IRIS Accounts Production v25.1.3.33 04877151 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh048771512023-08-31048771512024-08-31048771512023-09-012024-08-31048771512022-08-31048771512022-09-012023-08-31048771512023-08-3104877151ns15:EnglandWales2023-09-012024-08-3104877151ns14:PoundSterling2023-09-012024-08-3104877151ns10:Director12023-09-012024-08-3104877151ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3104877151ns10:SmallEntities2023-09-012024-08-3104877151ns10:AuditExemptWithAccountantsReport2023-09-012024-08-3104877151ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3104877151ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3104877151ns10:FullAccounts2023-09-012024-08-3104877151ns10:OrdinaryShareClass12023-09-012024-08-3104877151ns10:Director22023-09-012024-08-3104877151ns10:Director32023-09-012024-08-3104877151ns10:CompanySecretary12023-09-012024-08-3104877151ns10:RegisteredOffice2023-09-012024-08-3104877151ns5:CurrentFinancialInstruments2024-08-3104877151ns5:CurrentFinancialInstruments2023-08-3104877151ns5:Non-currentFinancialInstruments2024-08-3104877151ns5:Non-currentFinancialInstruments2023-08-3104877151ns5:ShareCapital2024-08-3104877151ns5:ShareCapital2023-08-3104877151ns5:FurtherSpecificReserve3ComponentTotalEquity2024-08-3104877151ns5:FurtherSpecificReserve3ComponentTotalEquity2023-08-3104877151ns5:RetainedEarningsAccumulatedLosses2024-08-3104877151ns5:RetainedEarningsAccumulatedLosses2023-08-3104877151ns5:ShareCapital2022-08-3104877151ns5:RetainedEarningsAccumulatedLosses2022-08-3104877151ns5:FurtherSpecificReserve3ComponentTotalEquity2022-08-3104877151ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3104877151ns5:FurtherSpecificReserve3ComponentTotalEquity2022-09-012023-08-3104877151ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3104877151ns5:FurtherSpecificReserve3ComponentTotalEquity2023-09-012024-08-3104877151ns5:PlantMachinery2023-09-012024-08-3104877151ns5:FurnitureFittings2023-09-012024-08-3104877151ns5:MotorVehicles2023-09-012024-08-3104877151ns5:OwnedAssets2023-09-012024-08-3104877151ns5:OwnedAssets2022-09-012023-08-3104877151ns10:OrdinaryShareClass12022-09-012023-08-3104877151ns5:LandBuildings2023-08-3104877151ns5:PlantMachinery2023-08-3104877151ns5:FurnitureFittings2023-08-3104877151ns5:MotorVehicles2023-08-3104877151ns5:LandBuildings2023-09-012024-08-3104877151ns5:LandBuildings2024-08-3104877151ns5:PlantMachinery2024-08-3104877151ns5:FurnitureFittings2024-08-3104877151ns5:MotorVehicles2024-08-3104877151ns5:LandBuildings2023-08-3104877151ns5:PlantMachinery2023-08-3104877151ns5:FurnitureFittings2023-08-3104877151ns5:MotorVehicles2023-08-3104877151ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3104877151ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3104877151ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-08-3104877151ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-08-3104877151ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-08-3104877151ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-08-3104877151ns10:OrdinaryShareClass12024-08-3104877151ns5:FurtherSpecificReserve3ComponentTotalEquity2023-08-31
REGISTERED NUMBER: 04877151 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024

FOR

AUDIO NOTE (UK) LIMITED

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Statement of Changes in Equity 6

Notes to the Financial Statements 7


AUDIO NOTE (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







DIRECTORS: P H Qvortrup
Miss E L Qvortrup
D Qvortrup





SECRETARY: Ms L M Fennell





REGISTERED OFFICE: Viscount House
Units C, D And E Star Road
Partridge Green
Horsham
West Sussex
RH13 8RA





REGISTERED NUMBER: 04877151 (England and Wales)





ACCOUNTANTS: Parkers
Cornelius House
178-180 Church Road
Hove
East Sussex
BN3 2DJ

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST AUGUST 2024

The directors present their report with the financial statements of the company for the year ended 31st August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continues to be the business of design and development, manufacture and supply of specialised thermionic and electronic audio equipment and components and the provision of associated sales and services.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st September 2023 to the date of this report.

P H Qvortrup
Miss E L Qvortrup
D Qvortrup

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





P H Qvortrup - Director


25th May 2025

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST AUGUST 2024

2024 2023
Notes £    £   

TURNOVER 4,755,712 4,784,888

Cost of sales 3,953,526 4,037,280
GROSS PROFIT 802,186 747,608

Administrative expenses 466,584 446,568
335,602 301,040

Other operating income 16,024 43,317
OPERATING PROFIT 4 351,626 344,357

Interest receivable and similar income 8 3
351,634 344,360

Interest payable and similar expenses 41,367 27,806
PROFIT BEFORE TAXATION 310,267 316,554

Tax on profit 5 30,199 24,601
PROFIT FOR THE FINANCIAL YEAR 280,068 291,953

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 1,964,734 1,806,331

CURRENT ASSETS
Stocks 8 5,928,020 6,270,428
Debtors 9 965,925 1,030,269
Cash at bank and in hand 498,298 382,191
7,392,243 7,682,888
CREDITORS
Amounts falling due within one year 10 671,909 886,797
NET CURRENT ASSETS 6,720,334 6,796,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,685,068

8,602,422

CREDITORS
Amounts falling due after more than one
year

11

(384,671

)

(443,371

)

PROVISIONS FOR LIABILITIES (113,048 ) (116,770 )
NET ASSETS 8,187,349 8,042,281

CAPITAL AND RESERVES
Called up share capital 13 100 100
Fair value reserve 14 427,096 427,096
Retained earnings 7,760,153 7,615,085
SHAREHOLDERS' FUNDS 8,187,349 8,042,281

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

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

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.

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

BALANCE SHEET - continued
31ST AUGUST 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 25th May 2025 and were signed on its behalf by:





P H Qvortrup - Director


AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST AUGUST 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st September 2022 100 7,433,587 427,096 7,860,783

Changes in equity
Dividends - (110,455 ) - (110,455 )
Total comprehensive income - 291,953 - 291,953
Balance at 31st August 2023 100 7,615,085 427,096 8,042,281

Changes in equity
Dividends - (135,000 ) - (135,000 )
Total comprehensive income - 280,068 - 280,068
Balance at 31st August 2024 100 7,760,153 427,096 8,187,349

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024

1. STATUTORY INFORMATION

Audio Note (UK) Limited 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.

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 as modified by the revaluation of certain assets.

Significant judgements and estimates
No significant judgements have had to be made by the directors in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on cost
Motor vehicles - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

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.


AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST 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.

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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 44 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 56,396 72,570

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 33,921 30,564
Interest on late payment - (59 )
Total current tax 33,921 30,505

Deferred tax (3,722 ) (5,904 )
Tax on profit 30,199 24,601

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 135,000 110,455

7. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1st September 2023 1,630,000 352,041 51,008 49,995 2,083,044
Additions 193,613 40,217 17,945 - 251,775
Disposals (14,620 ) (85,752 ) (18,976 ) (17,495 ) (136,843 )
At 31st August 2024 1,808,993 306,506 49,977 32,500 2,197,976
DEPRECIATION
At 1st September 2023 - 236,582 21,836 18,295 276,713
Charge for year - 33,716 10,355 12,325 56,396
Eliminated on disposal - (77,166 ) (5,206 ) (17,495 ) (99,867 )
At 31st August 2024 - 193,132 26,985 13,125 233,242
NET BOOK VALUE
At 31st August 2024 1,808,993 113,374 22,992 19,375 1,964,734
At 31st August 2023 1,630,000 115,459 29,172 31,700 1,806,331

Cost or valuation at 31st August 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2024 511,536 - - - 511,536
Cost 1,297,457 306,506 49,977 32,500 1,686,440
1,808,993 306,506 49,977 32,500 2,197,976

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,297,457 1,118,464

Freehold land and buildings were valued on an open market basis on 31st August 2024 by the directors. .

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

8. STOCKS
2024 2023
£    £   
Stocks 5,928,020 6,270,428

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 724,897 753,987
Other debtors 241,028 276,282
965,925 1,030,269

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 92,682 95,038
Trade creditors 120,785 213,341
Taxation and social security 56,894 60,044
Other creditors 401,548 518,374
671,909 886,797

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 12) 384,671 443,371

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 35,613

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 92,682 95,038

Amounts falling due between one and two years:
Bank loans - 1-2 years 91,000 96,038

Amounts falling due between two and five years:
Bank loans - 2-5 years 293,671 311,720

Amounts falling due in more than five years:

AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

12. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 35,613

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

14. RESERVES
Fair
value
reserve
£   
At 1st September 2023
and 31st August 2024 427,096