IRIS Accounts Production v24.3.2.46 15022256 director 24.7.23 31.7.24 31.7.24 false true false false true false Ordinary 0.0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh150222562023-07-23150222562024-07-31150222562023-07-242024-07-31150222562023-07-2315022256ns15:EnglandWales2023-07-242024-07-3115022256ns14:PoundSterling2023-07-242024-07-3115022256ns10:Director12023-07-242024-07-3115022256ns10:PrivateLimitedCompanyLtd2023-07-242024-07-3115022256ns10:SmallEntities2023-07-242024-07-3115022256ns10:AuditExempt-NoAccountantsReport2023-07-242024-07-3115022256ns10:SmallCompaniesRegimeForDirectorsReport2023-07-242024-07-3115022256ns10:SmallCompaniesRegimeForAccounts2023-07-242024-07-3115022256ns10:FullAccounts2023-07-242024-07-3115022256ns10:OrdinaryShareClass12023-07-242024-07-3115022256ns10:RegisteredOffice2023-07-242024-07-3115022256ns5:CurrentFinancialInstruments2024-07-3115022256ns5:ShareCapital2024-07-3115022256ns5:RetainedEarningsAccumulatedLosses2024-07-3115022256ns5:ComputerEquipment2023-07-242024-07-3115022256ns5:ComputerEquipment2024-07-3115022256ns5:CurrentFinancialInstruments2023-07-242024-07-3115022256ns10:OrdinaryShareClass12024-07-31
REGISTERED NUMBER: 15022256 (England and Wales)















Unaudited Financial Statements

for the Period 24 July 2023 to 31 July 2024

for

COLOSSAL SOUND LTD

COLOSSAL SOUND LTD (REGISTERED NUMBER: 15022256)

Contents of the Financial Statements
for the period 24 July 2023 to 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


COLOSSAL SOUND LTD

Company Information
for the period 24 July 2023 to 31 July 2024







Director: P A Akinbanjo





Registered office: 86-90 Paul Street
London
England
EC2A 4NE





Registered number: 15022256 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

COLOSSAL SOUND LTD (REGISTERED NUMBER: 15022256)

Balance Sheet
31 July 2024

Notes £ £
Fixed assets
Tangible assets 4 7,785

Current assets
Cash at bank 1,089,338

Creditors
Amounts falling due within one year 5 1,580,963
Net current liabilities (491,625 )
Total assets less current liabilities (483,840 )

Capital and reserves
Called up share capital 6 1
Retained earnings (483,841 )
Shareholders' funds (483,840 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 April 2025 and were signed by:





P A Akinbanjo - Director


COLOSSAL SOUND LTD (REGISTERED NUMBER: 15022256)

Notes to the Financial Statements
for the period 24 July 2023 to 31 July 2024


1. Statutory information

Colossal Sound Ltd is a private company, limited by shares , registered in England and Wales. 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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the period, however the director believes that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the balance sheet date. On this basis, the director is of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

COLOSSAL SOUND LTD (REGISTERED NUMBER: 15022256)

Notes to the Financial Statements - continued
for the period 24 July 2023 to 31 July 2024


3. Employees and directors

The average number of employees during the period was 1 .

4. Tangible fixed assets
Computer
equipment
£
Cost
Additions 8,585
At 31 July 2024 8,585
Depreciation
Charge for period 800
At 31 July 2024 800
Net book value
At 31 July 2024 7,785

5. Creditors: amounts falling due within one year
£
Social security and other taxes 7,027
Other creditors 1,573,936
1,580,963

Included within other creditors is £1,572,269 in relation to advanced subscription agreements.

6. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal
value: £
1,000,000 Ordinary £0.000001 1