TW Audio UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07631138 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

TW Audio UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr S P Ludwell

REGISTERED OFFICE:

19-21 Manor Road

Caddington

Bedfordshire

LU1 4EE

REGISTERED NUMBER:

07631138 (England and Wales)

ACCOUNTANTS:

Astons Accountants

Chartered Certified Accountants

19-21 Manor Road

Caddington

Bedfordshire

LU1 4EE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,339

2,172

4,339

2,172

CURRENT ASSETS

Stocks

4,830

5,650

Debtors

6

25,581

11,232

Cash at bank

41,225

76,913

71,636

93,795

CREDITORS

Amounts falling due within one year

7

57,519

66,296

NET CURRENT ASSETS

14,117

27,499

TOTAL ASSETS LESS CURRENT LIABILITIES

18,456

29,671

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

18,453

29,668

SHAREHOLDERS' FUNDS

18,456

29,671

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 19 January 2022 and were signed by:

Mr S P Ludwell - Director

1.	STATUTORY INFORMATION

TW Audio UK 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, was being amortised evenly over its estimated useful life of five years.

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.

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

-

25% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Stocks

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2020

and 31 May 2021

10,000

AMORTISATION

At 1 June 2020

and 31 May 2021

10,000

NET BOOK VALUE

At 31 May 2021

-

At 31 May 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2020

3,367

3,958

8,072

15,397

Additions

-

-

3,855

3,855

At 31 May 2021

3,367

3,958

11,927

19,252

DEPRECIATION

At 1 June 2020

3,263

3,630

6,332

13,225

Charge for year

104

328

1,256

1,688

At 31 May 2021

3,367

3,958

7,588

14,913

NET BOOK VALUE

At 31 May 2021

-

-

4,339

4,339

At 31 May 2020

104

328

1,740

2,172

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

22,784

6,771

Other debtors

2,459

2,459

VAT

-

1,435

Prepayments

338

567

25,581

11,232

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Other loans

50,000

50,000

Trade creditors

1,799

3,262

Tax

-

5,957

VAT

634

-

Other creditors

-

4,837

Directors' current accounts

2,698

10

Accrued expenses

2,388

2,230

57,519

66,296

8.	RELATED PARTY DISCLOSURES

Mr S Ludwell resigned as a Director of TW Audio UK Distribution UK Ltd on 31 December 2020. TW Audio UK Distribution UK Ltd is wholly owned by TWAMBO GmbH.

During the year, TW Audio UK Limited invoiced TWAMBO GmbH for general services with a value of £34,467 (2020: £83,724)