Absolute Sounds Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01521125 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Absolute Sounds Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Franassovici

SECRETARY:

R Satkunapalan

REGISTERED OFFICE:

1st Floor, 6 Gerrard Street

London

W1D 5PG

REGISTERED NUMBER:

01521125 (England and Wales)

ACCOUNTANTS:

Fong Baldwin & Co

Chartered Certified Accountants

PO Box 2664

London

W1A 3SD

SOLICITORS:

Piper Smith & Basham

31 Warwick Square

London

SW1V 2AF

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

12,014

16,020

12,015

16,021

CURRENT ASSETS

Stocks

962,478

834,178

Debtors

6

1,033,629

678,840

Cash in hand

1,000

495

1,997,107

1,513,513

CREDITORS

Amounts falling due within one year

7

1,449,841

920,550

NET CURRENT ASSETS

547,266

592,963

TOTAL ASSETS LESS CURRENT LIABILITIES

559,281

608,984

CREDITORS

Amounts falling due after more than one year

8

(333,609

)

(378,809

)

ACCRUALS AND DEFERRED INCOME

(58,623

)

(64,050

)

NET ASSETS

167,049

166,125

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

166,949

166,025

SHAREHOLDERS' FUNDS

167,049

166,125

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 26 April 2021 and were signed by:

R Franassovici - Director

1.	STATUTORY INFORMATION

Absolute Sounds 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.

Professional fees are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Improvement - 10% straight line

Fixtures & equipment - 10% straight line

Motor vehicles - over 5 years

Stocks

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2019

and 30 April 2020

48,080

AMORTISATION

At 1 May 2019

and 30 April 2020

48,079

NET BOOK VALUE

At 30 April 2020

1

At 30 April 2019

1

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2019

and 30 April 2020

183,421

20,702

204,123

DEPRECIATION

At 1 May 2019

183,279

4,824

188,103

Charge for year

36

3,970

4,006

At 30 April 2020

183,315

8,794

192,109

NET BOOK VALUE

At 30 April 2020

106

11,908

12,014

At 30 April 2019

142

15,878

16,020

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

531,021

507,966

Other debtors

502,608

170,874

1,033,629

678,840

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Bank loans and overdrafts

31,050

7,785

Trade creditors

906,336

412,489

Taxation and social security

203,963

190,492

Other creditors

308,492

309,784

1,449,841

920,550

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

£

£

Other creditors

333,609

378,809

Creditors more than one year included the balance of £250,000 due to covid business interruption loan..

9.	RELATED PARTY DISCLOSURES

There was outstanding amount advanced by Mont Joye Limited for £168,470 and by London & Commercial Estate Limited for £87,047 in which the director of the company is also the director of both companies.