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Registered number: 11204889









SCC AUDIO LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
SCC AUDIO LIMITED
REGISTERED NUMBER: 11204889

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
  
726,772
551,954

Tangible fixed assets
  
3,282
5,159

  
730,054
557,113

Current assets
  

Stocks
 6 
371,187
503,973

Debtors: amounts falling due within one year
 7 
373,339
480,073

Cash at bank and in hand
  
88,681
181,979

  
833,207
1,166,025

Creditors: amounts falling due within one year
 8 
(2,383,866)
(2,536,385)

Net current liabilities
  
 
 
(1,550,659)
 
 
(1,370,360)

Total assets less current liabilities
  
(820,605)
(813,247)

Creditors: amounts falling due after more than one year
 9 
(8,334)
(18,333)

  

Net liabilities
  
(828,939)
(831,580)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(829,039)
(831,680)

  
(828,939)
(831,580)


Page 1

 
SCC AUDIO LIMITED
REGISTERED NUMBER: 11204889
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2025.




R Wang
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

SCC Audio Limited is a private company limited by shares and registered in England and Wales. The address of its registered office and principal place of business is Unit 11 Torc:Mk, Chippenham Drive, Kingston, Milton Keynes, England, MK10 0BZ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company shows net liabilities at the reporting date of £828,472 (2023: £831,580). The company has received formal confirmation from its immediate parent, Studioking Sound & Instrument (Asia) Limited, that the company will receive the financial support it requires to enable it to meet its liabilities as they fall due.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue with some level of activity from a minimal to full levels. 
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that a material uncertainly exists over the company’s future.
In making their assessment of going concern, the director has considered information for a period of at least twelve months from the date the financial statements were authorised for issue.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Sale of audio equipment
Revenue from the sale of audio equipment is recognised when the significant risks and rewards of ownership of the goods transfer to the customer, which is considered to be the point of dispatch.  

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

During the year the company received employee based government grants.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
Not amortised until brought into use

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.16

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.18

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
12
13

Page 6

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Intangible assets




Development expenditure

£



Cost


At 1 August 2023
551,954


Additions
174,818



At 31 July 2024

726,772






Net book value



At 31 July 2024
726,772



At 31 July 2023
551,954



Page 7

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2023
17,536
5,344
22,880


Additions
177
42
219



At 31 July 2024

17,713
5,386
23,099



Depreciation


At 1 August 2023
17,053
668
17,721


Charge for the year on owned assets
200
1,896
2,096



At 31 July 2024

17,253
2,564
19,817



Net book value



At 31 July 2024
460
2,822
3,282



At 31 July 2023
483
4,676
5,159


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
371,187
503,973

371,187
503,973



7.


Debtors

2024
2023
£
£


Trade debtors
224,244
368,530

Other debtors
102,262
71,108

Prepayments and accrued income
46,833
40,435

373,339
480,073


Page 8

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
377

Bank loans
10,000
10,000

Trade creditors
55,683
65,122

Amounts owed to group undertakings
2,281,533
2,418,670

Other taxation and social security
13,967
15,621

Other creditors
11,686
15,598

Accruals and deferred income
10,997
10,997

2,383,866
2,536,385



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,334
18,333

8,334
18,333



10.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £nil (2023: £2,769) were payable to the fund at the reporting date and are included in creditors.


11.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
74,959
67,615

Later than 1 year and not later than 5 years
253,833
328,792

328,792
396,407

Page 9

 
SCC AUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Related party transactions

The  company  has  taken  advantage  of  the  exemption  in  FRS  102  from  the  requirement  to  disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary.


13.


Controlling party

The ultimate parent company is Soundking Electronics and Sound Co, Ltd. The ultimate controlling party is Mr Xianggui Wang.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 28 July 2025 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 10