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Registered Number: 04765223
England and Wales

 

 

 

LOW FOLD AUDIO LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Directors Mr A Hughes
Mr M Burford
Mr M Hughes
Registered Number 04765223
Registered Office Shireshead Old Church
Stony Lane
Forton
Lancashire
PR3 1DE
Accountants Kazbor Services Limited
102 Fairhope Avenue
Bare
Morecambe
Lancashire
LA4 6LA
Bankers NatWest
Church Street
Lancaster
Lancashire


1
As described in the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2024 and you consider that the company is exempt from an audit under the Companies Act 2006.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.



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

Kazbor Services Limited

102 Fairhope Avenue
Bare
Morecambe
Lancashire
LA4 6LA
14 February 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 3,927    3,017 
3,927    3,017 
Current assets      
Stocks 5 300    300 
Debtors 6 52,558    15,618 
Cash at bank and in hand 77,224    68,567 
130,082    84,485 
Creditors: amount falling due within one year 7 (60,160)   (35,751)
Net current assets 69,922    48,734 
 
Total assets less current liabilities 73,849    51,751 
Provisions for liabilities 8 (1,041)   (415)
Net assets 72,808    51,336 
 

Capital and reserves
     
Called up share capital 9 120    120 
Profit and loss account 72,688    51,216 
Shareholders' funds 72,808    51,336 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 14 February 2025 and were signed on its behalf by:


-------------------------------
Mr M Hughes
Director
3
General Information
Low Fold Audio Limited is a private company, limited by shares, registered in England and Wales, registration number 04765223, registration address Shireshead Old Church, Stony Lane, Forton, Lancashire, PR3 1DE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors have considered the impact of COVID-19 and following the relaxation of COVID regulations, they have the opinion that this no longer impacts on the company's trading operations. The directors took steps to monitor the trading activity of the company during the pandemic to help maintain the financial position of the company. They consider that the company is in an acceptable position to manage its business risks for the near future and accordingly, they continue to use the going concern basis of accounting. 
Turnover
Turnover is made up of the value of invoiced goods and services that are supplied by the company which arise from the ordinary trading operations and are shown net of Value Added Tax and trade discounts. Turnover is recognised in the financial statements once it has been invoiced following the completion of the service performed or goods sold.  A provision is also included for un-invoiced services that are in progress up to the accounting reference date which are valued on the basis of work performed to date.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the statement of financial position. Financial transactions that are transacted in foreign currencies are translated into sterling at the rate ruling at the date of the transaction. All foreign exchange rate differences are included in the income statement.
Taxation
The tax position for the current year is based on the taxable profit or loss. The taxable profit or loss may differ from the profit or loss reported in the financial statements because adjustments are made for items that are treated differently for tax purposes compare to their treatment for accounting purposes. The tax liability is based on current tax law and rates.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred due to the differences of how certain items are treated for taxation compared to their treatment for accounting purposes. The deferred tax balance has not been discounted and is based on rates expected to apply if the liability were to materialise.
Dividends
Dividends that are deemed to have been voted and paid during the year are included in these financial statements. Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the basis shown below. Impairments, residual values and expected useful lives are determined by the directors using their experience of the business.
Plant and Machinery 10% Straight Line
Computer Equipment 33% Straight Line
Stocks and long term contracts
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads where that is relevant to the items in stock.

Debtors include amounts recoverable on long term contracts which are stated at the net sales value of the work performed to date. Long term contracts consist of services which take more than one day to complete. A provision for contingencies, anticipated losses and amounts received on account are taken into consideration for the valuation where this is relevant to the contract being performed. Any excess progress payments are included in creditors as payments on account.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event in which it is probable that an outflow of economic benefit will occur and a reasonable estimate of the outflow can be made.
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial instruments included within these financial statements are valued at the transaction price applicable at the time of the transaction.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

The average number of persons shown below includes directors:

Average number of employees during the year was 3 (2023 : 3).
3.

Financial Commitments, Guarantees and Contingencies

The company has accepted a new lease on the unit that is used for storage which has a minimum commitment of £12,220 over the period of the lease (2023: £15,275).

4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 June 2023 71,020    5,055    76,075 
Additions   1,662    1,662 
Disposals    
At 31 May 2024 71,020    6,717    77,737 
Depreciation
At 01 June 2023 68,003    5,055    73,058 
Charge for year 198    554    752 
On disposals    
At 31 May 2024 68,201    5,609    73,810 
Net book values
Closing balance as at 31 May 2024 2,819    1,108    3,927 
Opening balance as at 01 June 2023 3,017      3,017 


5.

Stocks

2024
£
  2023
£
Finished Goods 300    300 
300    300 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 40,356    10,195 
Other Debtors 12,202    5,423 
52,558    15,618 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 18,333    10,465 
Taxation and Social Security 27,886    7,831 
Other Creditors 13,941    17,455 
60,160    35,751 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 415    429 
Charged to Profit & Loss 626    (14)
1,041    415 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Ord shares of £1.00 each 100    100 
20 Letter Class shares of £1.00 each 20    20 
120    120 

4