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REGISTERED NUMBER: SC658402 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

F Sounds Uk Limited

F Sounds Uk Limited (Registered number: SC658402)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


F Sounds Uk Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B D Jorgensen
J P Brosnahan III





REGISTERED OFFICE: Cowan & Partners
60 Constitution Street
Leith
Edinburgh
Lothian
EH6 6RR





REGISTERED NUMBER: SC658402 (Scotland)





AUDITORS: MHA
Statutory Auditor
Edinburgh
United Kingdom

F Sounds Uk Limited (Registered number: SC658402)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 364,722 419,477
Tangible assets 5 20,264 3,932
384,986 423,409

CURRENT ASSETS
Stocks 521,343 934,823
Debtors 6 272,275 289,036
Cash at bank and in hand 162,091 132,160
955,709 1,356,019
CREDITORS
Amounts falling due within one year 7 475,082 523,213
NET CURRENT ASSETS 480,627 832,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

865,613

1,256,215

CREDITORS
Amounts falling due after more than one year 8 344,940 314,762
NET ASSETS 520,673 941,453

CAPITAL AND RESERVES
Called up share capital 1,041 1,041
Share premium 1,005,909 1,005,909
Retained earnings (486,277 ) (65,497 )
SHAREHOLDERS' FUNDS 520,673 941,453

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by:





J P Brosnahan III - Director


F Sounds Uk Limited (Registered number: SC658402)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

F Sounds Uk Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

At the year end date the immediate parent company was Mcintosh Group, Inc, the ultimate parent company was LuxeTech TopCo LLC, both companies incorporated in the USA.

Going concern
The company has made a loss in the year against forecasted profits as a result of difficult market conditions. Financial support is available from the parent company of the entity and a letter of support has been provided to this effect. Therefore, the accounts have been prepared on a going concern basis.

Turnover
Turnover is measured at fair value of consideration received or receivable and represents the amount receivable for goods supplied to customers in the normal course of business, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of 3 years

A Basso distribution agreement is being amortised evenly over its estimated useful life of 10 years

A retail location agreement with Jordan Acoustics Ltd is being amortised evenly over its estimated useful life of 10 years

A McIntosh INC distribution agreement is being amortised evenly over its estimated useful life of 10 years

No indicators of impairment in any of the aforementioned assets has been noted in the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

F Sounds Uk Limited (Registered number: SC658402)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable / payable within one year
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.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

F Sounds Uk Limited (Registered number: SC658402)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Basso Jordan McIntosh
Website distribution Acoustics distribution
costs agreement retail agreement Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 5,510 5,000 53,500 475,500 539,510
AMORTISATION
At 1 January 2023 4,155 1,085 11,609 103,184 120,033
Amortisation for year 1,355 500 5,350 47,550 54,755
At 31 December 2023 5,510 1,585 16,959 150,734 174,788
NET BOOK VALUE
At 31 December 2023 - 3,415 36,541 324,766 364,722
At 31 December 2022 1,355 3,915 41,891 372,316 419,477

In reviewing intangible fixed assets, the directors noted the loss in the year as a potential indicator of impairment. Upon consideration, it was concluded that this has not had a material impact on the value of amortised intangible fixed assets and no impairment has been recognised.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 7,845
Additions 19,245
At 31 December 2023 27,090
DEPRECIATION
At 1 January 2023 3,913
Charge for year 2,913
At 31 December 2023 6,826
NET BOOK VALUE
At 31 December 2023 20,264
At 31 December 2022 3,932

No indicators of impairment were noted in the year.

F Sounds Uk Limited (Registered number: SC658402)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 258,483 277,949
Other debtors 13,792 11,087
272,275 289,036

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 326,780 342,562
Taxation and social security 142,778 126,174
Other creditors 5,524 54,477
475,082 523,213

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 344,940 314,762

9. LEASING AGREEMENTS

At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £nil (2022:£19,680).

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Iain Binnie (Senior Statutory Auditor)
for and on behalf of MHA


MHA is the trading name of MacIntyre Hudson LLP, a limited liability
partnership in England and Wales (registered number OC312313)

11. RELATED PARTY DISCLOSURES

All transactions with related parties in the year are considered by the directors to have been conducted on normal market conditions. On this basis, no disclosures regarding related party transactions are required.