ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Year ended

31 December

10 months ended

31 December

Registered number: 07533536

VOID ACOUSTICS RESEARCH LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

VOID ACOUSTICS RESEARCH LTD

COMPANY INFORMATION

Directors	E I Robertson
	A Skan
	R M Sturmey


Registered number	07533536


Registered office	Unit L The Fulcrum
	Vantage Way
	Poole
	Dorset
	England
	BH12 4NU


Independent auditors	James Cowper Kreston Audit
	Statutory Auditor
	The White Building
	4 Cumberland Place
	Southampton
	SO15 2NP

VOID ACOUSTICS RESEARCH LTD

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10
Company balance sheet	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14 - 15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 41

VOID ACOUSTICS RESEARCH LTD

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their strategic report for the year ended 31st December 2024.

Business Overview

Void Acoustics Research Ltd is a medium-sized UK-based manufacturer specialising in the design, development, and production of high-performance speaker systems for the professional audio markets. The company serves clients across the UK, Europe, North America, LATAM and APAC markets through distribution partnerships.
The business operates from its manufacturing facility and headquarters in Poole, UK where it combines advanced engineering, in-house prototyping, and precision manufacturing to produce speakers that meet high standards of acoustic quality and durability.
The business also owns two manufacturing plants in China which focus on the development and production of its fibreglass and ABS ranges.
Business Review
In 2024, the Group generated turnover of £12.136 million (10 month period 2023: £9.260 million), representing a 9.2% year-on-year increase when accounting for the short period in 2023, driven primarily by strong sales growth the APAC regions.
Operating profit before tax for the year was £1.291 million (10 month period 2023: £1.139 million). Margins remained strong and in-line with 2023. The business made strategic investments in additional headcount and marketing in the year to drive sales growth in the longer term which accounts for the slight relative dip in Operating Profit in 2024.
Key developments during the year included:

∙Relocation of both China manufacturing plants to state-of-the-art facilities to provide increased capacity, improved quality and better sustainability.

∙Expansion of the R&D investment to support new product development.

∙Replacement of the CNC machine in the UK manufacturing plant to improve quality and productivity.

Customer demand remained resilient in the professional markets, supported by post-pandemic recovery in events, entertainment, and commercial installations.
Business Strategy and Objective
The company’s mission is to deliver world-class sound experiences through design, innovation, craftsmanship, and sustainability.

Strategic objectives include:

∙Product Innovation: Continued investment in R&D to develop industry leading design and audio quality.

∙International Expansion: Targeted growth in North America, EMEA and Asia-Pacific through distributor partnerships.

∙Operational Excellence: Investment in manufacturing automation and lean processes to improve productivity.

∙Brand Strengthening: Elevating brand positioning through strategic marketing and industry partnerships.

These goals are underpinned by a long-term commitment to sustainability and responsible business practices.

Page 1

VOID ACOUSTICS RESEARCH LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

The Directors understand their responsibility in relation to risk identification and mitigation.
Distribution supply chains and the movement of goods between our manufacturing locations are closely monitored and adjustments made to ensure security of supply and to minimise transportation costs.
Health and safety in the factories and the general work environment is closely monitored and controlled.
The company does not hedge currency exposure but trades in mainly US dollar and Euro and has a degree of natural hedging, which is closely monitored.

Financial key performance indicators

The company uses a range of KPIs to monitor and evaluate performance. The company also has a rigorous budgeting, forecasting and cash flow projection process which allows constant assessment and review of performance.

Other key performance indicators

The company continually monitors quality in terms of manufacturing output and also maintains a close relationship with its distributor network to receive feedback on product quality.

This report was approved by the board and signed on its behalf.

A Skan

Director

Date: 23 September 2025

Page 2

VOID ACOUSTICS RESEARCH LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

E I Robertson

A Skan

R M Sturmey

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £931,123 (10 month period 2023 - £755,345).

During the year dividends of £100,000 were declared (2023: £nil).

Future developments

The Group appointed a new Managing Director in May 2025 who has significant experience across the Pro Audio industry. Initial focus will be on market and product development.
The company is on track to relocate its UK Head Office and manufacturing facilities in mid-2025 which creates a significant increase in capacity and capability for future growth.

Page 3

VOID ACOUSTICS RESEARCH LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

A Skan

Director

Date: 23 September 2025

Page 4

VOID ACOUSTICS RESEARCH LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOID ACOUSTICS RESEARCH LTD

Opinion

We have audited the financial statements of Void Acoustics Research Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 5

VOID ACOUSTICS RESEARCH LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOID ACOUSTICS RESEARCH LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

VOID ACOUSTICS RESEARCH LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOID ACOUSTICS RESEARCH LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 7

VOID ACOUSTICS RESEARCH LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOID ACOUSTICS RESEARCH LTD (CONTINUED)

Other matters

The financial statements for the period ended 31 December 2023 are unaudited.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Bath BSc FCA DChA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Statutory Auditor

The White Building

4 Cumberland Place

Southampton

SO15 2NP

23 September 2025

Page 8

VOID ACOUSTICS RESEARCH LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	Year ended 31 December	10 months ended 31 December
	2024	2023
Note	£	£


Turnover	4	12,136,118	9,260,388
Cost of sales		(6,864,412)	(5,497,609)
Gross profit		5,271,706	3,762,779
Distribution costs		(24,831)	(9,120)
Administrative expenses		(3,982,531)	(2,641,566)
Other operating income	5	26,384	27,406
Operating profit	6	1,290,728	1,139,499
Interest receivable and similar income	10	92	276
Interest payable and similar expenses	11	(11,490)	(11,371)
Profit before taxation		1,279,330	1,128,404
Tax on profit	12	(326,284)	(354,067)
Profit for the financial year		953,046	774,337


Currency translation differences	36,175	(30,410)
Other comprehensive income for the year	36,175	(30,410)
Total comprehensive income for the year	989,221	743,927

Profit for the year attributable to:
Non-controlling interests	21,923	18,992
Owners of the parent Company	931,123	755,345
	953,046	774,337

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 41 form part of these financial statements.

Page 9

VOID ACOUSTICS RESEARCH LTD

REGISTERED NUMBER: 07533536

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		4,372		9,615
Tangible assets	15		513,978		326,154
			518,350		335,769
Current assets
Stocks	17	5,147,089		4,227,425
Debtors: amounts falling due within one year	18	566,389		929,602
Cash at bank and in hand	19	288,231		384,821
		6,001,709		5,541,848
Creditors: amounts falling due within one year	20	(1,968,842)		(2,250,450)
Net current assets			4,032,867		3,291,398
Total assets less current liabilities			4,551,217		3,627,167
Creditors: amounts falling due after more than one year	21		(76,709)		(99,167)
Provisions for liabilities
Deferred taxation	25		(94,789)		(15,579)
Other provisions	26		(80,300)		(80,300)
Net assets			4,299,419		3,432,121

Capital and reserves
Called up share capital	27	100	100
Share premium account	28	149,910	149,910
Profit and loss account	28	4,110,127	3,264,752
Non-controlling interests		39,282	17,359
		4,299,419	3,432,121

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2025.

A Skan

Director

The notes on pages 17 to 41 form part of these financial statements.

Page 10

VOID ACOUSTICS RESEARCH LTD

REGISTERED NUMBER: 07533536

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	14		-		4,674
Tangible assets	15		447,795		270,932
Investments	16		53,125		53,125
			500,920		328,731
Current assets
Stocks	17	3,526,429		3,859,537
Debtors: amounts falling due within one year	18	1,653,735		1,628,768
Cash at bank and in hand	19	46,599		372,977
		5,226,763		5,861,282
Creditors: amounts falling due within one year	20	(1,234,529)		(2,171,337)
Net current assets			3,992,234		3,689,945
Total assets less current liabilities			4,493,154		4,018,676

Creditors: amounts falling due after more than one year	21		(76,709)		(99,167)
Provisions for liabilities
Deferred taxation	25	(94,789)		(15,579)
Other provisions	26	(80,300)		(80,300)
			(175,089)		(95,879)
Net assets			4,241,356		3,823,630

Capital and reserves
Called up share capital	27	100	100
Share premium account	28	149,910	149,910
Profit and loss account	28	4,091,346	3,673,620
		4,241,356	3,823,630

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2025.

A Skan

Director

The notes on pages 17 to 41 form part of these financial statements.

Page 11

VOID ACOUSTICS RESEARCH LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 January 2024	100	149,910	3,264,752	3,414,762	17,359	3,432,121

Profit for the year	-	-	931,123	931,123	-	931,123
Currency translation differences	-	-	14,252	14,252	21,923	36,175
Dividends: Equity capital	-	-	(100,000)	(100,000)	-	(100,000)
At 31 December 2024	100	149,910	4,110,127	4,260,137	39,282	4,299,419

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 1 March 2023	100	149,910	2,558,809	2,708,819	(1,633)	2,707,186

Profit for the period	-	-	755,345	755,345	-	755,345
Currency translation differences	-	-	(49,402)	(49,402)	18,992	(30,410)
At 31 December 2023	100	149,910	3,264,752	3,414,762	17,359	3,432,121

The notes on pages 17 to 41 form part of these financial statements.

Page 12

VOID ACOUSTICS RESEARCH LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	100	149,910	3,673,620	3,823,630

Profit for the year	-	-	517,726	517,726
Dividends: Equity capital	-	-	(100,000)	(100,000)
At 31 December 2024	100	149,910	4,091,346	4,241,356

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 March 2023	100	149,910	2,632,632	2,782,642

Profit for the period	-	-	1,040,988	1,040,988
At 31 December 2023	100	149,910	3,673,620	3,823,630

The notes on pages 17 to 41 form part of these financial statements.

Page 13

VOID ACOUSTICS RESEARCH LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	953,046	774,337
Adjustments for:
Amortisation of intangible assets	5,192	23,646
Depreciation of tangible assets	174,186	94,876
Loss on disposal of tangible assets	30,101	1,638
Interest paid	11,490	11,371
Interest received	(92)	(276)
Taxation charge	326,284	354,067
(Increase) in stocks	(827,289)	(1,079,180)
Decrease/(increase) in debtors	363,213	(20,407)
Increase in creditors	292,749	354,649
Increase in provisions	79,210	15,112
Corporation tax (paid)	(854,083)	(136,185)
Foreign exchange	(78,123)	(49,402)
Net cash generated from operating activities	475,884	344,246

Cash flows from investing activities
Purchase of tangible fixed assets	(392,696)	(298,995)
Interest received	92	276
Net cash from investing activities	(392,604)	(298,719)

Page 14

VOID ACOUSTICS RESEARCH LTD

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of loans	(70,000)	(58,333)
Dividends paid	(100,000)	-
Interest paid	(11,490)	(11,371)
Net cash used in financing activities	(181,490)	(69,704)
Net (decrease) in cash and cash equivalents	(98,210)	(24,177)
Cash and cash equivalents at beginning of year	384,821	408,998
Cash and cash equivalents at the end of year	286,611	384,821

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	288,231	384,821
Bank overdrafts	(1,620)	-
	286,611	384,821

The notes on pages 17 to 41 form part of these financial statements.

Page 15

VOID ACOUSTICS RESEARCH LTD

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	New finance leases	At 31 December 2024
£	£	£	£

Cash at bank and in hand	384,821	(96,590)	-	288,231
Bank overdrafts	-	(1,620)	-	(1,620)
Debt due after 1 year	(99,167)	70,000	-	(29,167)
Debt due within 1 year	(70,000)	-	-	(70,000)
Finance leases	-	-	(60,806)	(60,806)
	215,654	(28,210)	(60,806)	126,638

The notes on pages 17 to 41 form part of these financial statements.

Page 16

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Void Acoustics Research Ltd is a private company limited by share capital and incorporated in England and Wales. The registered office is Unit L The Fulcrum, Vantage Way, Poole, Dorset, England, BH12 4NU.
The principal activities of the Company and the nature of the Group's operations are set out in the stategic report on page 1.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

In the prior year the parent company changed its year end from 29 Feburary 2024 to 31 December 2023 to align with the group, therefore the figures are not entirely comparable.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 17

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 18

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

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 Consolidated statement of comprehensive income in the same period as the related expenditure.

2.7

Interest income

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

2.8

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.

2.9

Borrowing costs

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

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

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:

Patents	-	10	years
Goodwill	-	5	years
Computer software	-	5	years

2.13

Development costs

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. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
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.

Page 20

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

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.

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:

Long-term leasehold property	-	10% on cost or over the life of the lease
Demo and loan stock	-	50% on cost
Plant and machinery	-	16.67% - 50% on cost
Motor vehicles	-	25% on cost
Fixtures and fittings	-	25% - 50% on cost
Office equipment	-	20% on cost
Computer equipment	-	25% - 33.3% on cost
Assets under construction	-	N/A

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.16

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 balance sheet 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.

2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 21

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 22

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.21

Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 23

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
The provision policy of trade and other receivables of the Group is based on the evaluation of the collectability, aged analysis and management's judgements. A considerable amount of judgement is required in assessing the ultimate realisation of these receivables.
As part of the identification and measurement of assets and liabilities, the Group has recognised a provision for impaired sotck. In determining the fair value of the provision, assumptions and estimates are made in relation to the future product sales.

	Revenue	12,136,118	9,260,388

Analysis of turnover by country of destination:

					Year ended 31 December	10 months ended 31 December
					2024	2023
					£	£

United Kingdom	353,563	715,202
Rest of Europe	4,861,608	4,856,591
Rest of the world	6,920,947	3,688,595

Page 24

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Other operating income	4,305	16,034
Government grants receivable	21,867	11,377
Sundry income	212	(5)
	26,384	27,406

Research & development charged as an expense	116,320	63,176
Exchange differences	95,669	(13,001)
Other operating lease rentals	32,388	37,066

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	25,850	8,550
	Other services relating to taxation	3,400	4,200

Page 25

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	1,802,990	1,162,844	1,517,818	965,031
Social security costs	171,258	154,041	135,486	95,768
Cost of defined contribution scheme	33,715	22,358	29,755	22,358
	2,007,963	1,339,243	1,683,059	1,083,157

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

	Group	Group	Company	Company
	Year ended 31 December	10 months ended 31 December	Year ended 31 December	10 months ended 31 December
	2024	2023	2024	2023
	No.	No.	No.	No.

Operational	62	57	21	19
Sales & marketing	9	8	8	7
Admin & support	8	8	8	8

	79	73	37	34

Directors' emoluments	144,773	140,795
Group contributions to defined contribution pension schemes	2,480	2,537
	147,253	143,332

During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

Page 26

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Other interest receivable	92	276
		92	276

	Bank interest payable	11,490	11,371
		11,490	11,371

Page 27

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	239,985	357,633
Adjustments in respect of previous periods	(5,303)	-
	234,682	357,633
Foreign tax
Foreign tax on income for the year	12,392	13,122
	12,392	13,122
Total current tax	247,074	370,755

Deferred tax
Origination and reversal of timing differences	53,400	(16,688)
Adjustments in respect of prior periods	25,810	-
Total deferred tax	79,210	(16,688)


		326,284	354,067

Page 28

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Profit on ordinary activities before tax

1,279,330

1,128,404

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 24.39%)	319,833	275,217
Effects of:
Expenses not deductible for tax purposes	84,312	960
Capital allowances for year/period in excess of depreciation	1,169	5,687
Remeasurement of deferred tax for changes in tax rates	-	(346)
Movement in deferred tax not recognised	-	(2,409)
Adjustments to tax charge in respect of prior periods	(5,303)	-
Adjustments to deferred tax charge in respect of prior periods	25,810	-
Effects of differences on overseas tax rates	(99,537)	74,958
Total tax charge for the year/period	326,284	354,067

Factors that may affect future tax charges

There are no factors that may affect the future tax charges.

13.	Dividends
		2024	2023
		£	£

	Dividends	100,000	-
		100,000	-

Page 29

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Intangible assets
	Group

	Patents	Computer software	Goodwill	Total
	£	£	£	£
Cost
At 1 January 2024	280,000	5,247	27,083	312,330
Foreign exchange movement	-	(53)	-	(53)
At 31 December 2024	280,000	5,194	27,083	312,277
Amortisation
At 1 January 2024	275,326	306	27,083	302,715
Charge for the year	4,674	518	-	5,192
Foreign exchange movement	-	(2)	-	(2)
At 31 December 2024	280,000	822	27,083	307,905
Net book value
At 31 December 2024	-	4,372	-	4,372
At 31 December 2023	4,674	4,941	-	9,615

Page 30

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Intangible assets (continued)

	Company

	Patents	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	280,000	27,083	307,083
At 31 December 2024	280,000	27,083	307,083
Amortisation
At 1 January 2024	275,326	27,083	302,409
Charge for the year	4,674	-	4,674
At 31 December 2024	280,000	27,083	307,083
Net book value
At 31 December 2024	-	-	-
At 31 December 2023	4,674	-	4,674

Page 31

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Tangible fixed assets
	Group

	Long-term leasehold property	Demo stock and stock on loan	Plant and machinery	Motor vehicles	Fixtures and fittings
	£	£	£	£	£
Cost or valuation
At 1 January 2024	87,563	81,498	266,535	22,890	96,179
Additions	-	78,776	205,707	-	30
Transfers between classes	-	-	15,187	-	-
Exchange adjustments	-	-	(87)	-	(300)
At 31 December 2024	87,563	160,274	487,342	22,890	95,909
Depreciation
At 1 January 2024	37,215	24,138	161,304	22,675	64,561
Charge for the year	46,469	35,604	57,189	215	10,169
Exchange adjustments	-	-	99	-	(27)
At 31 December 2024	83,684	59,742	218,592	22,890	74,703
Net book value
At 31 December 2024	3,879	100,532	268,750	-	21,206
At 31 December 2023	50,348	57,360	105,231	215	31,618

Page 32

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

	Computer equipment	Assets under construction	Total
	£	£	£
Cost or valuation
At 1 January 2024	54,092	51,703	660,460
Additions	78,082	-	362,595
Transfers between classes	15,602	(30,789)	-
Exchange adjustments	(876)	-	(1,263)
At 31 December 2024	146,900	20,914	1,021,792
Depreciation
At 1 January 2024	24,413	-	334,306
Charge for the year	24,540	-	174,186
Exchange adjustments	(750)	-	(678)
At 31 December 2024	48,203	-	507,814
Net book value
At 31 December 2024	98,697	20,914	513,978
At 31 December 2023	29,679	51,703	326,154

Page 33

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

	Company

	Long-term leasehold property	Demo stock and stock on loan	Plant and machinery	Motor vehicles	Fixtures and fittings
	£	£	£	£	£
Cost or valuation
At 1 January 2024	87,563	81,498	259,131	22,890	66,822
Additions	-	66,527	196,864	-	-
Transfers between classes	-	-	15,187	-	-
At 31 December 2024	87,563	148,025	471,182	22,890	66,822
Depreciation
At 1 January 2024	37,215	24,138	159,611	22,675	63,746
Charge for the year	46,469	34,923	54,325	215	464
At 31 December 2024	83,684	59,061	213,936	22,890	64,210
Net book value
At 31 December 2024	3,879	88,964	257,246	-	2,612
At 31 December 2023	50,348	57,360	99,520	215	3,076

Page 34

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.Tangible fixed assets (continued)

	Computer equipment	Assets under construction	Total
	£	£	£
Cost or valuation
At 1 January 2024	31,801	51,703	601,408
Additions	69,591	-	332,982
Transfers between classes	15,602	(30,789)	-
At 31 December 2024	116,994	20,914	934,390
Depreciation
At 1 January 2024	23,091	-	330,476
Charge for the year	19,723	-	156,119
At 31 December 2024	42,814	-	486,595
Net book value
At 31 December 2024	74,180	20,914	447,795
At 31 December 2023	8,710	51,703	270,932

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant and machinery	64,331	-
	64,331	-

Page 35

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	53,125
	At 31 December 2024	53,125

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Void Acoustics Inc	Ordinary	100%
Guangzhou Void Acoustic Equipment Manufacturing Co. Ltd	Ordinary	90%
HuiZhou Dragon Composite Material Co. Ltd *	Ordinary	90%

* Denotes indirect shareholding.

17.	Stocks
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Raw materials and consumables	1,623,511	1,524,230	1,030,045	1,100,614
Work in progress	3,946	17,861	-	-
Finished goods and goods for resale	3,519,632	2,685,334	2,496,384	2,758,923
	5,147,089	4,227,425	3,526,429	3,859,537

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 36

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	91,203	353,374	120,745	352,790
Amounts owed by group undertakings	-	-	1,183,500	854,343
Other debtors	173,538	165,443	114,077	34,938
Prepayments and accrued income	301,648	410,785	235,413	386,697
	566,389	929,602	1,653,735	1,628,768

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	288,231	384,821	46,599	372,977
Less: bank overdrafts	(1,620)	-	(1,620)	-
	286,611	384,821	44,979	372,977

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	1,620	-	1,620	-
Bank loans	70,000	70,000	70,000	70,000
Payments received on account	557,006	669,467	218,281	669,467
Trade creditors	939,644	639,088	609,971	639,088
Corporation tax	34,735	561,550	22,313	561,550
Other taxation and social security	51,783	115,741	49,950	57,782
Obligations under finance lease and hire purchase contracts	13,264	-	13,264	-
Other creditors	128,617	13,249	127,085	13,249
Accruals and deferred income	172,173	181,355	122,045	160,201
	1,968,842	2,250,450	1,234,529	2,171,337

Page 37

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	29,167	99,167	29,167	99,167
Net obligations under finance leases and hire purchase contracts	47,542	-	47,542	-

The bank loan is guaranteed by the government under the Coronavirus Business Interruption Loan Scheme. Interest is payable at 4.42% over base rate.
The bank borrowings are secured by a fixed and floating charge.

22.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Amounts falling due within one year
Bank loans	70,000	70,000	70,000	70,000
	70,000	70,000	70,000	70,000
Amounts falling due 1-2 years
Bank loans	29,167	99,167	29,167	99,167
	29,167	99,167	29,167	99,167


	99,167	169,167	99,167	169,167

23.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Within one year	13,264	-	13,264	-
Between 1-5 years	47,542	-	47,542	-
	60,806	-	60,806	-

Page 38

VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Financial instruments
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	765,341	903,638	1,365,680	1,615,048

	Financial liabilities
	Financial liabilities measured at amortised cost	2,025,398	1,672,326	1,238,975	1,651,172

	Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, other debtors and amounts owed by related parties.
	Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, payments on account, other creditors, accruals and amounts owed to related parties.

25.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(15,579)
	Charged to profit or loss	(79,210)
	At end of year	(94,789)

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VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.Deferred taxation (continued)

Company

		2024
		£

	At beginning of year	(15,579)
	Charged to profit or loss	(79,210)
	At end of year	(94,789)

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

	Accelerated capital allowances	(94,789)	(15,579)	(94,789)	(15,579)
		(94,789)	(15,579)	(94,789)	(15,579)

26.	Provisions
	Group and Company

	Warranty provision	Dilapidation provision	Total
	£	£	£

At 1 January 2024	48,500	31,800	80,300
At 31 December 2024	48,500	31,800	80,300

27.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

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VOID ACOUSTICS RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.

Reserves

Share premium account

The reserve records the amount above the nominal value received for shares issues, less transaction costs.

Profit and loss account

The profit and loss account represents cumulative profits available for distribution.

29.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £33,715 (2023: £22,358). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors.

30.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	21,586	47,820	21,586	47,820
Later than 1 year and not later than 5 years	10,229	3,985	10,229	3,985
	31,815	51,805	31,815	51,805

31.

Related party transactions

The group has taken advantage of the exemption under FRS 102 not to disclose related party transactions with wholly owned group companies.
During the year the company made purchases from its subsidiary Guangzhou Void Acoustic Equipment Manufacturing Co. Ltd of £2,227,449 (2023: £xxx).
At the year end the Company was owed £307,043 from the subsidiary (2023: £692,284).
There are no key management personnel other than the directors and details of remuneration paid the directors is included in note 9.

32.	Controlling party

The group is controlled by the Directors by virtue of their shareholdings in the parent company.

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