Company Registration No. 07748389 (England and Wales)
Isophase Audio Limited
Unaudited accounts
for the year ended 31 August 2020
Isophase Audio Limited
Unaudited accounts
Contents
Isophase Audio Limited
Company Information
for the year ended 31 August 2020
Directors
Anton Dunbar
Peter Anthony Sharman
Company Number
07748389 (England and Wales)
Registered Office
Unit 3, Baileygate Industrial Estate
South Baileygate
Pontefract
West Yorkshire
WF8 2LN
England
Accountants
Abacus Accounting (NE) Limited
3a Blue Sky Way
Monkton Business Park South
Hebburn
Tyne and Wear
NE31 2EQ
Isophase Audio Limited
Statement of financial position
as at 31 August 2020
Intangible assets
681
1,374
Tangible assets
510,870
403,523
Cash at bank and in hand
58,620
17,923
Creditors: amounts falling due within one year
(70,142)
(97,646)
Net current assets/(liabilities)
5,476
(10,374)
Total assets less current liabilities
517,027
394,523
Creditors: amounts falling due after more than one year
(194,976)
(54,020)
Net assets
322,051
340,503
Called up share capital
2
2
Profit and loss account
322,049
340,501
Shareholders' funds
322,051
340,503
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2020 and were signed on its behalf by
Peter Anthony Sharman
Director
Company Registration No. 07748389
Isophase Audio Limited
Notes to the Accounts
for the year ended 31 August 2020
Isophase Audio Limited is a private company, limited by shares, registered in England and Wales, registration number 07748389. The registered office is Unit 3, Baileygate Industrial Estate, South Baileygate, Pontefract, West Yorkshire, WF8 2LN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Computer equipment
25% on reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Isophase Audio Limited
Notes to the Accounts
for the year ended 31 August 2020
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2019
520,094
81,474
4,757
606,325
Additions
183,387
10,950
2,178
196,515
At 31 August 2020
703,481
92,424
6,935
802,840
At 1 September 2019
172,588
27,738
2,476
202,802
Charge for the year
74,306
13,890
972
89,168
At 31 August 2020
246,894
41,628
3,448
291,970
At 31 August 2020
456,587
50,796
3,487
510,870
At 31 August 2019
347,506
53,736
2,281
403,523
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
-
86,377
Isophase Audio Limited
Notes to the Accounts
for the year ended 31 August 2020
6
Debtors: amounts falling due within one year
2020
2019
Accrued income and prepayments
16,220
19,510
7
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
8,336
-
Obligations under finance leases and hire purchase contracts
49,700
32,357
Trade creditors
10,866
26,451
Loans from directors
-
17,500
8
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
103,312
54,020
9
Average number of employees
During the year the average number of employees was 2 (2019: 2).
