Rayleigh Hi-Fi Sound & Vision Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03744542 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Rayleigh Hi-Fi Sound & Vision Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G Brown

L Brown

R Goddard

SECRETARY:

R G Brown

REGISTERED OFFICE:

132-134 London Road

Southend-On-Sea

Essex

SS1 1PQ

REGISTERED NUMBER:

03744542 (England and Wales)

ACCOUNTANTS:

Sygma Chartered Accountants

1 Sopwith Crescent

Wickford

Essex

SS11 8YU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

390,023

391,626

390,023

391,626

CURRENT ASSETS

Stocks

505,163

522,901

Debtors

6

60,004

60,195

Cash at bank and in hand

163,930

277,443

729,097

860,539

CREDITORS

Amounts falling due within one year

7

433,748

557,320

NET CURRENT ASSETS

295,349

303,219

TOTAL ASSETS LESS CURRENT LIABILITIES

685,372

694,845

CREDITORS

Amounts falling due after more than one year

8

(24,577

)

(34,550

)

PROVISIONS FOR LIABILITIES

(22,065

)

(22,248

)

NET ASSETS

638,730

638,047

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

638,630

637,947

SHAREHOLDERS' FUNDS

638,730

638,047

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:

L Brown - Director

1.	STATUTORY INFORMATION

Rayleigh Hi-Fi Sound & Vision 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 0, is being amortised evenly over its estimated useful life of nil 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.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance

Stocks

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

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

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 14 (2022 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

73,600

AMORTISATION

At 1 April 2022

and 31 March 2023

73,600

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2022

366,739

220,599

587,338

Additions

-

3,959

3,959

At 31 March 2023

366,739

224,558

591,297

DEPRECIATION

At 1 April 2022

-

195,712

195,712

Charge for year

-

5,562

5,562

At 31 March 2023

-

201,274

201,274

NET BOOK VALUE

At 31 March 2023

366,739

23,284

390,023

At 31 March 2022

366,739

24,887

391,626

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

11,723

17,797

Other debtors

48,281

42,398

60,004

60,195

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

9,852

33,782

Trade creditors

273,045

329,330

Taxation and social security

55,052

65,318

Other creditors

95,799

128,890

433,748

557,320

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

24,577

34,550