REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
SONIC AGE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
SONIC AGE LIMITED |
SONIC AGE LIMITED (REGISTERED NUMBER: 00980045) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SONIC AGE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
71 Howard Street |
North Shields |
Tyne and Wear |
NE30 1AF |
BANKERS: |
215 High Street |
Gateshead |
Tyne and Wear |
NE8 1BX |
SONIC AGE LIMITED (REGISTERED NUMBER: 00980045) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Undistributable reserve | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SONIC AGE LIMITED (REGISTERED NUMBER: 00980045) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SONIC AGE LIMITED (REGISTERED NUMBER: 00980045) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Sonic Age Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents received and net invoiced sales of goods, excluding value added tax. The turnover is recognised in the accounts on the date the sale is made. |
Tangible fixed assets |
Freehold property | - |
Laboratory equipment | - |
Office equipment | - |
Computer equipment | - |
Investment property |
In accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 no depreciation is provided in respect of freehold properties as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the director considers that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be identified or quantified. The director considers that this policy results in the accounts giving a true and fair view. |
Taxation |
Taxation for the year comprises current and deferred 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 or deferred 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. |
SONIC AGE LIMITED (REGISTERED NUMBER: 00980045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
SONIC AGE LIMITED (REGISTERED NUMBER: 00980045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Fair value at 31 August 2024 is represented by: |
£ |
Valuation in 1992 | 236,191 |
Valuation in 2004 | 210,000 |
Valuation in 2005 | 1,450,000 |
Valuation in 2006 | 400,000 |
Valuation in 2009 | (900,000 | ) |
Valuation in 2011 | (150,000 | ) |
Valuation in 2014 | 1 |
Valuation in 2019 | 150,000 |
Valuation in 2020 | (100,000 | ) |
Cost | 103,808 |
1,400,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 103,808 | 103,808 |
The investment property was valued on an open market basis on 31 August 2024 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
SONIC AGE LIMITED (REGISTERED NUMBER: 00980045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | RESERVES |
Undistributable |
reserve |
£ |
At 1 September 2023 |
and 31 August 2024 |
9. | RELATED PARTY DISCLOSURES |
Faithissue Limited |
Included in other creditors is an amount of £179,296 (2023 - £206,040) in respect of amounts owed by the company to Faithissue Limited. Mr J S Reid, director and majority shareholder of Sonic Age Limited, is a director and 50% shareholder in Faithissue Limited. |
Pinetree Health and Fitness Limited |
Included in other debtors is an amount of £7,504 (2023 - £7,504) owed to the company by Pinetree Health and Fitness Limited a company in which Mr J S Reid is a director and 90% shareholder. |
During the year rent of £80,000 was received from Pinetree Health and Fitness Limited. |
Sonic Age America LLC |
During the year sales of £36,317 (2023 - £30,968) was received from Sonic Age America LLC, a limited liability company formed in the United States of America. Mr J S and Mrs A S Reid, directors of Sonic Age Limited are managers in this business and have a 80% stake in the organisation. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr J S Reid by virtue of his ownership of 51% of the issued ordinary share capital in the company. |