Company registration number 13229385 (England and Wales)
AUDIO HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AUDIO HOLDINGS LTD
COMPANY INFORMATION
Director
Mr J Johnson-Flint
Company number
13229385
Registered office
Gallery Court
Hankey Place
London
SE1 4BB
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
AUDIO HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
AUDIO HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

Audio Holdings Ltd. ("AHL") is a leading global audio technology group that develops and markets premium home audio equipment and headphones, based on proprietary hardware and software, developed by expert in-house teams.

 

Whilst we are positive and optimistic about the future, this year’s results evidence another tough year that almost all businesses within the consumer audio sector have faced. The company’s numbers show a cost base that was enlarged for growth that didn’t happen because market conditions were not as expected and important new products launched after the year end. Both issues have since been addressed and we remain positive about the potential for our business and Cambridge Audio brand with an exciting pipeline roadmap ahead. Investment in our future continues, with exciting products and collaborations to come, delivered by a strong, comitted and cohesive team. As a privately owned company with the ability to take a long-term view, the company’s investment approach has inevitably dented short-term profits further than it could have, for what the Directors believe will be a significant long-term gain.

 

AHL focuses on the success of Cambridge Audio which contributes over 99% of total AP sales

 

Cambridge Audio. Made by Music.

Cambridge Audio exists to enrich lives through music by making world-class audio accessible to all, founded on a belief that music has the power to define and shape the world around us.

 

Over many years we have invented, inspired, winning countless awards, and building a global fanbase. From our hi-fi separates and streaming audio systems to our award-winning true wireless headphones, we create a musical experience exactly how the artist intended.

 

It takes the kind of commitment that you can only find in an independent company. With an independent spirit.

 

For more than half a century we have envisaged, sculpted, and delivered the next big thing in audio. In addition to our award-winning hardware, we developed unique IP and patented software, including our StreamMagic digital audio platform, which now has well over 100,000 users.

 

Our Core Focus

To innovate & excite a global community of music lovers

To deliver authentic products with performance, design and experience.

Products that drive advocacy.

 

Our Core Values

Made by Music: Inspired by shared passion & experience

Embrace the Culture: Integrity, Innovation, Energy, Openness, Teamwork, Diversity, Flexibility, Fun, Music

Pride in our Product & Service: Obsess over detail, always learning and improving

Make an Impact: See it through. Go the extra mile

 

A Truly Global Business with a Strong Culture and Supply Chain

As in every business, our people are key to our success. Effort is put into building a strong internal culture of both fun and productivity, where we enjoy our work. Cambridge Audio products are designed and engineered at our London headquarters, where we also have a private music venue called Melomania. Directly, or indirectly, we employ over 100 people across the UK, Germany, USA, Hong Kong, and China, with physical bases in all these locations.

 

Manufacturing is subcontracted to highly professional third-party contract manufacturers in Asia that adhere to our high corporate social responsibility standards. Whilst we have always cared about our planet and the impact, we have on it; in the past year we have yet again stepped up our CSR efforts with every area of the business continually under review. Our aim is that we will become an environmental sustainability leader in our industry.

AUDIO HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

Our group of businesses transacts globally through a network of distributors, retailers, and direct-to-customer platforms. All are important to our success. Our trading partners are also key to our success, and we choose who we work with carefully. We work hard to ensure that we are a reliable and ethical partner who is easy to do business with.

The Group owns a 100% UK subsidiary, Audio Partnership plc, a 100% US subsidiary, Audio Partnership LLC, a 100% owned EU subsidiary, Cambridge Audio EU Ltd., and a 100% subsidiary, Cambridge Audio (Asia) Limited, incorporated in Hong Kong.

Like many businesses within the consumer audio sector the group has been adversely impacted by the global market conditions which have affected performance, including consumer spending and supply chain costs. The directors have taken steps to manage the cashflow within the financing facilities available including working with the group's bank to agree ongoing support and revised covenants appropriate to current and projected performance. The management of the liquidity risks is further explained in the principal risks and uncertainties section of this report.

 

Principal risks and uncertainties

AHL is reliant on the uptake of its products and therefore any change in the market is likely to affect results. AHL’s new products reflect the result of the group's exhaustive research and development programme. Response to the new products from our listeners and the trade continues to be very encouraging, however the global economic outlook remains uncertain.

The group is exposed to several financial risks from its operating activities. The Board of Directors are responsible for ensuring that the business risks are actively managed. The business does not trade financial instruments or use financial derivatives. The key financial risks are identified below:

Currency risk – Due to the global nature of our business with sales and operations overseas the business is exposed to fluctuations of sterling against our other trading currencies. This risk is significantly reduced by the fact that the group has receivables in USD and EUR, from customers who purchase from us in those currencies.    

Credit risk – The group manages its credit risk by ensuring that it only engages with counterparties that have high credit ratings. The group set and actively monitor credit limits for its customers based on reference checks and payment history and further protection is provided by credit insurance on certain customers.

Liquidity (cash flow) risk – The group manages its cash flow to ensure it can meet its obligations and requirements.

Price risk – Regulation and worldwide price transparency continue to create pressure on gross margins.

Environmental and legislative compliance

The group is subject to far reaching and complex UK, EU and other foreign environmental laws and regulations.These include those governing the use; storage; handling; transportation; disposals; recycling and sale of certain products.

 

Great British Sound Shouldn’t Cost the Earth: At Cambridge Audio we take our responsibilities to the planet and its people very seriously. Quality audio equipment is essential for us as music fans, and although entertainment fulfils a fundamental human need, we must also know our place. We take great care to use the earth’s resources carefully and treat our fellow humans with the respect they deserve.

On behalf of the board

Mr J Johnson-Flint
Director
24 March 2025
AUDIO HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group, as a leading audio technology group, continues to be the development and marketing of premium home audio equipment and headphones, based on proprietary hardware and software, developed by expert in-house teams.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr S George
(Resigned 10 October 2023)
Mr J Johnson-Flint
Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J Johnson-Flint
Director
24 March 2025
AUDIO HOLDINGS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDIO HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUDIO HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Audio Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

AUDIO HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUDIO HOLDINGS LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

AUDIO HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUDIO HOLDINGS LTD
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Steve Robinson FCA
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
24 March 2025
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
AUDIO HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
24,503,828
29,179,562
Cost of sales
(17,723,508)
(18,986,458)
Gross profit
6,780,320
10,193,104
Distribution costs
(781,020)
(838,019)
Administrative expenses
(9,573,346)
(10,314,683)
Other operating income
8,571
78,401
Operating loss
4
(3,565,475)
(881,197)
Interest receivable and similar income
7
60
63
Interest payable and similar expenses
8
(436,428)
(240,624)
Loss before taxation
(4,001,843)
(1,121,758)
Tax on loss
9
(32,225)
(88,364)
Loss for the financial year
(4,034,068)
(1,210,122)
Loss for the financial year is all attributable to the owners of the parent company.
AUDIO HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Loss for the year
(4,034,068)
(1,210,122)
Other comprehensive income
Currency translation gain taken to retained earnings
47,390
29,001
Total comprehensive income for the year
(3,986,678)
(1,181,121)
Total comprehensive income for the year is all attributable to the owners of the parent company.
AUDIO HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,672,271
4,203,201
Other intangible assets
10
29,134
73,666
Total intangible assets
3,701,405
4,276,867
Tangible assets
11
458,452
258,586
4,159,857
4,535,453
Current assets
Stocks
14
7,843,196
11,541,420
Debtors
15
2,705,186
3,307,847
Cash at bank and in hand
631,528
1,509,123
11,179,910
16,358,390
Creditors: amounts falling due within one year
16
(11,008,850)
(11,763,422)
Net current assets
171,060
4,594,968
Total assets less current liabilities
4,330,917
9,130,421
Creditors: amounts falling due after more than one year
17
(1,186,652)
(2,034,194)
Provisions for liabilities
Deferred tax liability
19
(46,162)
(80,878)
46,162
80,878
Net assets
3,190,427
7,177,105
Capital and reserves
Called up share capital
21
24,551
24,551
Other reserves
5,517,601
5,517,601
Profit and loss reserves
(2,351,725)
1,634,953
Total equity
3,190,427
7,177,105

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
24 March 2025
Mr J Johnson-Flint
Director
Company registration number 13229385 (England and Wales)
AUDIO HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
10,773,326
10,773,326
Current assets
Debtors
15
2,940
502
Cash at bank and in hand
419
219
3,359
721
Creditors: amounts falling due within one year
16
(6,130,163)
(6,126,805)
Net current liabilities
(6,126,804)
(6,126,084)
Net assets
4,646,522
4,647,242
Capital and reserves
Called up share capital
21
24,551
24,551
Other reserves
5,517,601
5,517,601
Profit and loss reserves
(895,630)
(894,910)
Total equity
4,646,522
4,647,242

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £720 (2023 - £847,174 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
24 March 2025
Mr J Johnson-Flint
Director
Company registration number 13229385 (England and Wales)
AUDIO HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Merger
relief reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
24,551
5,517,601
2,816,074
8,358,226
Year ended 31 March 2023:
Loss for the year
-
-
(1,210,122)
(1,210,122)
Other comprehensive income:
Currency translation differences
-
-
29,001
29,001
Total comprehensive income
-
-
(1,181,121)
(1,181,121)
Balance at 31 March 2023
24,551
5,517,601
1,634,953
7,177,105
Year ended 31 March 2024:
Loss for the year
-
-
(4,034,068)
(4,034,068)
Other comprehensive income:
Currency translation differences
-
-
47,390
47,390
Total comprehensive income
-
-
(3,986,678)
(3,986,678)
Balance at 31 March 2024
24,551
5,517,601
(2,351,725)
3,190,427
AUDIO HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Merger
relief reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
24,551
5,517,601
(47,736)
5,494,416
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(847,174)
(847,174)
Balance at 31 March 2023
24,551
5,517,601
(894,910)
4,647,242
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(720)
(720)
Balance at 31 March 2024
24,551
5,517,601
(895,630)
4,646,522
AUDIO HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
610,713
1,742,233
Interest paid
(436,428)
(240,624)
Income taxes paid
(15,701)
(267,457)
Net cash inflow from operating activities
158,584
1,234,152
Investing activities
Purchase of intangible assets
(12,000)
-
Purchase of tangible fixed assets
(396,417)
(246,078)
Proceeds from disposal of tangible fixed assets
-
3,588
Interest received
60
63
Net cash used in investing activities
(408,357)
(242,427)
Financing activities
Repayment of bank loans
(675,212)
(159,802)
Net cash used in financing activities
(675,212)
(159,802)
Net (decrease)/increase in cash and cash equivalents
(924,985)
831,923
Cash and cash equivalents at beginning of year
1,509,123
648,199
Effect of foreign exchange rates
47,390
29,001
Cash and cash equivalents at end of year
631,528
1,509,123
AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Audio Holdings Ltd ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Gallery Court, Hankey Place, London, SE1 4BB.

 

The group consists of Audio Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.

 

The Company has taken advantage of the exemption allowed under 408 of the Company Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

 

The Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the group. The company has therefore taken advantage from the disclosure requirements of the group to not present its own statement of cash flows.

 

The following principal accounting policies have been applied:

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Audio Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 1 to 2.

 

The directors have prepared trading and cash flow forecasts for at least 12 months from the date of signing these accounts on a going concern basis. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future without the need for additional external sources of funds. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research and development costs are charged to the profit and loss in the year of expenditure.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% over the useful economic life
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tooling
33-50% per annum
Fixtures and fittings
33% per annum
AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provision for slow moving, faulty and obsolete stock

Management review the companies stock holding on an ongoing constant basis. Any decision to make a provision for moving, faulty or obsolete stock will be based on past and present sales information and current pricing strategies.

Impairment of investments

When assessing provisions against investments, management consider a number of factors including the future profitability of investments and the net assets of investments.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
24,503,828
29,179,562
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,901,261
7,020,501
Europe
8,446,607
9,596,097
Rest of the World
10,155,960
12,562,964
24,503,828
29,179,562
AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
60
63
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
56,650
54,500
Depreciation of owned tangible fixed assets
192,781
294,999
Amortisation of intangible assets
587,462
588,088
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
81
103
2
2
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
559,595
566,202
Company pension contributions to defined contribution schemes
2,089
2,637
561,684
568,839
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
440,417
313,659
Company pension contributions to defined contribution schemes
1,318
1,321
AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
60
63
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
436,428
240,624
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(2,491)
-
0
Foreign current tax on profits for the current period
-
0
84,335
Total current tax
(2,491)
84,335
Deferred tax
Origination and reversal of timing differences
34,716
4,029
Total tax charge
32,225
88,364
AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(4,001,843)
(1,121,758)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(1,000,461)
(213,134)
Tax effect of expenses that are not deductible in determining taxable profit
132,842
63,171
Tax effect of income not taxable in determining taxable profit
-
0
(171,000)
Change in unrecognised deferred tax assets
451,794
533,235
Adjustments in respect of financial assets
(2,491)
-
0
Other permanent differences
9,054
7,074
Effect of overseas tax rates
439,122
3,469
Deferred tax adjustments in respect of prior years
-
0
(127,010)
Fixed asset differences
2,365
(7,441)
Taxation charge
32,225
88,364
10
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 1 April 2023
5,309,307
(41,379)
643,959
5,911,887
Additions
-
0
-
0
12,000
12,000
Disposals
-
0
-
0
(546,442)
(546,442)
At 31 March 2024
5,309,307
(41,379)
109,517
5,377,445
Amortisation and impairment
At 1 April 2023
1,106,106
(41,379)
570,293
1,635,020
Amortisation charged for the year
530,930
-
0
56,532
587,462
Disposals
-
0
-
0
(546,442)
(546,442)
At 31 March 2024
1,637,036
(41,379)
80,383
1,676,040
Carrying amount
At 31 March 2024
3,672,271
-
0
29,134
3,701,405
At 31 March 2023
4,203,201
-
0
73,666
4,276,867
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
11
Tangible fixed assets
Group
Tooling
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
3,225,372
1,735,413
4,960,785
Additions
225,979
170,438
396,417
Disposals
(3,050,775)
(1,585,128)
(4,635,903)
At 31 March 2024
400,576
320,723
721,299
Depreciation and impairment
At 1 April 2023
3,078,512
1,623,687
4,702,199
Depreciation charged in the year
101,382
91,399
192,781
Eliminated in respect of disposals
(3,050,463)
(1,581,670)
(4,632,133)
At 31 March 2024
129,431
133,416
262,847
Carrying amount
At 31 March 2024
271,145
187,307
458,452
At 31 March 2023
146,860
111,726
258,586
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
10,773,326
10,773,326
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
10,773,326
Carrying amount
At 31 March 2024
10,773,326
At 31 March 2023
10,773,326
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Audio Partnership PLC
UK
Ordinary
100.00
Cambridge Audio (EU) Limited
UK
Ordinary
100.00
Audio Partnership LLC
USA
Ordinary
100.00
Cambridge Audio (Asia) Limited
Hong Kong
Ordinary
100.00
* Mordaunt-Short Limited
UK
Ordinary
100.00
*  Opus Technologies Limited
UK
Ordinary
100.00
** Ariston Acoustics Limited
UK
Ordinary
100.00
** Ariston Audio Limited
UK
Ordinary
100.00
** Audio Innovations Limited
UK
Ordinary
100.00
** Cambridge Audio Limited
UK
Ordinary
100.00
** Gale Limited
UK
Ordinary
100.00
** TDL Electronics Limited
UK
Ordinary
100.00

The UK subsidiaries excluding Cambridge Audio EU Limited have the same registered office as the parent company. All subsidiaries have been included in the consolidated accounts.

 

The registered office of Cambridge Audio EU Limited is located at; First Floor, Penrose 1, Penrose Dock, Cork, T23 KW81.

 

The registered office of Audio LLC is located at: 4500, 140th Avenue North #101, Clearwater, Fl 33762.

 

The registered office of Cambridge Audio (Asia) Limited is located at; 10/F., Hale Weal Industrial Building, 22-28 Tai Chung Road, Tsuen Wan, N.T., Hong Kong.

 

* These companies took advantage of the exemption from audit under S479A of the Companies Act 2006.

 

** These companies took advantage of the exemption from audit under S480 of the Companies Act 2006.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,921,514
2,205,518
-
-
Finished goods and goods for resale
5,921,682
9,335,902
-
0
-
0
7,843,196
11,541,420
-
-

An impairment loss of £166,630 (2023: £328,832) was recognised in the profit and loss against stock during the year due to slow moving and obsolete stock.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,496,743
1,642,380
-
0
-
0
Corporation tax recoverable
191,720
169,788
-
0
-
0
Other debtors
528,365
904,944
502
502
Prepayments and accrued income
488,358
590,735
2,438
-
0
2,705,186
3,307,847
2,940
502
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
1,742,180
1,569,850
-
0
-
0
Trade creditors
1,751,265
1,556,232
1,219
-
0
Amounts owed to group undertakings
-
0
-
0
2,167,360
2,165,141
Corporation tax payable
3,740
-
0
-
0
-
0
Other taxation and social security
143,855
74,115
360
430
Other creditors
5,483,551
5,533,204
3,961,224
3,961,234
Accruals and deferred income
1,884,259
3,030,021
-
0
-
0
11,008,850
11,763,422
6,130,163
6,126,805

The amount included in bank overdrafts is secured by way of a cross company guarantee between Audio Partnership Plc, Cambridge Audio Limited, Audio Holdings Limited, Mordaunt-Short Limited and Opus Technologies Limited.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
1,186,652
2,034,194
-
0
-
0

There is a personal guarantee from a director in respect of the amounts included within bank loans for a maximum of £2,180,000.

 

There is a cross company guarantee between the group companies in respect of the amounts included within loans over the group companies' assets and undertakings.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,928,832
3,604,044
-
0
-
0
Payable within one year
1,742,180
1,569,850
-
0
-
0
Payable after one year
1,186,652
2,034,194
-
0
-
0

The above loan is repayable on a monthly basis, with interest chargeable at 4% plus the base rate.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
44,885
79,454
Short term timing differences
1,277
1,424
46,162
80,878
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(80,878)
-
Charge to profit or loss
34,716
-
Asset at 31 March 2024
(46,162)
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
20
Retirement benefit schemes

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

The pension cost charge represents contributions payable by the Group to the fund and amounted to £176,071 (2023: £64,772). Contributions totaling £13,250 (2023: £14,230) were payable to the fund at the reporting date and are included in creditors.

 

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
24,551
24,551
24,551
24,551
22
Operating lease commitments
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
156,256
151,840
-
-
Between two and five years
625,024
607,360
-
-
In over five years
403,661
54,093
-
-
1,184,941
1,303,293
-
-
23
Directors' transactions
Included within other creditors is an amount for £5,410,079 (2023: £4,931,496) which represents the amounts owed to a director of the group.
24
Controlling party

The ultimate controlling party is J Johnson-Flint.

AUDIO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
25
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(4,034,068)
(1,210,122)
Adjustments for:
Taxation charged
32,225
88,364
Finance costs
436,428
240,624
Investment income
(60)
(63)
Loss on disposal of tangible fixed assets
3,770
-
Amortisation and impairment of intangible assets
587,462
588,088
Depreciation and impairment of tangible fixed assets
192,781
294,999
Decrease in provisions
-
(246,293)
Movements in working capital:
Decrease in stocks
3,698,224
791,582
Decrease/(increase) in debtors
624,593
(587,315)
(Decrease)/increase in creditors
(930,642)
1,782,369
Cash generated from operations
610,713
1,742,233
26
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,509,123
(877,595)
631,528
Borrowings excluding overdrafts
(3,604,044)
675,212
(2,928,832)
(2,094,921)
(202,383)
(2,297,304)
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.301Mr S GeorgeMr J 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