ACCOUNTS - Final Accounts

Registered number: 11855480

CRITERION AUDIO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CRITERION AUDIO LIMITED

REGISTERED NUMBER: 11855480

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

FIXED ASSETS
Intangible assets	4		-		47
Tangible assets	5		33,139		41,961
			33,139		42,008
CURRENT ASSETS
Stocks	6	512,556		625,710
Debtors: amounts falling due within one year	7	65,207		75,522
Cash at bank and in hand		90,921		113,380
		668,684		814,612
Creditors: amounts falling due within one year	8	(412,412)		(494,195)
NET CURRENT ASSETS			256,272		320,417
TOTAL ASSETS LESS CURRENT LIABILITIES			289,411		362,425
Creditors: amounts falling due after more than one year	9		-		(4,167)

NET ASSETS			289,411		358,258

CAPITAL AND RESERVES
Called up share capital	10	100	100
Profit and loss account		289,311	358,158
		289,411	358,258

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CRITERION AUDIO LIMITED

REGISTERED NUMBER: 11855480

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

The director considers 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 director acknowledges his 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 profit and loss account 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 by:

M J Cunningham

Director

Date: 15 September 2026

The notes on pages 3 to 9 form part of these financial statements.

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CRITERION AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	GENERAL INFORMATION

Criterion Audio Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal trading address is Criterion House, Oakington Road, Girton, Cambridge, CB3 0QH.

The Company's functional and presentional currency is GBP.

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

TURNOVER

Turnover comprises revenue recognised by the Company in respect of goods supplied during the year, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised on delivery of goods.

2.3

INTEREST INCOME

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

2.4

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.

2.5

BORROWING COSTS

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

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.

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CRITERION AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

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.

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.

2.8

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.

2.9

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.

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CRITERION AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.9

TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery	-	20% straight-line
Motor vehicles	-	20% reducing balance
Fixtures and fittings	-	20% straight-line
Office equipment	-	50% straight-line
Leasehold improvements	-	10% straight-line

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.

2.10

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.

2.11

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.

2.12

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.

2.13

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.

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CRITERION AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

4.	INTANGIBLE ASSETS

		Website costs
		£
	COST
	At 1 January 2025	11,950
	At 31 December 2025	11,950
	AMORTISATION
	At 1 January 2025	11,903
	Charge for the year on owned assets	47
	At 31 December 2025	11,950
	NET BOOK VALUE
	At 31 December 2025	-
	At 31 December 2024	47

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		CRITERION AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TANGIBLE FIXED ASSETS

	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Leasehold Improve- ments	Total
	£	£	£	£	£	£
COST OR VALUATION
At 1 January 2025	642	22,000	96,733	8,152	150,121	277,648
Disposals	-	-	(2,958)	-	-	(2,958)
At 31 December 2025	642	22,000	93,775	8,152	150,121	274,690
DEPRECIATION
At 1 January 2025	642	19,729	96,733	7,966	110,617	235,687
Charge for the year on owned assets	-	454	-	140	8,228	8,822
Disposals	-	-	(2,958)	-	-	(2,958)
At 31 December 2025	642	20,183	93,775	8,106	118,845	241,551
NET BOOK VALUE
At 31 December 2025	-	1,817	-	46	31,276	33,139
At 31 December 2024	-	2,271	-	186	39,504	41,961

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CRITERION AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

6.	STOCKS
		2025	2024
		£	£

	Finished goods and goods for resale	512,556	625,710

DEBTORS

					2025	2024
					£	£


Trade debtors	32,502	38,797
Other debtors	8,000	8,000
Prepayments and accrued income	24,705	28,725
	65,207	75,522

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Bank loans	4,167	10,000
Trade creditors	71,261	100,146
Amounts owed to group undertakings	255,029	324,029
Other taxation and social security	11,549	11,760
Other creditors	3,350	5,773
Accruals and deferred income	67,056	42,487
	412,412	494,195

Included in bank loans is a Government backed 'bounce back' loan of £4,167 (2024 - £10,000), which was drawn down in May 2020. This is 100% guaranteed by the Government and there were no fees or interest payable by the Company during the first 12 months. After the initial 12 month period, interest was charged at 2.5% per annum.

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CRITERION AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
		2025	2024
		£	£

	Bank loans	-	4,167

Included in bank loans is a Government backed 'bounce back' loan of £NIL (2024 - £4,167), which was drawn down in May 2020. This is 100% guaranteed by the Government and there were no fees or interest payable by the Company during the first 12 months. After the initial 12 month period, interest was charged at 2.5% per annum.

10.	SHARE CAPITAL
		2025	2024
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

11.OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £281,540 (2024 - £306,000).

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