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COMPANY REGISTRATION NUMBER: 04053253
Acton Gate Audio Ltd
Unaudited Financial Statements
31 August 2024
Acton Gate Audio Ltd
Financial Statements
Year ended 31 August 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
10
Acton Gate Audio Ltd
Director's Report
Year ended 31 August 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2024 .
Director
The director who served the company during the year was as follows:
Mr M Stubbs
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 April 2025 and signed on behalf of the board by:
Mr M Stubbs
Director
Registered office:
56 Pen Y Bryn
Wrexham
LL13 7HY
Acton Gate Audio Ltd
Statement of Income and Retained Earnings
Year ended 31 August 2024
2024
2023
Note
£
£
Turnover
231,423
252,960
Cost of sales
147,826
160,911
---------
---------
Gross profit
83,597
92,049
Distribution costs
2,344
1,886
Administrative expenses
72,683
73,250
--------
--------
Operating profit
8,570
16,913
Other interest receivable and similar income
97
57
Interest payable and similar expenses
1,485
1,549
--------
--------
Profit before taxation
5
7,182
15,421
Tax on profit
1,365
2,930
-------
--------
Profit for the financial year and total comprehensive income
5,817
12,491
-------
--------
Dividends paid and payable
( 20,000)
( 20,000)
Retained earnings at the start of the year
16,049
23,558
--------
--------
Retained earnings at the end of the year
1,866
16,049
--------
--------
All the activities of the company are from continuing operations.
Acton Gate Audio Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
197,493
197,890
Current assets
Stocks
74,644
71,655
Debtors
7
518
550
Cash at bank and in hand
1,726
14,598
--------
--------
76,888
86,803
Creditors: amounts falling due within one year
8
257,193
249,150
---------
---------
Net current liabilities
180,305
162,347
---------
---------
Total assets less current liabilities
17,188
35,543
Creditors: amounts falling due after more than one year
9
15,029
19,127
Provisions
193
267
--------
--------
Net assets
1,966
16,149
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,866
16,049
-------
--------
Shareholders funds
1,966
16,149
-------
--------
These financial statements have been prepared 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'.
For the year ending 31 August 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Acton Gate Audio Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Mr M Stubbs
Director
Company registration number: 04053253
Acton Gate Audio Ltd
Notes to the Financial Statements
Year ended 31 August 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 56 Pen Y Bryn, Wrexham, LL13 7HY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
25% reducing balance
Freehold land and buildings are not depreciated as the residual value is so high and expected life so long as to make it immaterial.
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 stock to its present location and condition.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
288
420
----
----
6. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
196,483
26,486
222,969
Disposals
( 4,319)
( 4,319)
---------
--------
---------
At 31 August 2024
196,483
22,167
218,650
---------
--------
---------
Depreciation
At 1 September 2023
25,079
25,079
Charge for the year
288
288
Disposals
( 4,210)
( 4,210)
---------
--------
---------
At 31 August 2024
21,157
21,157
---------
--------
---------
Carrying amount
At 31 August 2024
196,483
1,010
197,493
---------
--------
---------
At 31 August 2023
196,483
1,407
197,890
---------
--------
---------
7. Debtors
2024
2023
£
£
Other debtors
518
550
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,197
4,296
Trade creditors
18,059
12,759
Social security and other taxes
3,216
7,333
Other creditors
231,721
224,762
---------
---------
257,193
249,150
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,029
19,127
--------
--------
10. Director's advances, credits and guarantees
The director operates a current account within the company. The balance of the directors loan account in the year is as follows:
2024
£
Opening Balance 198,574
Movements in year 2,155
---------
Closing Balance 200,729
---------
Acton Gate Audio Ltd
Management Information
Year ended 31 August 2024
The following pages do not form part of the financial statements.
Acton Gate Audio Ltd
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Acton Gate Audio Ltd
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Acton Gate Audio Ltd for the year ended 31 August 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Acton Gate Audio Ltd in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Acton Gate Audio Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acton Gate Audio Ltd and its director for our work or for this report.
It is your duty to ensure that Acton Gate Audio Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Acton Gate Audio Ltd. You consider that Acton Gate Audio Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Acton Gate Audio Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
17 April 2025