F E Live Audio Ltd. - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC352518 (Scotland)

Unaudited Financial Statements For The Year Ended 31 December 2022

for

F E Live Audio Ltd.

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Baillie

R A Mcilravey

SECRETARY:

D S Crabb

REGISTERED OFFICE:

c/o Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REGISTERED NUMBER:

SC352518 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

978,184

823,157

CURRENT ASSETS

Debtors

441,190

164,493

Cash at bank

182,191

87,170

623,381

251,663

CREDITORS

Amounts falling due within one year

1,056,973

433,302

NET CURRENT LIABILITIES

(433,592

)

(181,639

)

TOTAL ASSETS LESS CURRENT LIABILITIES

544,592

641,518

CREDITORS

Amounts falling due after more than one year

(298,601

)

(439,901

)

PROVISIONS FOR LIABILITIES

(79,288

)

(69,643

)

NET ASSETS

166,703

131,974

CAPITAL AND RESERVES

Called up share capital

10

10

Share premium

16,980

16,980

Retained earnings

149,713

114,984

SHAREHOLDERS' FUNDS

166,703

131,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2023 and were signed on its behalf by:

R A Mcilravey - Director

1.	STATUTORY INFORMATION

F E Live Audio Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on reducing balance

Fixed plant and equipment

-

15% on reducing balance

Fixtures and fittings

-

10% on cost

Computer equipment

-

33.3% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability,

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2022

1,236,078

Additions

303,580

At 31 December 2022

1,539,658

DEPRECIATION

At 1 January 2022

412,921

Charge for year

148,553

At 31 December 2022

561,474

NET BOOK VALUE

At 31 December 2022

978,184

At 31 December 2021

823,157

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

147,041

151,678

Between one and five years

246,086

359,889

393,127

511,567

Non-cancellable

operating leases

2022

2021

£

£

Within one year

6,036

28,902

Between one and five years

794,529

69,781

800,565

98,683

6.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed A Baillie £12,657 (2021: £12,657). At the same date Mr R McIlravey owed the company £16,750 (2021: £22,065).

These loans are unsecured, interest free and have no fixed terms of repayment.

Included within the amounts due to the company within one year is a balance of £245,245 (2021: £201,510) due from other related parties.