1 1 Inspired Sound Limited 05689545 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is provision of disc jockey services Digita Accounts Production Advanced 6.30.9574.0 true 05689545 2023-08-01 2024-07-31 05689545 2024-07-31 05689545 bus:OrdinaryShareClass1 2024-07-31 05689545 core:CurrentFinancialInstruments 2024-07-31 05689545 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 05689545 core:Goodwill 2024-07-31 05689545 core:FurnitureFittingsToolsEquipment 2024-07-31 05689545 core:MotorVehicles 2024-07-31 05689545 bus:SmallEntities 2023-08-01 2024-07-31 05689545 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05689545 bus:FilletedAccounts 2023-08-01 2024-07-31 05689545 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05689545 bus:RegisteredOffice 2023-08-01 2024-07-31 05689545 bus:CompanySecretary1 2023-08-01 2024-07-31 05689545 bus:Director1 2023-08-01 2024-07-31 05689545 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 05689545 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05689545 bus:Agent1 2023-08-01 2024-07-31 05689545 core:Goodwill 2023-08-01 2024-07-31 05689545 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 05689545 core:MotorVehicles 2023-08-01 2024-07-31 05689545 core:PlantMachinery 2023-08-01 2024-07-31 05689545 countries:England 2023-08-01 2024-07-31 05689545 2023-07-31 05689545 core:Goodwill 2023-07-31 05689545 core:FurnitureFittingsToolsEquipment 2023-07-31 05689545 core:MotorVehicles 2023-07-31 05689545 2022-08-01 2023-07-31 05689545 2023-07-31 05689545 bus:OrdinaryShareClass1 2023-07-31 05689545 core:CurrentFinancialInstruments 2023-07-31 05689545 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 05689545 core:FurnitureFittingsToolsEquipment 2023-07-31 05689545 core:MotorVehicles 2023-07-31 05689545 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 05689545

Inspired Sound Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Inspired Sound Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Inspired Sound Limited

Company Information

Director

Mr Richard Martin Ereira

Company secretary

Mrs Angela Marina Ereira

Registered office

Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered AccountantsSilver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Inspired Sound Limited

(Registration number: 05689545)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

441

731

Current assets

 

Debtors

6

2,509

2,500

Cash at bank and in hand

 

28

1,279

 

2,537

3,779

Creditors: Amounts falling due within one year

7

(42,345)

(36,748)

Net current liabilities

 

(39,808)

(32,969)

Net liabilities

 

(39,367)

(32,238)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(39,467)

(32,338)

Shareholders' deficit

 

(39,367)

(32,238)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 April 2025
 

.........................................
Mr Richard Martin Ereira
Director

 

Inspired Sound Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

These financial statements were authorised for issue by the director on 25 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% net book value

Motor vehicles

25% net book value

 

Inspired Sound Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Inspired Sound Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Inspired Sound Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

31,082

31,082

At 31 July 2024

31,082

31,082

Amortisation

At 1 August 2023

31,082

31,082

At 31 July 2024

31,082

31,082

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

9,264

16,889

26,153

Additions

80

-

80

Disposals

-

(16,889)

(16,889)

At 31 July 2024

9,344

-

9,344

Depreciation

At 1 August 2023

8,756

16,666

25,422

Charge for the year

147

-

147

Eliminated on disposal

-

(16,666)

(16,666)

At 31 July 2024

8,903

-

8,903

Carrying amount

At 31 July 2024

441

-

441

At 31 July 2023

508

223

731

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,509

2,500

 

2,509

2,500

 

Inspired Sound Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

39,806

34,738

Trade creditors

 

1,299

1,299

Taxation and social security

 

1,059

394

Other creditors

 

181

317

 

42,345

36,748

 

Inspired Sound Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

39,806

34,738

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

-

 

 

11

Related party transactions

 

Inspired Sound Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,022

11,361