Autograph Sales Limited - Period Ending 2021-01-31
Autograph Sales Limited - Period Ending 2021-01-31
Registration number:
|
Autograph Sales Limited
|
|
Brebners
|
Autograph Sales Limited
Contents
|
Company Information |
|
|
Statement of Financial Position |
|
|
Notes to the Financial Statements |
Autograph Sales Limited
Company Information
|
Directors |
A W Bruce T K Jardine S L Arnold |
|
Registered office |
|
|
Auditor |
|
Autograph Sales Limited
Statement of Financial Position as at 31 January 2021
|
Note |
2021 |
2020 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2 |
2 |
|
|
Profit and loss account |
230,418 |
550,593 |
|
|
Shareholders' funds |
230,420 |
550,595 |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
A W Bruce
Director
.........................................
S L Arnold
Director
Company registration number: 01609258
Autograph Sales Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 12 Alliance Court
Alliance Road
London
W3 0RB
The principal activity of the company is that of the retail and installation of sound equipment and the provision of design and consultancy services to the sound industry.
|
Audit Report |
|
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - '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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Name of parent of group
These financial statements are consolidated in the financial statements of Autograph (Holdings) Limited.
The financial statements of Autograph (Holdings) Limited may be obtained from 130 Shaftesbury Avenue, London, W1D 5EU.
Autograph Sales Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
Going concern
The company had net assets at the balance sheet date of £320,175. During the year ended 31st January 2021 loss for the year amounted to £230,420.
Overall, as at 31st January 2021, the group of which the company is a member had net assets of £9,856,053 including cash at bank of £3,569,038 and made a profit before tax for the year then ended of £517,920.
Having made the decision in early 2020 to merge the Autograph Sales part of the group into Autograph Sound, this was completed in May of 2021 as on the 30th April 2021 the trade and assets of Autograph Sales Limited were hived across into Autograph Sound Recording Limited.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Revenue recognition
The company generate turnover from the sale of sound equipment and provision of design and consultancy services.
Turnover comprises the fair value of the consideration received or receivable for the sale of sound equipment and provision of design and consultancy services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue from the sale of sound equipment, normally on delivery of goods when:
The significant risks and rewards of ownership of the sound equipment have transferred to the buyer;
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.
The company recognises revenue from the rendering of design and consultancy services in the period to which the services relate.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
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 tax and deferred tax recognised in the reporting period. 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.
Autograph Sales Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
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:
|
Asset class |
Depreciation method and rate |
|
Short Leasehold Property |
Depreciated over the life of the lease |
|
Plant & Machinery |
10-25% on cost |
|
Fixtures & Fittings |
10-33% on cost |
|
Motor Vehicles |
25% on cost |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Autograph Sales Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
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.
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 Income Statement 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Autograph Sales Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
Staff numbers |
The average number of persons employed by the company during the year, was
Autograph Sales Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
|
Tangible assets |
|
Short leasehold property |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 February 2020 |
|
|
|
|
|
|
Additions |
- |
|
- |
- |
|
|
At 31 January 2021 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 February 2020 |
|
|
|
|
|
|
Charge for the year |
|
|
- |
|
|
|
At 31 January 2021 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 January 2021 |
|
|
- |
|
|
|
At 31 January 2020 |
|
|
- |
|
|
|
Stocks |
|
2021 |
2020 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2021 |
2020 |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
Autograph Sales Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
|
Creditors |
Creditors: amounts falling due within one year
|
2021 |
2020 |
|
|
Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
|
Loans and borrowings |
|
2021 |
2020 |
|
|
Current loans and borrowings |
||
|
Bank overdrafts |
|
- |
The bank overdraft is secured by fixed and floating charges over the assets of the company.
|
Contingent Liabilities |
The company has given an unlimited guarantee in respect of the bank borrowings of group undertakings. At 31st January 2021 these amounted to £2,850,050. The guarantee is secured by fixed and floating charges over the assets and undertakings of the company.
Subsequent to the year end, Autograph Sales Limited has been released from the guarantee in respect of the bank borrowings of group undertakings.
|
Related party transactions |
In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
|
Non adjusting events after the financial period |
|
|