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Registration number: 02744782

C S P AUDIO VISUAL LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

C S P AUDIO VISUAL LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

C S P AUDIO VISUAL LIMITED

Company Information

Directors

Mr AJ Williams

Mr SL Williams

Registered office

Unit 2 Dragon Works
Chester Road
Saltney
Chester
Cheshire
CH4 8RW

 

Accountants

Pennington Williams Limited
Chartered Certified Accountants
Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

 

C S P AUDIO VISUAL LIMITED

(Registration number: 02744782)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,372,420

1,190,769

Current assets

 

Debtors

5

392,363

194,941

Cash at bank and in hand

 

718

737

 

393,081

195,678

Creditors: Amounts falling due within one year

6

(625,943)

(479,422)

Net current liabilities

 

(232,862)

(283,744)

Total assets less current liabilities

 

1,139,558

907,025

Creditors: Amounts falling due after more than one year

6

(187,105)

(220,495)

Provisions for liabilities

(155,605)

(110,192)

Net assets

 

796,848

576,338

Capital and reserves

 

Called up share capital

8,000

8,000

Revaluation reserve

244,274

244,274

Retained earnings

544,574

324,064

Shareholders' funds

 

796,848

576,338

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

C S P AUDIO VISUAL LIMITED

(Registration number: 02744782)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................

Mr AJ Williams
Director

.........................................

Mr SL Williams
Director

 

C S P AUDIO VISUAL LIMITED

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Dragon Works
Chester Road
Saltney
Chester
Cheshire
CH4 8RW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the pound sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services including equipment hire in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue at the time the goods are supplied and/or the service has been carried out.

 

C S P AUDIO VISUAL LIMITED

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

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The freehold property is maintained to ensure that its value does not diminish over time. The maintenance costs are charged to the profit and loss account in the year incurred. In the directors' opinion, depreciation would be immaterial and so has not been charged. Annual impairment reviews are carried out and it is considered that there has been no permanent diminution in the value of the property at the balance sheet date.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

not provided

Office equipment

25% reducing balance

Fixtures and fittings

20% reducing balance

Equipment

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

C S P AUDIO VISUAL LIMITED

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

C S P AUDIO VISUAL LIMITED

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

C S P AUDIO VISUAL LIMITED

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

750,000

1,412,248

46,339

2,208,587

Additions

-

339,763

-

339,763

Disposals

-

-

(5,000)

(5,000)

At 30 April 2024

750,000

1,752,011

41,339

2,543,350

Depreciation

At 1 May 2023

-

986,466

31,352

1,017,818

Charge for the year

-

154,207

3,694

157,901

Eliminated on disposal

-

-

(4,789)

(4,789)

At 30 April 2024

-

1,140,673

30,257

1,170,930

Carrying amount

At 30 April 2024

750,000

611,338

11,082

1,372,420

At 30 April 2023

750,000

425,782

14,987

1,190,769

Included within the net book value of land and buildings above is £750,000 (2023 - £750,000) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

229,910

35,423

Amounts owed by related parties

8

162,014

159,436

Prepayments

 

311

82

Other debtors

 

128

-

   

392,363

194,941

 

C S P AUDIO VISUAL LIMITED

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

405,636

309,954

Trade creditors

 

72,531

73,361

Taxation and social security

 

127,201

82,443

Accruals and deferred income

 

5,963

4,519

Other creditors

 

14,612

9,145

 

625,943

479,422

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

187,105

220,495

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

81,481

170,370

Hire purchase contracts

105,624

50,125

187,105

220,495

 

C S P AUDIO VISUAL LIMITED

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

2024
£

2023
£

Current loans and borrowings

Bank borrowings

93,889

108,889

Bank overdrafts

224,290

160,239

Hire purchase contracts

87,457

40,826

405,636

309,954

Bank borrowings

Bank loans and overdrafts have a carrying amount at year end is £399,660 (2023 - £439,498).

The bank borrowings and overdraft is secured by a fixed and floating charges over all the freehold property owned by the company.

Other borrowings

The carrying amount of Finance lease/hire purchase liabilities at year end is £193,081 (2023 - £90,951).

The finance lease/ hire purchase liability is secured on the individual assets concerned.

8

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Mr AJ Williams

Director's loan account - interest has not been charged

346

(474)

(128)

       
     

 

Summary of transactions with parent

Included in debtors is an amount owing from CSP AV Ltd, parent company, of £ 162,014 (2023: £ 159,436). Interest has not been charged on this balance.
 

 

C S P AUDIO VISUAL LIMITED

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

9

Parent and ultimate parent undertaking

The company's immediate parent is CSP AV Limited, incorporated in England. It's registered office address is: Stanhope House, Mark Rake, Bromborough, Wirral, CH62 2DN.