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COMPANY REGISTRATION NUMBER: 04392307
Audio Counsel Ltd
Unaudited Financial Statements
31 May 2024
Audio Counsel Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
11
Audio Counsel Ltd
Director's Report
Year ended 31 May 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2024 .
Director
The director who served the company during the year was as follows:
Mr D Fitton
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 February 2025 and signed on behalf of the board by:
Mr D Fitton
Director
Registered office:
Prince of Wales House
18/19 Salmon Fields Business Village
Salmon Fields
Royton
Oldham
OL2 6HT
Audio Counsel Ltd
Statement of Comprehensive Income
Year ended 31 May 2024
2024
2023
Note
£
£
Turnover
261,466
376,856
Cost of sales
170,398
244,932
---------
---------
Gross profit
91,068
131,924
Distribution costs
1,175
1,285
Administrative expenses
86,227
72,047
--------
---------
Operating profit
3,666
58,592
Interest payable and similar expenses
3
--------
---------
Profit before taxation
5
3,666
58,589
Tax on profit
751
11,310
-------
--------
Profit for the financial year and total comprehensive income
2,915
47,279
-------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Audio Counsel Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
1,592
1,878
Current assets
Stocks
31,500
37,600
Debtors
8
16,874
66,174
Cash at bank and in hand
33,542
31,725
--------
---------
81,916
135,499
Creditors: amounts falling due within one year
9
60,057
59,241
--------
---------
Net current assets
21,859
76,258
--------
--------
Total assets less current liabilities
23,451
78,136
--------
--------
Net assets
23,451
78,136
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
23,351
78,036
--------
--------
Shareholders funds
23,451
78,136
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
Mr D Fitton
Director
Company registration number: 04392307
Audio Counsel Ltd
Statement of Changes in Equity
Year ended 31 May 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 June 2022
1
68,757
68,758
Profit for the year
47,279
47,279
----
--------
--------
Total comprehensive income for the year
47,279
47,279
Issue of shares
99
99
Dividends paid and payable
( 38,000)
( 38,000)
----
--------
--------
Total investments by and distributions to owners
99
( 38,000)
( 37,901)
At 31 May 2023
100
78,036
78,136
Profit for the year
2,915
2,915
----
--------
--------
Total comprehensive income for the year
2,915
2,915
Dividends paid and payable
( 57,600)
( 57,600)
----
--------
--------
Total investments by and distributions to owners
( 57,600)
( 57,600)
----
--------
--------
At 31 May 2024
100
23,351
23,451
----
--------
--------
Audio Counsel Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Prince of Wales House, 18/19 Salmon Fields Business Village, Salmon Fields, Royton, Oldham, OL2 6HT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
286
338
----
----
6. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
80,000
--------
Amortisation
At 1 June 2023 and 31 May 2024
80,000
--------
Carrying amount
At 31 May 2024
--------
At 31 May 2023
--------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
20,628
4,600
2,647
27,875
--------
-------
-------
--------
Depreciation
At 1 June 2023
19,090
4,566
2,341
25,997
Charge for the year
230
10
46
286
--------
-------
-------
--------
At 31 May 2024
19,320
4,576
2,387
26,283
--------
-------
-------
--------
Carrying amount
At 31 May 2024
1,308
24
260
1,592
--------
-------
-------
--------
At 31 May 2023
1,538
34
306
1,878
--------
-------
-------
--------
8. Debtors
2024
2023
£
£
Trade debtors
16,874
66,174
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,264
33,534
Corporation tax
10,044
16,869
Social security and other taxes
5,649
7,423
Other creditors
22,100
1,415
--------
--------
60,057
59,241
--------
--------
10. Director's advances, credits and guarantees
As at the 31st of May the Director's current account was in credit by £21,650 (2023: £965).
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Audio Counsel Ltd
Management Information
Year ended 31 May 2024
The following pages do not form part of the financial statements.
Audio Counsel Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Audio Counsel Ltd
Year ended 31 May 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
GATLEY READ Chartered accountants
Prince of Wales House 18/19 Salmon Fields Business Village Salmon Fields Royton Oldham OL2 6HT
18 February 2025