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Registration number: 04274426

Hi-Fi Stereo Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Hi-Fi Stereo Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Hi-Fi Stereo Limited

(Registration number: 04274426)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

210,117

202,175

Current assets

 

Stocks

5

26,878

28,875

Cash at bank and in hand

 

-

16,714

 

26,878

45,589

Creditors: Amounts falling due within one year

6

(84,193)

(90,805)

Net current liabilities

 

(57,315)

(45,216)

Total assets less current liabilities

 

152,802

156,959

Creditors: Amounts falling due after more than one year

6

(2,451)

(6,060)

Provisions for liabilities

(8,989)

(10,518)

Net assets

 

141,362

140,381

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

106,011

103,944

Retained earnings

35,251

36,337

Shareholders' funds

 

141,362

140,381

For the financial 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.

 

Hi-Fi Stereo Limited

(Registration number: 04274426)
Statement of Financial Position as at 31 October 2024

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 24 July 2025
 

K D Thompson
Director

   
     
 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
51 Washway Road
Sale
Cheshire
M33 7AB

These financial statements were authorised for issue by the director on 24 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company had net current liabilities. The company has received assurances from the director that he will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are credited to the profit and loss account on the accruals basis.

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Land and Buildings
Land and buildings are stated at revalued amounts, being the fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value.

Increases in carrying amount as a result of revaluation are recognised in other comprehensive income and accumulated in the revaluation reserve, unless they reverse a revaluation decrease previously recognised in profit or loss.

Depreciation is provided on buildings so as to write off the cost or valuation over their estimated useful lives on a straight-line basis, currently at a rate of 2% per annum. Land is not depreciated.

The company has adopted the revaluation model in accordance with FRS 102 Section 17.15A.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% straight line

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

210,000

5,959

215,959

At 31 October 2024

210,000

5,959

215,959

Depreciation

At 1 November 2023

8,000

5,784

13,784

Charge for the year

(8,000)

58

(7,942)

At 31 October 2024

-

5,842

5,842

Carrying amount

At 31 October 2024

210,000

117

210,117

At 31 October 2023

202,000

175

202,175

The property was revalued by the director on 31 October 2023, based on market evidence of recent comparable sales, resulting in a carrying amount of £210,000. He considers the value at 31 October 2024 to be similar and therefore no depreciation has been charged. Had no revaluations been undertaken, the carrying amount under the historical cost convention would have been £73,150.
 

5

Stocks

2024
£

2023
£

Other inventories

26,878

28,875

 

Hi-Fi Stereo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

6,360

3,520

Trade creditors

1,460

2,778

Taxation and social security

246

593

Accruals and deferred income

1,575

1,667

Other creditors

74,552

82,247

84,193

90,805

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

2,451

6,060