Rel Acoustics Limited - Period Ending 2020-12-31
Rel Acoustics Limited - Period Ending 2020-12-31
Registration number:
Rel Acoustics Limited
for the Year Ended 31 December 2020
Pages for filing with Registrar
Rel Acoustics Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Rel Acoustics Limited
Company Information
Directors |
J Hunter A Brody D Brody |
Registered office |
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Registered number |
05455463 |
Accountants |
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Rel Acoustics Limited
(Registration number: 05455463)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
759,896 |
825,560 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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2,845,528 |
2,019,099 |
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Creditors: Amounts falling due after more than one year |
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|
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Capital and reserves |
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Called up share capital |
250,000 |
250,000 |
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Profit and loss account |
332,157 |
(494,272) |
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2,845,528 |
2,019,099 |
Rel Acoustics Limited
(Registration number: 05455463)
Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
A Brody
Director
Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Plant and machinery |
20% on cost |
Short leasehold |
2% on cost |
Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Fixtures and fittings |
20%-25% on cost |
Computer equipment |
33% on cost |
Intangible fixed assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Intellectual property |
10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are recognised at the transaction price.
Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Deferred tax
Deferred tax assets and liabilities
2020 |
Liability |
Originating from timing differences |
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Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Intangible fixed assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost |
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At 1 January 2020 |
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At 31 December 2020 |
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Amortisation |
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At 1 January 2020 |
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Amortisation charge |
- |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
- |
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At 31 December 2019 |
- |
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Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Leasehold property |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost |
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At 1 January 2020 |
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Additions |
- |
- |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Stocks |
2020 |
2019 |
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Other inventories |
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Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Debtors: amounts falling due within one year |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
15,011 |
- |
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Prepayments |
105,259 |
51,778 |
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Debt factoring |
267,187 |
- |
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Creditors |
Note |
2020 |
2019 |
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Debt factoring |
- |
65,100 |
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Trade creditors |
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Corporation tax |
75,535 |
- |
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Social security and other taxes |
3,531 |
4,371 |
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VAT |
257 |
18,770 |
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Other creditors |
12,379 |
- |
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Accruals |
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Due after one year |
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Amounts owed to group undertakings |
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The balance is due to Rel Acoustic America Limited LLC. There are no fixed repayment terms terms but the holding company has indicated that it has no intention to recall the debt for the foreseeable future.
Rel Acoustics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
250,000 |
250,000 |
250,000 |
250,000 |
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Debt factoring |
- |
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The carrying amount of debt factoring at year end is £Nil (2019 - £ The debt factoring facility is secured by the trade debts of the company. |
Related party transactions |
Summary of transactions with parent
Included within debtors note 8 is the trading balance with the parent company Rel Acoustics America LLC of £690,854 (2019: £481,716).
Included in creditors note 12 is an amount due to the parent company of £2,263,371 (2019: £2,263,371).