Audio Limited - Accounts to registrar (filleted) - small 18.2

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REGISTERED NUMBER: 00439619 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

AUDIO LIMITED

Page

Company Information

Abridged Balance Sheet

Notes to the Financial Statements

DIRECTORS:

K Patel

L Stone

M G Anderson

J W Tatooles

SECRETARY:

K Patel

REGISTERED OFFICE:

7 Century Court

Tolpits Lane

Watford

Hertfordshire

WD18 9RS

REGISTERED NUMBER:

00439619 (England and Wales)

ACCOUNTANTS:

M C Patel & Co

Accountants

Hillingdon House

386/388 Kenton Road

Kenton

Harrow

Middlesex

HA3 9DP

FIXED ASSETS

Intangible assets

162,500

212,500

Tangible assets

34,585

37,394

197,085

249,894

CURRENT ASSETS

Stocks

368,089

260,860

Debtors

165,082

310,765

Cash at bank

400,267

53,701

933,438

625,326

CREDITORS

Amounts falling due within one year

59,741

233,154

NET CURRENT ASSETS

873,697

392,172

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,070,782

642,066

CREDITORS

Amounts falling due after more than one
year

142,599

NET ASSETS

928,183

499,467

CAPITAL AND RESERVES

Called up share capital

Capital redemption reserve

Retained earnings

928,177

499,461

SHAREHOLDERS' FUNDS

928,183

499,467

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 23rd April 2019 and were signed on its
behalf by:

K Patel - Director

L Stone - Director

M G Anderson - Director

1.	STATUTORY INFORMATION

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.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery

15% on reducing balance

Fixtures and fittings

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 7 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

COST

At 1st January 2018

and 31st December 2018

250,000

AMORTISATION

At 1st January 2018

37,500

Amortisation for year

50,000

At 31st December 2018

87,500

NET BOOK VALUE

At 31st December 2018

162,500

At 31st December 2017

212,500

5.	TANGIBLE FIXED ASSETS

Totals

COST

At 1st January 2018

538,093

Additions

485

At 31st December 2018

538,578

DEPRECIATION

At 1st January 2018

500,699

Charge for year

3,294

At 31st December 2018

503,993

NET BOOK VALUE

At 31st December 2018

34,585

At 31st December 2017

37,394

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

At 1st January 2018

499,461

499,465

Profit for the year

428,716

At 31st December 2018

928,177

928,181