Sound Identity Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02205097 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2017

for

Sound Identity Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr C J Brown

REGISTERED OFFICE:

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

REGISTERED NUMBER:

02205097 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Tangible assets

4

20,038

3,722

Investments

5

461,000

401,000

Investment property

6

1,250,000

1,400,000

1,731,038

1,804,722

CURRENT ASSETS

Debtors

7

33,877

45,014

Cash at bank

40,527

55,816

74,404

100,830

CREDITORS

Amounts falling due within one year

8

(27,623

)

(47,254

)

NET CURRENT ASSETS

46,781

53,576

TOTAL ASSETS LESS CURRENT LIABILITIES

1,777,819

1,858,298

PROVISIONS FOR LIABILITIES

(241,175

)

(259,364

)

NET ASSETS

1,536,644

1,598,934

CAPITAL AND RESERVES

Called up share capital

100

2

Retained earnings

1,536,544

1,598,932

SHAREHOLDERS' FUNDS

1,536,644

1,598,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 19 January 2018 and were signed by:

Mr C J Brown - Director

1.	STATUTORY INFORMATION

Sound Identity 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.

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 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make

judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects

both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Changes in accounting policies

These accounts reflect the first year that the company has adopted FRS 102. The prior year financial

statements were restated for adoption of FRS 102 in the current year. The revaluation of the

equipment has been recognised in the P&L and the deferred tax recognised on the gain.

Turnover

The turnover shown in the profit and loss account represents amounts receivable during the year,

exclusive of Value Added Tax. Royalty income is recognised on receipt.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising

from changes in fair value is recognised in profit or loss.

Investment property is included at fair value. Gains are recognised in the income statement.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method,

except for investments in non-convertible preference and non-puttable preference and 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 and 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 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.

Investments

Investment property is included at fair value. Gains are recognised in the income statement.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

36,027

Additions

49,000

Disposals

(26,500

)

At 30 April 2017

58,527

DEPRECIATION

At 1 May 2016

32,305

Charge for year

6,184

At 30 April 2017

38,489

NET BOOK VALUE

At 30 April 2017

20,038

At 30 April 2016

3,722

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 May 2016

419,500

Revaluations

60,000

At 30 April 2017

479,500

PROVISIONS

At 1 May 2016

and 30 April 2017

18,500

NET BOOK VALUE

At 30 April 2017

461,000

At 30 April 2016

401,000

Cost or valuation at 30 April 2017 is represented by:

Other

investments

£

Valuation in 2009

233,773

Valuation in 2010

2,890

Valuation in 2011

587

Valuation in 2014

125,750

Valuation in 2015

31,500

Valuation in 2016

25,000

Valuation in 2017

60,000

479,500

Unlisted investments are included in the financial statements at the year end valuations. These

investments are valued by the director of the company on the basis of open market value. The

original cost of these investments was £228,750.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

1,400,000

Revaluations

(150,000

)

At 30 April 2017

1,250,000

NET BOOK VALUE

At 30 April 2017

1,250,000

At 30 April 2016

1,400,000

Fair value at 30 April 2017 is represented by:

£

Valuation in 2014

1,021,434

Valuation in 2015

228,566

Valuation in 2016

150,000

Valuation in 2017

(150,000

)

1,250,000

If the investment property had not been revalued it would have been included at the following

historical cost:

30.4.17

30.4.16

£

£

Cost

228,566

228,566

Aggregate depreciation

(85,714

)

(85,714

)

The investment property was valued on an open market basis on 30 April 2017 by the director of the company

.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Other debtors

33,877

45,014

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade creditors

1,588

1,192

Taxation and social security

25,372

46,062

Other creditors

663

-

27,623

47,254

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2017 and

30 April 2016:

30.4.17

30.4.16

£

£

Mr C J Brown

Balance outstanding at start of year

43,013

(5,772

)

Amounts advanced

52,278

48,785

Amounts repaid

(63,414

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,877

43,013

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C J Brown.