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Registered number: 13922515 SLAPTON SOUND LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 28 FEBRUARY 2026
SLAPTON SOUND LIMITED REGISTERED NUMBER: 13922515 BALANCE SHEET AS AT 28 FEBRUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 79,846 |  | 80,267
|  |  | 79,846 |  | 80,267
Current assets |  |  |  |  |
Stocks |  | 304,040 |  | 291,178 |
Debtors: amounts falling due within one year | 5 | 93,827 |  | 117,216 |
Cash at bank and in hand | 6 | 150,567 |  | 28,130 |
|  | 548,434 |  | 436,524 |
Creditors: amounts falling due within one year | 7 | (805,816) |  | (788,473) |
Net current liabilities |  |  | (257,382) |  | (351,949)
Total assets less current liabilities |  |  | (177,536) |  | (271,682)
Net liabilities |  |  | (177,536) |  | (271,682)
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 100 |  | 100
Profit and loss account |  |  | (177,636) |  | (271,782)
|  |  | (177,536) |  | (271,682)
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SLAPTON SOUND LIMITED REGISTERED NUMBER: 13922515 BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2026 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 July 2026.
S Davies
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
SLAPTON SOUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
1. | General information
Slapton Sound Limited is a private company, limited by shares and incorproated in England and Wales, registration number 13922515. The registered office is 101 New Cavendish Street, 1st Floor South London, W1W 6XH. The principal place of business is PO Box 139, Kingsbridge, Devon, TQ7 9BT. 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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements. As at 28 February 2026, the company had net liabilities of £177,536 the directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders. Page 3
SLAPTON SOUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 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 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'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 4
SLAPTON SOUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.8 | 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:
|  |  |  | Plant and machinery | - | 25% | Straight-line basis
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Fixtures and fittings | - | 25% | Straight-line basis
|  |  |  | Office equipment | - | 25% | Straight-line basis
|  |  |  | Workshop conversion | - |  | 10 years
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. Page 5
SLAPTON SOUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 8 (2025 - 7).
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SLAPTON SOUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Workshop conversion | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 March 2025 | 37,690 | 21,800 | 2,663 | 15,174 | 22,073 | 99,400
| Additions | 20,556 | - | 1,249 | 1,487 | - | 23,292
| At 28 February 2026 | 58,246 | 21,800 | 3,912 | 16,661 | 22,073 | 122,692
| Depreciation |  |  |  |  |  |
| At 1 March 2025 | 5,157 | 4,996 | 756 | 5,375 | 2,849 | 19,133
| Charge for the year on owned assets | 12,597 | 4,201 | 787 | 3,921 | 2,207 | 23,713
| At 28 February 2026 | 17,754 | 9,197 | 1,543 | 9,296 | 5,056 | 42,846
| Net book value |  |  |  |  |  |
| At 28 February 2026 | 40,492 | 12,603 | 2,369 | 7,365 | 17,017 | 79,846
| At 28 February 2025 | 32,533 | 16,804 | 1,907 | 9,799 | 19,224 | 80,267
5. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 65,061 | 59,768
| Other debtors | 22,898 | 56,974
| Prepayments and accrued income | 5,868 | 474
|  | 93,827 | 117,216
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SLAPTON SOUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
6. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 150,567 | 28,130
|  | 150,567 | 28,130
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 20,761 | 3,198
| Other taxation and social security | 1,925 | 2,145
| Other creditors | 778,630 | 778,630
| Accruals and deferred income | 4,500 | 4,500
|  | 805,816 | 788,473
8. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2025 - 100) Ordinary shares of £1.00 each | 100 | 100
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 £2,003 (2025: £1,810). Contributions totalling £Nil (2025: £Nil) were payable to the fund at the balance sheet date.
10. | Related party transactions
| Included within creditors is an amount of £778,630 (2025: £778,630) due to the director.
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