Silverfin false 22 July 2025 22 July 2025 Timothy Lindfield BA FCA TC Group 8,531 20,707 false true 30/04/2024 01/05/2023 30/04/2024 Sebastiano Di Diego 15/02/2024 Richard George Lihou 15/02/2024 01/04/2016 Robin Lihou 15/02/2024 17/04/2007 Giacomo Sorbi 15/02/2024 Giampaolo Tonelli 15/02/2024 22 July 2025 The principal activity of the company continued to be that of the retail of audio and video equipment. 06214922 2024-04-30 06214922 bus:Director1 2024-04-30 06214922 bus:Director2 2024-04-30 06214922 bus:Director3 2024-04-30 06214922 bus:Director4 2024-04-30 06214922 bus:Director5 2024-04-30 06214922 2023-04-30 06214922 core:CurrentFinancialInstruments 2024-04-30 06214922 core:CurrentFinancialInstruments 2023-04-30 06214922 core:Non-currentFinancialInstruments 2024-04-30 06214922 core:Non-currentFinancialInstruments 2023-04-30 06214922 core:ShareCapital 2024-04-30 06214922 core:ShareCapital 2023-04-30 06214922 core:RetainedEarningsAccumulatedLosses 2024-04-30 06214922 core:RetainedEarningsAccumulatedLosses 2023-04-30 06214922 core:FurnitureFittings 2023-04-30 06214922 core:OfficeEquipment 2023-04-30 06214922 core:FurnitureFittings 2024-04-30 06214922 core:OfficeEquipment 2024-04-30 06214922 2023-05-01 2024-04-30 06214922 bus:FilletedAccounts 2023-05-01 2024-04-30 06214922 bus:SmallEntities 2023-05-01 2024-04-30 06214922 bus:Audited 2023-05-01 2024-04-30 06214922 2022-05-01 2023-04-30 06214922 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06214922 bus:Director1 2023-05-01 2024-04-30 06214922 bus:Director2 2023-05-01 2024-04-30 06214922 bus:Director3 2023-05-01 2024-04-30 06214922 bus:Director4 2023-05-01 2024-04-30 06214922 bus:Director5 2023-05-01 2024-04-30 06214922 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 06214922 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 06214922 core:FurnitureFittings 2023-05-01 2024-04-30 06214922 core:OfficeEquipment 2023-05-01 2024-04-30 06214922 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 06214922 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 06214922 (England and Wales)

LS AUDIO TECH LIMITED

FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

LS AUDIO TECH LIMITED

FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

LS AUDIO TECH LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
LS AUDIO TECH LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
DIRECTORS Sebastiano Di Diego (Appointed 15 February 2024)
Richard George Lihou (Resigned 15 February 2024)
Robin Lihou (Resigned 15 February 2024)
Giacomo Sorbi (Appointed 15 February 2024)
Giampaolo Tonelli (Appointed 15 February 2024)
REGISTERED OFFICE Suite 10 Unit 1
The Craggs Country Business Park
New Road
Cragg Vale
Hebden Bridge
HX7 5TT
United Kingdom
COMPANY NUMBER 06214922 (England and Wales)
AUDITOR TC Group
Statutory Auditor
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN
LS AUDIO TECH LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
LS AUDIO TECH LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Restated
Fixed assets
Tangible assets 3 267 701
267 701
Current assets
Stocks 196,565 240,128
Debtors 4 31,297 27,359
Cash at bank and in hand 9 36,451 24,884
264,313 292,371
Creditors: amounts falling due within one year 5 ( 174,185) ( 185,953)
Net current assets 90,128 106,418
Total assets less current liabilities 90,395 107,119
Creditors: amounts falling due after more than one year 6 ( 16,479) ( 25,833)
Net assets 73,916 81,286
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 72,916 80,286
Total shareholder's funds 73,916 81,286

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of LS Audio Tech Limited (registered number: 06214922) were approved and authorised for issue by the Board of Directors on 22 July 2025. They were signed on its behalf by:

Sebastiano Di Diego
Director
LS AUDIO TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
LS AUDIO TECH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LS Audio Tech Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 10 Unit 1, The Craggs Country Business Park, , New Road, Cragg Vale, Hebden Bridge, HX7 5TT, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. When stress testing the likely future cashflows any significant decline in trading would be negated by the support of the parent company. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 May 2023 859 10,000 10,859
At 30 April 2024 859 10,000 10,859
Accumulated depreciation
At 01 May 2023 859 9,299 10,158
Charge for the financial year 0 434 434
At 30 April 2024 859 9,733 10,592
Net book value
At 30 April 2024 0 267 267
At 30 April 2023 0 701 701

4. Debtors

2024 2023
£ £
Trade debtors 21,279 20,607
Deferred tax asset 873 618
Other debtors 9,145 6,134
31,297 27,359

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 86,288
Trade creditors 114,393 21,935
Taxation and social security 24,798 44,415
Other creditors 24,994 33,315
174,185 185,953

Within trade creditors is £108,776 owed to Proel International, a related party entity by common control.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 16,479 25,833

There are no amounts included above in respect of which any security has been given by the small entity.

7. Lease agreements

At the reporting date the company has outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024 2023
£ £
Within one year 996 867

8. Ultimate controlling party

The company is controlled by Proel S.p.A, a company incorporated in Italy, which is also considered to be both the parent and the ultimate parent company. Copies of the financial statements can be obtained from Proel S.p.A., via ala Ruenia, 37/43 PSC 64027, Sant'Omero (TE), Italy.

9. Prior year adjustment

A prior year adjustment was required as balances held by online retailers totalling £20,607 were previous recognised in Cash at bank and in hand. Upon review of the facts, these balances have been reclassified as trade debtors. There has been no impact on retained earnings.

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 30 April 2024 was qualified.

**Basis for qualified opinion**
We were not appointed as auditor of the company until after 30 April 2024 and thus did not observe the counting of physical inventories at the end of the current and comparative year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 April 2024, which are included in the balance sheet at £196,565 and the balance brought forward at 1 May 2023 included in Cost of sales in the profit and loss at £201,973, by using other audit procedures. Consequently, we were unable to determine whether any adjustments are required to these amounts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

The audit report was signed by Tim Lindfield (Senior Statutory Auditor) for and on behalf of TC Group, Statutory Auditor.