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

REGISTERED NUMBER: 00439619 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

1ST APRIL 2017 TO 31ST DECEMBER 2017

FOR

AUDIO LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Patel

L Stone

M G Anderson

J W Tatooles

SECRETARY:

K Patel

REGISTERED OFFICE:

7 Century Court

Tolpits Lane

Watford

Hertfordshire

WD18 9RS

REGISTERED NUMBER:

00439619 (England and Wales)

ACCOUNTANTS:

M C Patel & Co

Accountants

Hillingdon House

386/388 Kenton Road

Kenton

Harrow

Middlesex

HA3 9DP

FIXED ASSETS

Intangible assets

4

212,500

-

Tangible assets

5

37,394

37,550

249,894

37,550

CURRENT ASSETS

Stocks

260,860

230,400

Debtors

310,765

163,752

Cash at bank and in hand

53,701

737,802

625,326

1,131,954

CREDITORS

Amounts falling due within one year

233,154

39,111

NET CURRENT ASSETS

392,172

1,092,843

TOTAL ASSETS LESS CURRENT LIABILITIES

642,066

1,130,393

CREDITORS

Amounts falling due after more than one year

142,599

-

NET ASSETS

499,467

1,130,393

CAPITAL AND RESERVES

Called up share capital

2

2

Capital redemption reserve

6

4

4

Retained earnings

6

499,461

1,130,387

SHAREHOLDERS' FUNDS

499,467

1,130,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st December 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 31st December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 4th June 2018 and were signed on its behalf by:

K Patel - Director

L Stone - Director

M G Anderson - Director

1.	STATUTORY INFORMATION

Audio 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 period was 10 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

250,000

At 31st December 2017

250,000

AMORTISATION

Amortisation for period

37,500

At 31st December 2017

37,500

NET BOOK VALUE

At 31st December 2017

212,500

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2017

534,954

Additions

3,139

At 31st December 2017

538,093

DEPRECIATION

At 1st April 2017

497,404

Charge for period

3,295

At 31st December 2017

500,699

NET BOOK VALUE

At 31st December 2017

37,394

At 31st March 2017

37,550

6.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st April 2017

1,130,387

4

1,130,391

Deficit for the period

(630,926

)

(630,926

)

At 31st December 2017

499,461

4

499,465