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REGISTERED NUMBER: 08472657 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

HIFI LOUNGE LIMITED

HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HIFI LOUNGE LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: Mrs W E Clark
Mr P A Clark





REGISTERED OFFICE: 4 Granary Buildings
Millow Hall Farm
Millow
Dunton
Bedfordshire
SG18 8RH





REGISTERED NUMBER: 08472657 (England and Wales)





ACCOUNTANTS: Kings Chartered Accountants
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,653,480 1,532,913
1,653,480 1,532,913

CURRENT ASSETS
Debtors 6 24,779 6,769
Cash at bank 254,618 348,562
279,397 355,331
CREDITORS
Amounts falling due within one year 7 276,883 416,849
NET CURRENT ASSETS/(LIABILITIES) 2,514 (61,518 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,655,994

1,471,395

CREDITORS
Amounts falling due after more than one
year

8

(66,155

)

(78,337

)

PROVISIONS FOR LIABILITIES 9 (363,539 ) (342,520 )
NET ASSETS 1,226,300 1,050,538

CAPITAL AND RESERVES
Called up share capital 10 20 20
Retained earnings 1,226,280 1,050,518
SHAREHOLDERS' FUNDS 1,226,300 1,050,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)

BALANCE SHEET - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2025 and were signed on its behalf by:





Mrs W E Clark - Director


HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hifi Lounge Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 sale of goods and from rendering of services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost and 5 years SL with a residual value of 90%
Plant and machinery - 1% Straight Line
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance and 5% on reducing balance
Computer equipment - 33% on cost

HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets,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.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 19,000
AMORTISATION
At 1 April 2023
and 31 March 2024 19,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 318,171 823,554 81,587
Additions 3,827 158,906 974
Disposals - (173,110 ) -
At 31 March 2024 321,998 809,350 82,561
DEPRECIATION
At 1 April 2023 13,881 30,495 68,302
Charge for year 7,301 7,002 10,501
Eliminated on disposal - (4,564 ) -
At 31 March 2024 21,182 32,933 78,803
NET BOOK VALUE
At 31 March 2024 300,816 776,417 3,758
At 31 March 2023 304,290 793,059 13,285

HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 440,691 30,688 1,694,691
Additions 174,250 708 338,665
Disposals - - (173,110 )
At 31 March 2024 614,941 31,396 1,860,246
DEPRECIATION
At 1 April 2023 20,208 28,892 161,778
Charge for year 23,478 1,270 49,552
Eliminated on disposal - - (4,564 )
At 31 March 2024 43,686 30,162 206,766
NET BOOK VALUE
At 31 March 2024 571,255 1,234 1,653,480
At 31 March 2023 420,483 1,796 1,532,913

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 14,695 3,952
Other debtors 2,817 2,817
Value added tax 7,267 -
24,779 6,769

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 9,167
Other loans 59,367 50,000
Trade creditors 85,933 213,747
Taxation 23,960 6,210
Social security and other taxes 3,809 2,972
Value added tax - 20,756
Other creditors 56,605 81,461
Directors' current accounts 35,052 30,382
Accruals 2,157 2,154
276,883 416,849

HIFI LOUNGE LIMITED (REGISTERED NUMBER: 08472657)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 10,000 9,399
Bank loans - 2-5 years 5,834 18,938
Other loans - 1-2 years 50,321 50,000
66,155 78,337

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 363,539 342,520

Deferred
tax
£   
Balance at 1 April 2023 342,520
Charge to Statement of Income and Retained Earnings during year 21,019
Balance at 31 March 2024 363,539

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
20 Ordinary £1 20 20