
Deferred income
The group has a large number of asset hire contracts with customers that cover multiple months. As part of the monthly management accounts process, management will summarise these contracts and calculate what income for these contracts will need to be deferred into following periods. At the year end, the group had recognised a total of £2,316,665 (2023: £917,177) worth of deferred income.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
14,367,011
12,131,097
Contracts
1,099,181
978,611
15,466,192
13,109,708
2024
2023
£
£
Turnover analysed by geographical market
UK
14,339,462
11,548,167
Europe
838,843
682,183
Rest of World
287,887
879,358
15,466,192
13,109,708
2024
2023
£
£
Other revenue
Interest income
5,577
3,967
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
10,333
(1,724)
Fees payable to the group's auditor for the audit of the group's financial statements
14,500
9,600
Depreciation of owned tangible fixed assets
2,552,665
1,936,623
Depreciation of tangible fixed assets held under finance leases
1,285,798
797,223
Profit on disposal of tangible fixed assets
(609,307)
(459,764)
Amortisation of intangible assets
61,333
61,333
Operating lease charges
222,644
159,148
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales
9
9
5
5
Operations
67
62
57
49
Admin
23
14
20
14
Directors
1
1
1
1
Total
100
86
83
69
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,979,904
2,436,488
2,399,161
1,926,300
Social security costs
273,446
227,671
225,093
188,697
Pension costs
90,985
73,740
73,037
56,810
3,344,335
2,737,899
2,697,291
2,171,807
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
9,834
9,385
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,577
3,967
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
44,883
35,682
Interest on finance leases and hire purchase contracts
297,780
150,134
Other interest
-
44,798
Total finance costs
342,663
230,614
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
590,555
601,830
Adjustments in respect of prior periods
120,782
Total current tax
590,555
722,612
Deferred tax
Origination and reversal of timing differences
350,986
321,314
Total tax charge
941,541
1,043,926
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,692,363
4,321,718
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
923,091
842,303
Tax effect of expenses that are not deductible in determining taxable profit
19,194
15,816
Adjustments in respect of prior years
120,782
Effect of change in corporation tax rate
-
72,410
Permanent capital allowances in excess of depreciation
(23,238)
(2,431)
Depreciation on assets not qualifying for tax allowances
22,494
(4,954)
Taxation charge
941,541
1,043,926
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
465,000
302,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
685,819
Amortisation and impairment
At 1 May 2023
244,732
Amortisation charged for the year
61,333
At 30 April 2024
306,065
Carrying amount
At 30 April 2024
379,754
At 30 April 2023
441,087
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
372,017
31,175,306
450,142
316,827
390,468
32,704,760
Additions
9,988,702
18,202
66,140
286,097
10,359,141
Disposals
(1,935,829)
(86,313)
(2,022,142)
At 30 April 2024
372,017
39,228,179
468,344
382,967
590,252
41,041,759
Depreciation and impairment
At 1 May 2023
249,192
15,230,235
313,456
134,756
263,158
16,190,797
Depreciation charged in the year
60,600
3,625,244
30,306
54,555
67,758
3,838,463
Eliminated in respect of disposals
(1,605,575)
(68,528)
(1,674,103)
At 30 April 2024
309,792
17,249,904
343,762
189,311
262,388
18,355,157
Carrying amount
At 30 April 2024
62,225
21,978,275
124,582
193,656
327,864
22,686,602
At 30 April 2023
122,825
15,945,071
136,686
182,071
127,310
16,513,963
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 25 -
Company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
341,386
30,642,918
434,938
316,827
291,307
32,027,376
Additions
9,713,898
17,235
66,140
284,622
10,081,895
Disposals
(1,872,978)
(67,540)
(1,940,518)
At 30 April 2024
341,386
38,483,838
452,173
382,967
508,389
40,168,753
Depreciation and impairment
At 1 May 2023
249,192
15,223,135
298,919
134,756
196,408
16,102,410
Depreciation charged in the year
60,600
3,499,527
29,397
54,555
58,858
3,702,937
Eliminated in respect of disposals
(1,544,773)
(49,755)
(1,594,528)
At 30 April 2024
309,792
17,177,889
328,316
189,311
205,511
18,210,819
Carrying amount
At 30 April 2024
31,594
21,305,949
123,857
193,656
302,878
21,957,934
At 30 April 2023
92,194
15,419,783
136,019
182,071
94,899
15,924,966
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
3,456,359
1,502,058
3,456,359
1,502,058
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
1,256,746
1,256,746
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1,256,746
Carrying amount
At 30 April 2024
1,256,746
At 30 April 2023
1,256,746
14
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stage Lighting Services Limited
Unit A, Avenue Park Indsutrial Estate, Croescadarn Close, Pentwyn, Cardiff, United Kingdom, CF23 8HE
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
422,944
424,980
359,734
344,791
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,926,074
983,753
1,776,792
890,985
Other debtors
201,292
4,001
200,000
4,001
Prepayments and accrued income
168,064
138,740
168,064
138,740
2,295,430
1,126,494
2,144,856
1,033,726
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
200,000
200,127
200,000
200,127
Obligations under finance leases
20
1,441,491
281,572
1,441,491
281,572
Trade creditors
1,530,610
507,716
1,448,959
478,403
Corporation tax payable
257,743
487,003
215,488
456,296
Other taxation and social security
617,629
329,340
578,362
290,658
Deferred consideration
317,535
215,684
317,535
215,684
Other creditors
69,403
107,725
258,834
300,899
Accruals and deferred income
85,167
53,753
63,179
31,040
4,519,578
2,182,920
4,523,848
2,254,679
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
300,332
521,049
300,332
521,049
Obligations under finance leases
20
1,404,676
140,305
1,404,676
140,305
Deferred consideration
53,918
407,401
53,918
407,401
1,758,926
1,068,755
1,758,926
1,068,755
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
500,332
721,049
500,332
721,049
Bank overdrafts
127
127
500,332
721,176
500,332
721,176
Payable within one year
200,000
200,127
200,000
200,127
Payable after one year
300,332
521,049
300,332
521,049
The bank loan above relates to money received in relation to Coronavirus Business Interruption Loan.
Bank loans are secured against certain assets of the company and are repayable in monthly instalments from October 2021. Interest is charged at basic rate plus 2.99%.
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,441,491
281,572
1,441,491
281,572
In two to five years
1,404,676
140,305
1,404,676
140,305
2,846,167
421,877
2,846,167
421,877
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
2,316,665
917,177
2,316,665
917,177
Deferred income relates to sales invoiced in advanced.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,985
73,740
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,724,782
1,375,516
Retirement benefit obligations
-
(1,720)
1,724,782
1,373,796
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
23
Deferred taxation
(Continued)
- 29 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,666,445
1,310,659
Retirement benefit obligations
-
(1,358)
1,666,445
1,309,301
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
1,373,796
1,309,301
Charge to profit or loss
350,986
357,144
Liability at 30 April 2024
1,724,782
1,666,445
The deferred tax liability set out above relates to accelerated capital allowances and this is expected to reverse over the useful economic lives of the related assets..
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
21,890
22,815
21,890
22,815
21,890
22,815
21,890
22,815
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
397,915
407,671
Other information
The company has taken advantage of the exemption given by section 33.1A of FRS 102 to not disclose related party transactions with subsidiary undertakings where voting rights are controlled within the group.
27
Controlling party
The company is ultimately controlled by Mr P E Hurley by virtue of his shareholding.
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,750,822
3,277,792
Adjustments for:
Taxation charged
941,541
1,043,926
Finance costs
342,663
230,614
Investment income
(5,577)
(3,967)
Gain on disposal of tangible fixed assets
(609,307)
(459,764)
Amortisation and impairment of intangible assets
61,333
61,333
Depreciation and impairment of tangible fixed assets
3,838,463
2,733,846
Increase in deferred income
1,399,488
197,291
Movements in working capital:
Decrease/(increase) in stocks
2,036
(150,843)
Increase in debtors
(1,172,936)
(59,496)
Increase/(decrease) in creditors
1,052,643
(181,067)
Cash generated from operations
8,601,169
6,689,665
STAGE SOUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
29
Analysis of changes in net debt - group
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
799,165
(215,081)
-
584,084
Bank overdrafts
(127)
127
-
799,038
(214,954)
-
584,084
Borrowings excluding overdrafts
(721,049)
220,717
-
(500,332)
Obligations under finance leases
(421,877)
752,211
(3,176,501)
(2,846,167)
(343,888)
757,974
(3,176,501)
(2,762,415)
2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr P E 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