| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| SONOS EXPERIENCE LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| SONOS EXPERIENCE LIMITED |
| SONOS EXPERIENCE LIMITED (REGISTERED NUMBER: 10849645) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SONOS EXPERIENCE LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| Highdown House |
| 11 Highdown Road |
| Leamington Spa |
| Warwickshire |
| CV31 1XT |
| SONOS EXPERIENCE LIMITED (REGISTERED NUMBER: 10849645) |
| ABRIDGED BALANCE SHEET |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | € | € | € |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SONOS EXPERIENCE LIMITED (REGISTERED NUMBER: 10849645) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Sonos Experience Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in Euro (€). |
| The principal accounting policies adopted in the preparation of the financial statements are set out below. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover comprises the value of sales (net of value added tax) of services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
| Tangible fixed assets |
| Improvements to properties | - |
| Furniture and equipment | - |
| Computer equipment | - |
| Financial instruments |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement. |
| 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. |
| SONOS EXPERIENCE LIMITED (REGISTERED NUMBER: 10849645) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| The rate used at 30 September 2024 was 1:1.2020 (2023 - 1:1.1528). |
| 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. |
| Operating lease commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| € |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| SONOS EXPERIENCE LIMITED (REGISTERED NUMBER: 10849645) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 5. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| € | € |
| Within one year |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 7. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to €83,382 (2023 - €67,628). |
| Included within creditors is a balance due to pension providers of €Nil (2023 - €13,544) representing contributions owed to the funds. |
| 8. | RELATED PARTY DISCLOSURES |
| The directors are considered to be key management of the company. Their compensation is borne by a fellow group entity, with none recognised in these financial statements. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company is Sonos Europe BV, a company incorporated in the Netherlands. |
| Sonos Inc (incorporated in the USA) is regarded by the directors as being the company's ultimate parent company. The group accounts are available to the public from: |
| 301 Coromar Drive |
| Santa Barbara |
| CA 93117 |
| SONOS EXPERIENCE LIMITED (REGISTERED NUMBER: 10849645) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 10. | SHARE-BASED PAYMENT TRANSACTIONS |
| The ultimate parent company Sonos Inc, administers an Approved Share Option and Restricted Stock Unit Scheme for employees of group companies as part of its long-term incentive compensation programme. Under the plan the ultimate parent company has issued stock options and restricted stock units to employees of the company. |
| Under the scheme the exercise price is equivalent to the market price or, in the case of options, the grant price. The options and restricted stock units have a vesting period of four years from the initial grant date and are settled by the transfer of equity instruments. |
| The costs relating to the plan are allocated to Sonos Inc in order to match relevant expenditure and liabilities. In 2024 Sonos Inc has recharged €486,089 (2023 - €354,961) of the plan costs to Sonos Experience Limited, being a reasonable allocation of the expense to the group. |
| The number of share options and restricted stock units as transacted during the year are outlined below: |
| Outstanding b/fwd | Granted | Forfeited | Exercised | Other | Outstanding c/fwd | Exercisable |
| 49,948 | 67,819 | (14,767) | (29,317) | 521 | 74,204 | Nil |
| The weighted average exercise prices of share options and restricted stock units is as below: |
| Outstanding b/fwd | Outstanding c/fwd |
| $10.64 | $14.12 |