2 01/11/2023 31/10/2024 2024-10-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-11-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11119384 2023-11-01 2024-10-31 11119384 2024-10-31 11119384 2023-10-31 11119384 2022-11-01 2023-10-31 11119384 2023-10-31 11119384 2022-10-31 11119384 core:NetGoodwill 2023-11-01 2024-10-31 11119384 core:PlantMachinery 2023-11-01 2024-10-31 11119384 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 11119384 core:MotorVehicles 2023-11-01 2024-10-31 11119384 core:OnerousContractsExcludingVacantProperties 2023-11-01 2024-10-31 11119384 bus:RegisteredOffice 2023-11-01 2024-10-31 11119384 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 11119384 bus:OrdinaryShareClass2 2023-11-01 2024-10-31 11119384 bus:LeadAgentIfApplicable 2023-11-01 2024-10-31 11119384 bus:Director1 2023-11-01 2024-10-31 11119384 bus:Director2 2023-11-01 2024-10-31 11119384 core:NetGoodwill 2024-10-31 11119384 core:PlantMachinery 2023-10-31 11119384 core:FurnitureFittingsToolsEquipment 2023-10-31 11119384 core:MotorVehicles 2023-10-31 11119384 core:PlantMachinery 2024-10-31 11119384 core:FurnitureFittingsToolsEquipment 2024-10-31 11119384 core:MotorVehicles 2024-10-31 11119384 core:WithinOneYear 2024-10-31 11119384 core:WithinOneYear 2023-10-31 11119384 core:ShareCapital 2024-10-31 11119384 core:ShareCapital 2023-10-31 11119384 core:RetainedEarningsAccumulatedLosses 2024-10-31 11119384 core:RetainedEarningsAccumulatedLosses 2023-10-31 11119384 bus:OrdinaryShareClass1 core:ShareCapital 2024-10-31 11119384 bus:OrdinaryShareClass1 core:ShareCapital 2023-10-31 11119384 bus:OrdinaryShareClass2 core:ShareCapital 2024-10-31 11119384 bus:OrdinaryShareClass2 core:ShareCapital 2023-10-31 11119384 core:NetGoodwill 2023-10-31 11119384 core:FurnitureFittingsToolsEquipment 2023-10-31 11119384 bus:SmallEntities 2023-11-01 2024-10-31 11119384 bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 11119384 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 11119384 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 11119384 bus:FullAccounts 2023-11-01 2024-10-31 11119384 core:ComputerEquipment 2023-11-01 2024-10-31 11119384 core:ComputerEquipment 2024-10-31 11119384 core:ComputerEquipment 2023-10-31 11119384 core:OtherRelatedParties 2023-11-01 2024-10-31
Company registration number: 11119384
The Audioworks (NW) Limited
Unaudited filleted financial statements
31 October 2024
The Audioworks (NW) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
The Audioworks (NW) Limited
Directors and other information
Directors Lawrence Ogden
Wendy Walker
Company number 11119384
Registered office 14 Stockport Road
Cheadle
Stockport
SK8 2AA
Business address 14 Stockport Road
Cheadle
Stockport
SK8 2AA
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
The Audioworks (NW) Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 216 739
_______ _______
216 739
Current assets
Stocks 183,911 261,997
Debtors 7 62,025 9,705
Cash at bank and in hand 59,372 34,314
_______ _______
305,308 306,016
Creditors: amounts falling due
within one year 8 ( 37,314) ( 91,446)
_______ _______
Net current assets 267,994 214,570
_______ _______
Total assets less current liabilities 268,210 215,309
_______ _______
Net assets 268,210 215,309
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account 268,208 215,307
_______ _______
Shareholders funds 268,210 215,309
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2025 , and are signed on behalf of the board by:
Lawrence Ogden
Director
Company registration number: 11119384
The Audioworks (NW) Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 14 Stockport Road, Cheadle, Stockport, SK8 2AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
Computer Equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2023 and 31 October 2024 16,000 16,000
_______ _______
Amortisation
At 1 November 2023 and 31 October 2024 16,000 16,000
_______ _______
Carrying amount
At 31 October 2024 - -
_______ _______
At 31 October 2023 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer Equipment Total
£ £ £ £ £
Cost
At 1 November 2023 and 31 October 2024 7,017 1,513 17,148 3,865 29,543
_______ _______ _______ _______ _______
Depreciation
At 1 November 2023 7,017 1,101 17,148 3,539 28,805
Charge for the year - 206 - 316 522
_______ _______ _______ _______ _______
At 31 October 2024 7,017 1,307 17,148 3,855 29,327
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 - 206 - 10 216
_______ _______ _______ _______ _______
At 31 October 2023 - 412 - 326 738
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 5,426 6,635
Other debtors 56,599 3,070
_______ _______
62,025 9,705
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,515 31,089
Corporation tax 22,419 14,128
Social security and other taxes 10,618 4,216
Other creditors 1,762 42,013
_______ _______
37,314 91,446
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A shares of £ 1.00 each 1 1 1 1
Ordinary B shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
2 2 2 2
_______ _______ _______ _______
10. Related party transactions
At 31 October 2024 the company owed the director Lawrence Odgen £715 (2023 £37,119) and Wendy Walker £114 (2023 £4,114). No interest has been charged to the company in respect of these loans which are repayable on demand and classified in creditors due within one year.At 31 October 2024 the company was owed £52,842 (2023 £3,070) by MusicWorks (UK) Limited, company number 03852224, a company controlled by the directors. No payments were received in the year.