Sound Training for Reading Limited 31/07/2019 iXBRL

Sound Training for Reading Limited 31/07/2019 iXBRL

SOUND TRAINING FOR READING LTD - Company Information

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Company registration number: 06977154
Sound Training for Reading Limited
Unaudited filleted financial statements
31 July 2019
Sound Training for Reading Limited
Contents
Balance sheet
Statement of changes in equity
Notes to the financial statements
Sound Training for Reading Limited
Balance sheet
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 110,492 123,357
_______ _______
110,492 123,357
Current assets
Stocks 5,166 6,284
Debtors 6 211,916 149,522
Cash at bank and in hand 324,728 755,494
_______ _______
541,810 911,300
Creditors: amounts falling due
within one year 7 ( 245,705) ( 296,204)
_______ _______
Net current assets 296,105 615,096
_______ _______
Total assets less current liabilities 406,597 738,453
_______ _______
Net assets 406,597 738,453
_______ _______
Capital and reserves
Called up share capital 8 125 150
Share premium account 99,950 99,950
Capital redemption reserve 25 -
Profit and loss account 306,497 638,353
_______ _______
Shareholders funds 406,597 738,453
_______ _______
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 June 2020 , and are signed on behalf of the board by:
C M Parkinson
Director
Company registration number: 06977154
Sound Training for Reading Limited
Statement of changes in equity
Year ended 31 July 2019
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 August 2017 150 99,950 - 560,173 660,273
(Loss)/profit for the year 78,180 78,180
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 78,180 78,180
_______ _______ _______ _______ _______
At 31 July 2018 and 1 August 2018 150 99,950 - 638,353 738,453
(Loss)/profit for the year ( 126,081) ( 126,081)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 126,081) ( 126,081)
Redemption of shares ( 25) - 25 ( 205,775) ( 205,775)
_______ _______ _______ _______ _______
Total investments by and distributions to owners ( 25) - 25 ( 205,775) ( 205,775)
_______ _______ _______ _______ _______
At 31 July 2019 125 99,950 25 306,497 406,597
_______ _______ _______ _______ _______
Sound Training for Reading Limited
Notes to the financial statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Boho 4, Gibson House, Cleveland Street, Middlesbrough, TS2 1AY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2018: 40 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2018 71,611 327,274 398,885
Additions - 50,548 50,548
_______ _______ _______
At 31 July 2019 71,611 377,822 449,433
_______ _______ _______
Depreciation
At 1 August 2018 70,129 205,399 275,528
Charge for the year 1,379 62,034 63,413
_______ _______ _______
At 31 July 2019 71,508 267,433 338,941
_______ _______ _______
Carrying amount
At 31 July 2019 103 110,389 110,492
_______ _______ _______
At 31 July 2018 1,482 121,875 123,357
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 121,577 134,366
Other debtors 90,339 15,156
_______ _______
211,916 149,522
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 77,227 37,497
Corporation tax 2,642 17,537
Social security and other taxes 32,428 50,648
Other creditors 133,408 190,522
_______ _______
245,705 296,204
_______ _______
8. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares shares of £ 1.00 each 125 125 150 150
_______ _______ _______ _______
At 1 August 2018
150
150
Shares purchased 25 25
_______ | _______ |
At 31 July 2019
125
125
_______ | _______ |
During the year 25 ordinary shares have been purchased by the company. The shares purchased by the company have been transferred to the capital redemption reserve at par value.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
C M Parkinson ( 226) ( 45) ( 271)
C Preston ( 3,399) 12,239 8,840
_______ _______ _______
( 3,625) 12,194 8,569
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
C M Parkinson - ( 226) ( 226)
C Preston - ( 3,399) ( 3,399)
_______ _______ _______
- ( 3,625) ( 3,625)
_______ _______ _______