TF Sound Limited
Registered number: 11812581
Statement of Financial Position
as at 28 February 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 471 531
Tangible assets 4 5,326 7,101
5,797 7,632
Current assets
Debtors 5 24,452 21,185
Cash at bank and in hand 3,954 2,912
28,406 24,097
Creditors: amounts falling due within one year 6 (27,990) (22,480)
Net current assets 416 1,617
Total assets less current liabilities 6,213 9,249
Creditors: amounts falling due after more than one year 7 (5,063) (7,763)
Provisions for liabilities (1,012) (1,349)
Net assets 138 137
Capital and reserves
Called up share capital 100 100
Profit and loss account 38 37
Shareholder's funds 138 137
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Christopher Fry
Director
Approved by the board on 16 June 2025
TF Sound Limited
Notes to the Accounts
for the year ended 28 February 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
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 rendering of services. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees and directors 2025 2024
Number Number
Average number of directors and persons employed by the company 2 2
3 Intangible fixed assets £
Cryptocurrency
Cost
At 1 March 2024 600
At 28 February 2025 600
Amortisation
At 1 March 2024 69
Provided during the year 60
At 28 February 2025 129
Net book value
At 28 February 2025 471
At 29 February 2024 531
Cryptocurrency is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2024 16,900
At 28 February 2025 16,900
Depreciation
At 1 March 2024 9,799
Charge for the year 1,775
At 28 February 2025 11,574
Net book value
At 28 February 2025 5,326
At 29 February 2024 7,101
5 Debtors 2025 2024
£ £
Trade debtors 10,576 9,736
Other debtors 13,876 11,449
24,452 21,185
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 4,050 4,050
Trade creditors 1,017 579
Accruals 1,240 1,180
Corporation tax 8,282 8,117
Other taxes and social security costs 9,451 4,799
Other creditors 3,950 3,755
27,990 22,480
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 5,063 7,763
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Christopher Fry
Repayable on demand 8,847 11,796 (8,847) 11,796
8,847 11,796 (8,847) 11,796
9 Other information
TF Sound Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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