5 01/03/2023 28/02/2024 2024-02-28 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 24.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08316576 2023-03-01 2024-02-28 08316576 2024-02-28 08316576 2023-02-28 08316576 2022-03-01 2023-02-28 08316576 2023-02-28 08316576 2022-02-28 08316576 core:NetGoodwill 2023-03-01 2024-02-28 08316576 core:IntangibleAssetsOtherThanGoodwill 2023-03-01 2024-02-28 08316576 core:PlantMachinery 2023-03-01 2024-02-28 08316576 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-28 08316576 core:MotorVehicles 2023-03-01 2024-02-28 08316576 bus:RegisteredOffice 2023-03-01 2024-02-28 08316576 bus:OrdinaryShareClass1 2023-03-01 2024-02-28 08316576 bus:OrdinaryShareClass2 2023-03-01 2024-02-28 08316576 bus:LeadAgentIfApplicable 2023-03-01 2024-02-28 08316576 bus:Director1 2023-03-01 2024-02-28 08316576 core:WithinOneYear 2024-02-28 08316576 core:WithinOneYear 2023-02-28 08316576 core:NetGoodwill 2023-02-28 08316576 core:IntangibleAssetsOtherThanGoodwill 2023-02-28 08316576 core:NetGoodwill 2024-02-28 08316576 core:IntangibleAssetsOtherThanGoodwill 2024-02-28 08316576 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 08316576 core:PlantMachinery 2023-02-28 08316576 core:FurnitureFittingsToolsEquipment 2023-02-28 08316576 core:MotorVehicles 2023-02-28 08316576 core:LandBuildings core:ShortLeaseholdAssets 2024-02-28 08316576 core:PlantMachinery 2024-02-28 08316576 core:FurnitureFittingsToolsEquipment 2024-02-28 08316576 core:MotorVehicles 2024-02-28 08316576 core:AfterOneYear 2024-02-28 08316576 core:AfterOneYear 2023-02-28 08316576 core:ShareCapital 2022-03-01 2023-02-28 08316576 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 08316576 core:ShareCapital 2023-03-01 2024-02-28 08316576 core:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-28 08316576 core:LandBuildings core:ShortLeaseholdAssets 2023-03-01 2024-02-28 08316576 core:ShareCapital 2024-02-28 08316576 core:ShareCapital 2023-02-28 08316576 core:RetainedEarningsAccumulatedLosses 2024-02-28 08316576 core:RetainedEarningsAccumulatedLosses 2023-02-28 08316576 core:ShareCapital 2022-02-28 08316576 core:RetainedEarningsAccumulatedLosses 2022-02-28 08316576 core:PreviouslyStatedAmount core:ShareCapital 2024-02-28 08316576 bus:OrdinaryShareClass1 core:ShareCapital 2024-02-28 08316576 bus:OrdinaryShareClass1 core:ShareCapital 2023-02-28 08316576 bus:OrdinaryShareClass2 core:ShareCapital 2024-02-28 08316576 bus:OrdinaryShareClass2 core:ShareCapital 2023-02-28 08316576 bus:OrdinaryShareClass1 2023-02-28 08316576 bus:OrdinaryShareClass1 2024-02-28 08316576 bus:OrdinaryShareClass2 2023-02-28 08316576 core:BetweenOneFiveYears 2024-02-28 08316576 core:BetweenOneFiveYears 2023-02-28 08316576 core:MoreThanFiveYears 2024-02-28 08316576 core:MoreThanFiveYears 2023-02-28 08316576 core:DeferredTaxation 2023-03-01 2024-02-28 08316576 core:NetGoodwill 2023-02-28 08316576 core:IntangibleAssetsOtherThanGoodwill 2023-02-28 08316576 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 08316576 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-28 08316576 core:CostValuation core:Non-currentFinancialInstruments 2024-02-28 08316576 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-02-28 08316576 core:Non-currentFinancialInstruments 2024-02-28 08316576 core:Non-currentFinancialInstruments 2023-02-28 08316576 core:AcceleratedTaxDepreciationDeferredTax 2024-02-28 08316576 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08316576 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 08316576 core:PlantMachinery 2023-02-28 08316576 core:FurnitureFittingsToolsEquipment 2023-02-28 08316576 core:MotorVehicles 2023-02-28 08316576 core:DeferredTaxation 2023-02-28 08316576 core:DeferredTaxation 2024-02-28 08316576 bus:Director1 2024-02-28 08316576 bus:Director1 2022-02-28 08316576 bus:Director1 2022-03-01 2023-02-28 08316576 bus:SmallEntities 2023-03-01 2024-02-28 08316576 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 08316576 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 08316576 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 08316576 bus:FullAccounts 2023-03-01 2024-02-28 08316576 core:LandBuildings core:LongLeaseholdAssets 2023-03-01 2024-02-28
Company registration number: 08316576
Audio Trading UK Ltd
Unaudited filleted financial statements
28 February 2024
Audio Trading UK Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Audio Trading UK Ltd
Directors and other information
Director Mr A B Shirke
Company number 08316576
Registered office 138 Wigmore Street
London
W1U 3SG
Business address 138 Wigmore Street
London
W1U 3SG
Accountants Nagle James Associates Limited
Amba House
4th Floor Kings Suite
15 College Road
Harrow, Middlesex
HA1 1BA
Audio Trading UK Ltd
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 258,279 325,893
Tangible assets 6 339,279 299,464
Investments 7 327,978 305,096
_______ _______
925,536 930,453
Current assets
Stocks 2,113,155 1,737,826
Debtors 8 234,070 110,817
Cash at bank and in hand 12,181 13,393
_______ _______
2,359,406 1,862,036
Creditors: amounts falling due
within one year 9 ( 1,230,379) ( 1,549,159)
_______ _______
Net current assets 1,129,027 312,877
_______ _______
Total assets less current liabilities 2,054,563 1,243,330
Creditors: amounts falling due
after more than one year 10 ( 627,836) ( 307,093)
Provisions for liabilities 11 ( 50,420) ( 25,945)
_______ _______
Net assets 1,376,307 910,292
_______ _______
Capital and reserves
Called up share capital 13 6,750,010 5,350,010
Profit and loss account ( 5,373,703) ( 4,439,718)
_______ _______
Shareholders funds 1,376,307 910,292
_______ _______
For the year ending 28 February 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr A B Shirke
Director
Company registration number: 08316576
Audio Trading UK Ltd
Statement of changes in equity
Year ended 28 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 4,458,326 ( 3,624,046) 834,280
Loss for the year ( 815,672) ( 815,672)
_______ _______ _______
Total comprehensive income for the year - ( 815,672) ( 815,672)
Issue of shares 891,684 891,684
_______ _______ _______
Total investments by and distributions to owners 891,684 - 891,684
_______ _______ _______
At 28 February 2023 and 1 March 2023 5,350,010 ( 4,439,718) 910,292
Loss for the year ( 933,985) ( 933,985)
_______ _______ _______
Total comprehensive income for the year - ( 933,985) ( 933,985)
Issue of shares 1,400,000 1,400,000
_______ _______ _______
Total investments by and distributions to owners 1,400,000 - 1,400,000
_______ _______ _______
At 28 February 2024 6,750,010 ( 5,373,703) 1,376,307
_______ _______ _______
Audio Trading UK Ltd
Notes to the financial statements
Year ended 28 February 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 138 Wigmore Street, London, W1U 3SG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The accounts have been prepared on a going concern basis, which assumes that the company will continue trading for the foreseeable future.The company is reliant on the continued support of its bankers as well as connected company loans. The management of the connected companies have confirmed their continued support in meeting the company's liabilities as needed. The financial statements do not include any adjustment that would result from withdrawal of their support.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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 - 10 % straight line
Software - 20 % straight line
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Land and buildings leasehold - Evenly over the terms of the lease
Computer equipment - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are 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 stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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 in finance costs 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 5 (2023: 6 ).
5. Intangible assets
Goodwill Website Total
£ £ £
Cost
At 1 March 2023 and 28 February 2024 630,056 97,091 727,147
_______ _______ _______
Amortisation
At 1 March 2023 309,778 91,476 401,254
Charge for the year 63,006 4,608 67,614
_______ _______ _______
At 28 February 2024 372,784 96,084 468,868
_______ _______ _______
Carrying amount
At 28 February 2024 257,272 1,007 258,279
_______ _______ _______
At 28 February 2023 320,278 5,615 325,893
_______ _______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2023 517,302 84,961 84,030 72,381 758,674
Additions - 68,145 41,660 39,750 149,555
Disposals - - - ( 44,047) ( 44,047)
_______ _______ _______ _______ _______
At 28 February 2024 517,302 153,106 125,690 68,084 864,182
_______ _______ _______ _______ _______
Depreciation
At 1 March 2023 362,903 10,580 41,513 44,214 459,210
Charge for the year 41,768 29,758 22,600 9,741 103,867
Disposals - - - ( 38,174) ( 38,174)
_______ _______ _______ _______ _______
At 28 February 2024 404,671 40,338 64,113 15,781 524,903
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2024 112,631 112,768 61,577 52,303 339,279
_______ _______ _______ _______ _______
At 28 February 2023 154,399 74,381 42,517 28,167 299,464
_______ _______ _______ _______ _______
7. Investments
Other investments
£ £
Cost
At 1 March 2023 380,096 380,096
Additions 22,882 22,882
_______ _______
At 28 February 2024 402,978 402,978
_______ _______
Impairment
At 1 March 2023 and 28 February 2024 75,000 75,000
_______ _______
Carrying amount
At 28 February 2024 327,978 327,978
_______ _______
At 28 February 2023 305,096 305,096
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 129,323 81,989
Prepayments and accrued income 12,388 18,245
Other debtors 92,359 10,583
_______ _______
234,070 110,817
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 829,886 646,713
Trade creditors 137,931 202,143
Accruals and deferred income 11,900 9,400
Social security and other taxes 6,775 229,105
Obligations under finance leases 22,105 6,475
Other creditors 221,782 455,323
_______ _______
1,230,379 1,549,159
_______ _______
Amounts due under bank loans and overdrafts are secured against the company's assets.
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 166,583 299,919
Obligations under finance leases 38,957 7,174
Director loan accounts 422,296 -
_______ _______
627,836 307,093
_______ _______
Amounts due under bank loans and overdrafts are secured against the company's assets.
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 March 2023 25,945 25,945
Charges against provisions 24,475 24,475
_______ _______
At 28 February 2024 50,420 50,420
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 11) 50,420 25,945
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 24,475 25,945
_______ _______
13. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
Preference shares of £ 1.00 each 6,750,000 6,750,000 5,350,000 5,350,000
_______ _______ _______ _______
6,750,010 6,750,010 5,350,010 5,350,010
_______ _______ _______ _______
Share movements
No £
Ordinary :
At 1 March 2023 10 10
_______ _______
At 28 February 2024 10 10
_______ _______
No £
Preference :
At 1 March 2023 5,350,000 5,350,000
Issue of shares - 27 February 2024 1,400,000 1,400,000
_______ _______
At 28 February 2024 6,750,000 6,750,000
_______ _______
14. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 170,000 170,000
Later than 1 year and not later than 5 years 680,000 680,000
Later than 5 years 505,808 675,808
_______ _______
1,355,808 1,525,808
_______ _______
15. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr A B Shirke - ( 461,990) ( 461,990)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr A B Shirke ( 7,790) 7,790 -
_______ _______ _______
16. Guarantees and charges
The company has given a fixed and floating charge over its assets and by way of a debenture in favour of Union Bank of India (UK) Limited.