Sound Identity Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02205097 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Sound Identity Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr C J Brown

REGISTERED OFFICE:

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

REGISTERED NUMBER:

02205097 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Tangible assets

4

15,864

29,913

Investments

5

220,000

238,000

Investment property

6

1,250,000

1,250,000

1,485,864

1,517,913

CURRENT ASSETS

Debtors

7

51,690

4,678

Cash at bank

223,117

190,562

274,807

195,240

CREDITORS

Amounts falling due within one year

8

(57,612

)

(25,063

)

NET CURRENT ASSETS

217,195

170,177

TOTAL ASSETS LESS CURRENT LIABILITIES

1,703,059

1,688,090

PROVISIONS FOR LIABILITIES

(200,634

)

(201,555

)

NET ASSETS

1,502,425

1,486,535

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,502,325

1,486,435

SHAREHOLDERS' FUNDS

1,502,425

1,486,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director and authorised for issue on 15 March 2021 and were signed by:

Mr C J Brown - Director

1.	STATUTORY INFORMATION

Sound Identity 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. Royalty income is recognised on receipt.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.

Investments

Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

and 30 April 2020

59,027

DEPRECIATION

At 1 May 2019

29,114

Charge for year

2,799

Eliminated on disposal

11,250

At 30 April 2020

43,163

NET BOOK VALUE

At 30 April 2020

15,864

At 30 April 2019

29,913

5.	FIXED ASSET INVESTMENTS

Other

investment

£

COST OR VALUATION

At 1 May 2019

268,000

Revaluations

10,000

At 30 April 2020

278,000

PROVISIONS

At 1 May 2019

30,000

Provision for year

28,000

At 30 April 2020

58,000

NET BOOK VALUE

At 30 April 2020

220,000

At 30 April 2019

238,000

Cost or valuation at 30 April 2020 is represented by:

Other

investment

£

Valuation in 2020

278,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2019

and 30 April 2020

1,250,000

NET BOOK VALUE

At 30 April 2020

1,250,000

At 30 April 2019

1,250,000

Fair value at 30 April 2020 is represented by:

£

Valuation in 2014

1,021,434

Valuation in 2015

228,566

Valuation in 2016

150,000

Valuation in 2017

(150,000

)

1,250,000

If the investment property had not been revalued it would have been included at the following historical cost:

30.4.20

30.4.19

£

£

Cost

214,250

214,250

Aggregate depreciation

(85,714

)

(85,714

)

The investment property was valued on an open market basis on 30 April 2020 by the director of the company .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Other debtors

51,690

4,678

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Bank loans and overdrafts

18

18

Trade creditors

2,603

287

Taxation and social security

54,991

22,707

Other creditors

-

2,051

57,612

25,063

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2020 and 30 April 2019:

30.4.20

30.4.19

£

£

Mr C J Brown

Balance outstanding at start of year

(2,051

)

(551

)

Amounts advanced

41,716

-

Amounts repaid

-

(1,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

39,665

(2,051

)

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C J Brown.