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Registration number: 12494825

Approved Used Bang & Olufsen Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Approved Used Bang & Olufsen Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Approved Used Bang & Olufsen Limited

Company Information

Director

Mr M Sparkes

Registered office

8a Tunsgate
Guildford
Surrey
GU1 3QT

Accountants

Durston Gibb
Chartered Accountants1 Blatchington Road
Hove
East Sussex
BN3 3YP

 

Approved Used Bang & Olufsen Limited

(Registration number: 12494825)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,181

1,990

Investments

5

27,500

27,500

 

73,681

29,490

Current assets

 

Stocks

6

15,000

18,315

Debtors

7

13,467

-

Cash at bank and in hand

 

17,624

64,175

 

46,091

82,490

Creditors: Amounts falling due within one year

8

(13,527)

(39,807)

Net current assets

 

32,564

42,683

Net assets

 

106,245

72,173

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

106,145

72,073

Shareholders' funds

 

106,245

72,173

For the financial year ending 31 May 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 30 May 2025
 

 

Approved Used Bang & Olufsen Limited

(Registration number: 12494825)
Balance Sheet as at 31 May 2024

.........................................
Mr M Sparkes
Director

 

Approved Used Bang & Olufsen Limited

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

1

General information

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

The address of its registered office is:
8a Tunsgate
Guildford
Surrey
GU1 3QT

These financial statements were authorised for issue by the director on 30 May 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 in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Approved Used Bang & Olufsen Limited

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

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

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments are stated at cost less any provision for impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average method. The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Approved Used Bang & Olufsen Limited

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

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Approved Used Bang & Olufsen Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

-

3,790

3,790

Additions

55,000

-

55,000

At 31 May 2024

55,000

3,790

58,790

Depreciation

At 1 June 2023

-

1,800

1,800

Charge for the year

10,312

497

10,809

At 31 May 2024

10,312

2,297

12,609

Carrying amount

At 31 May 2024

44,688

1,493

46,181

At 31 May 2023

-

1,990

1,990

5

Investments

2024
£

2023
£

Fixed asset investments

27,500

27,500

6

Stocks

2024
£

2023
£

Stock - new

-

315

Stock - used

15,000

18,000

15,000

18,315

 

Approved Used Bang & Olufsen Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,400

-

Other debtors

11,067

-

 

13,467

-

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,272

5,767

Taxation and social security

8,205

20,725

Accruals and deferred income

2,050

3,980

Other creditors

-

9,335

13,527

39,807

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

10

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £20.00) per ordinary share

-

2,000