REGISTERED NUMBER: 07063124 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

UNIVERSAL AUDIO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G C Mattingly

W L Putnam

REGISTERED OFFICE:

Fourth Floor St James House

St James' Square

Cheltenham

GL50 3PR

REGISTERED NUMBER:

07063124 (England and Wales)

AUDITORS:

Byrd Link Audit & Accountancy Services Limited

Statutory Auditor

Honeybourne Place

Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH

CURRENT ASSETS

Debtors

5

206,010

206,250

Cash at bank

655,323

639,370

861,333

845,620

CREDITORS

Amounts falling due within one year

6

127,985

189,489

NET CURRENT ASSETS

733,348

656,131

TOTAL ASSETS LESS CURRENT LIABILITIES

733,348

656,131

CAPITAL AND RESERVES

Called up share capital

7

100

100

Share based payment reserve

52,117

45,985

Retained earnings

681,131

610,046

SHAREHOLDERS' FUNDS

733,348

656,131

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

G C Mattingly - Director

1.	STATUTORY INFORMATION

Universal Audio 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, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

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.

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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.

The Company relies on the continued support from its parent company Universal Audio Inc. which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Interest Income

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

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:

Office 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.

Share based payments

The company's ultimate parent company, Universal Audio Inc., operates a share based payment scheme for all the employees of the company.

The stock options in Universal Audio Inc. are granted to the company's employees at a price equal to the fair value of the shares in Universal audio Inc. at date of the grant and are denominated in US dollars.

The stock options have between a one to four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant, the stock options expire. Stock options are forfeited if the employees leaves the company before options vest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 January 2024

6,000

Disposals

6,000

At 31 December 2024

12,000

Depreciation

At 1 January 2024

6,000

Eliminated on disposal

6,000

At 31 December 2024

12,000

Net book value

At 31 December 2024

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

179,028

187,038

Other debtors

26,982

19,212

206,010

206,250

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

-

7,518

Corporation tax

37,198

24,352

Social security and other taxes

27,773

31,109

Accrued expenses

63,014

126,510

127,985

189,489

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

100

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Russel Byrd FCA (Senior Statutory Auditor)

for and on behalf of Byrd Link Audit & Accountancy Services Limited

9.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £28,775 (2023 - £29,478). Contributions totalling £2,083 (2023 - £4,048) were payable to the fund at the reporting date and are included in creditors.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Universal Audio, Inc. a company incorporated in the United States of America.

The smallest group in which the results of the Company are consolidated is that headed by Universal Audio, Inc. The consolidated financial statements may be obtained from Universal Audio Inc, 4585 Scotts Valley Dr, Scotts Valley, California 95066, United States of America