| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| SONOS UK LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| SONOS UK LIMITED |
| SONOS UK LIMITED (REGISTERED NUMBER: 06173852) |
| 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 UK 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 UK LIMITED (REGISTERED NUMBER: 06173852) |
| ABRIDGED BALANCE SHEET |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | € | € |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 5 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SONOS UK LIMITED (REGISTERED NUMBER: 06173852) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Sonos 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 |
| The financial statements are presented in Euro (€). |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year. |
| 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. |
| 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. |
| 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. |
| 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). |
| Operating lease commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| SONOS UK LIMITED (REGISTERED NUMBER: 06173852) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Provisions |
| Provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| € | € |
| Within one year |
| Between one and five years |
| 5. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| € | € |
| Other provisions | 41,802 | 144,622 |
| Onerous |
| Deferred | lease |
| tax | provision |
| € | € |
| Balance at 1 October 2023 | ( |
) |
| Credit to Income Statement during year | ( |
) | ( |
) |
| Balance at 30 September 2024 | ( |
) |
| In June 2020 the company vacated premises at the Old Vinyl Factory. The onerous lease provision represents the present obligation of costs (net of economic benefit) under the terms of the lease agreement. |
| SONOS UK LIMITED (REGISTERED NUMBER: 06173852) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 7. | 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. |
| 8. | 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 |
| 9. | 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 €961,538 (2023 - €1,179,536) of the plan costs to Sonos UK 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 |
| 538,444 | 153,480 | (108,162) | (194,733) | 33,652 | 422,681 | 321,230 |
| The weighted average exercise prices of share options and restricted stock units is as below: |
| Outstanding b/fwd | Outstanding c/fwd |
| $10.64 | $7.67 |
| 10. | PENSION COMMITMENTS |
| During the year under review the company made contributions of €86,668 (2023 - €76,295). As at the current year end, included within creditors are outstanding contributions totalling €1,338 (2023 - €16,236). |