REGISTERED NUMBER: 04877151 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 August 2025

for

Audio Note (UK) Limited

Page

Report of the Directors

1

Chartered Accountants' Report

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

The directors present their report with the financial statements of the company for the year ended 31 August 2025.

Directors

The directors shown below have held office during the whole of the period from 1 September 2024 to the date of this report.

P H Qvortrup

E L Qvortrup

D Qvortrup

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

P H Qvortrup - Director

28 May 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Audio Note (UK) Limited for the year ended 31 August 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Audio Note (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 30 September 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Audio Note (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Audio Note (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Audio Note (UK) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Audio Note (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Audio Note (UK) Limited. You consider that Audio Note (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Audio Note (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wilson Sandford Limited

Chartered accountants

85 Church Road

Hove

East Sussex

BN3 2BB

28 May 2026

Turnover

4,430,566

4,755,712

Cost of sales

(3,529,644

)

(3,982,324

)

Gross profit

900,922

773,388

Administrative expenses

(675,880

)

(437,787

)

225,042

335,601

Other operating income

34,382

16,024

Operating profit

259,424

351,625

Interest receivable and similar income

63

8

259,487

351,633

Gain/loss on revaluation of tangible assets

179,281

-

438,768

351,633

Interest payable and similar expenses

(29,690

)

(41,367

)

Profit before taxation

409,078

310,266

Tax on profit

4

(145,201

)

(30,198

)

Profit for the financial year

263,877

280,068

Fixed assets

Tangible assets

5

2,181,686

1,964,735

Current assets

Stocks

6

6,046,113

5,928,020

Debtors

7

905,197

965,925

Cash at bank and in hand

485,812

498,298

7,437,122

7,392,243

Creditors: amounts falling due within one year

8

791,418

671,910

Net current assets

6,645,704

6,720,333

Total assets less current liabilities

8,827,390

8,685,068

Creditors: amounts falling due after more than one year

9

(346,220

)

(384,671

)

Provisions for liabilities

(197,497

)

(113,048

)

Net assets

8,283,673

8,187,349

Capital and reserves

Called up share capital

12

100

100

Fair value reserve

13

537,653

427,096

Retained earnings

7,745,920

7,760,153

Shareholders' funds

8,283,673

8,187,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

P H Qvortrup - Director

1.	Statutory information

Audio Note (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04877151

Registered office:

Viscount House Units C, D & E Star Road

Partridge Green

Horsham

West Sussex

RH13 8RA

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 10% and 25% on cost and reducing balance

Fixtures and fittings - 10%, 15% and 25% on cost

Motor vehicles - 10% and 25% on cost

Freehold property amounting to £2,000,000 (2024 £1,808,993) has not been depreciated. This is a departure from the requirements of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. In the opinion of the directors, the property's current value is of more significance than any measure of consumption and to depreciate it would not give a true and fair view. If this departure had not been made, the profit for the year would have been reduced by depreciation. However, the amount of depreciation cannot be reasonably quantified and the amount which might have otherwise been shown cannot be identified and quantified.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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.

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 37 (2024 - 44 ) .

4.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

60,752

34,002

Deferred tax

84,449

(3,804

)

Tax on profit

145,201

30,198

5.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost or valuation

At 1 September 2024

1,808,993

306,506

49,977

32,500

2,197,976

Additions

11,726

22,426

24,840

9,500

68,492

Disposals

-

-

-

(10,500

)

(10,500

)

Revaluations

179,281

-

-

-

179,281

At 31 August 2025

2,000,000

328,932

74,817

31,500

2,435,249

Depreciation

At 1 September 2024

-

193,132

26,984

13,125

233,241

Charge for year

-

18,613

3,878

4,281

26,772

Eliminated on disposal

-

-

-

(6,450

)

(6,450

)

At 31 August 2025

-

211,745

30,862

10,956

253,563

Net book value

At 31 August 2025

2,000,000

117,187

43,955

20,544

2,181,686

At 31 August 2024

1,808,993

113,374

22,993

19,375

1,964,735

Cost or valuation at 31 August 2025 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2025

179,281

-

-

-

179,281

Cost

1,820,719

328,932

74,817

31,500

2,255,968

2,000,000

328,932

74,817

31,500

2,435,249

6.

Stocks

2025

2024

£

£

Stocks

6,046,113

5,928,020

7.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

601,243

724,897

Other debtors

1,601

4,527

Advanced payments

86,658

101,177

VAT

82,535

19,030

Prepayments and accrued income

133,160

116,294

905,197

965,925

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts (see note 10)

66,890

92,682

Trade creditors

263,642

120,785

Tax

60,752

34,002

Social security and other taxes

27,278

22,892

Other creditors

8,230

8,399

Net wages

79,491

73,203

Pension liability

4,776

4,442

Directors' current accounts

3,385

-

Accrued expenses

18,578

3,983

Payment on account

258,396

311,522

791,418

671,910

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans (see note 10)

346,220

384,671

10.

Loans

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

66,890

92,682

Amounts falling due between one and two years:

Bank loans

71,103

91,000

2025

2024

£

£

Amounts falling due between two and five years:

Bank loans

275,117

293,671

11.	Secured debts

The bank borrowings are secured by a fixed charge on the freehold property

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary shares

£1

100

100

13.

Reserves

Fair

value

reserve

£

At 1 September 2024

427,096

Transfer

110,557

At 31 August 2025

537,653

14.	Related party disclosures

Within creditors there is £3,384 (2024:£nil) owed by the company to the directors.