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SABSOUND LIMITED

Registered Number
04948581
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

SABSOUND LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

BRUCE, Stuart Alan

Company Secretary

BRUCE, Jenifer Sheila

Registered Address

56 West Street
Shoreham-By-Sea
BN43 5WG

Registered Number

04948581 (England and Wales)
SABSOUND LIMITED
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets312,31313,526
Tangible assets5357,128339,027
369,441352,553
Current assets
Stocks610,693-
Debtors7159,161186,553
Cash at bank and on hand219,677256,154
389,531442,707
Creditors amounts falling due within one year8(128,400)(160,994)
Net current assets (liabilities)261,131281,713
Total assets less current liabilities630,572634,266
Provisions for liabilities9(48,517)(40,555)
Net assets582,055593,711
Capital and reserves
Called up share capital100100
Profit and loss account581,955593,611
Shareholders' funds582,055593,711
The financial statements were approved and authorised for issue by the Director on 31 March 2025, and are signed on its behalf by:
BRUCE, Stuart Alan
Director
Registered Company No. 04948581
SABSOUND LIMITED
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Fixtures and fittings25-
Vehicles25-
Office Equipment-3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year33
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 November 2348,41348,413
Additions11,52511,525
At 31 October 2459,93859,938
Amortisation and impairment
At 01 November 2334,88734,887
Charge for year12,73812,738
At 31 October 2447,62547,625
Net book value
At 31 October 2412,31312,313
At 31 October 2313,52613,526
4.Useful life of intangible assets
Website development is being amortised evenly over its useful life of three years.
5.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 November 23142,789440,54255,4991,23953,259693,328
Additions-59,056-923,58962,737
Disposals-(21,406)---(21,406)
At 31 October 24142,789478,19255,4991,33156,848734,659
Depreciation and impairment
At 01 November 23-286,31215,17499151,824354,301
Charge for year-26,51510,081641,58338,243
On disposals-(15,013)---(15,013)
At 31 October 24-297,81425,2551,05553,407377,531
Net book value
At 31 October 24142,789180,37830,2442763,441357,128
At 31 October 23142,789154,23040,3252481,435339,027
No depreciation has been charged to the freehold property because the residual value is expected to be greater than the carrying amount.
6.Stocks

2024

2023

££
Finished goods10,693-
Total10,693-
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables157,308180,338
Prepayments and accrued income1,8536,215
Total159,161186,553
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables70,403103,988
Taxation and social security32,34142,854
Other creditors542891
Accrued liabilities and deferred income25,11413,261
Total128,400160,994
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)48,51740,555
Total48,51740,555
10.Controlling party
The ultimate controlling party is S Bruce, director and shareholder.