The Headphone Company (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08611812 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2021

for

The Headphone Company (UK) Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

5

DIRECTOR:

P D Best

REGISTERED OFFICE:

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

REGISTERED NUMBER:

08611812 (England and Wales)

ACCOUNTANTS:

Philip T. Chave & Co

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,870

2,338

1,870

2,338

CURRENT ASSETS

Stocks

880

3,352

Debtors

37,158

26,094

Cash at bank

53,989

30,607

92,027

60,053

CREDITORS

Amounts falling due within one year

47,314

41,925

NET CURRENT ASSETS

44,713

18,128

TOTAL ASSETS LESS CURRENT LIABILITIES

46,583

20,466

CREDITORS

Amounts falling due after more than one year

6

(43,982

)

(17,778

)

PROVISIONS FOR LIABILITIES

7

(355

)

(445

)

NET ASSETS

2,246

2,243

CAPITAL AND RESERVES

Called up share capital

8

101

101

Retained earnings

2,145

2,142

SHAREHOLDERS' FUNDS

2,246

2,243

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2021 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 director and authorised for issue on 22 June 2022 and were signed by:

P D Best - Director

1.	STATUTORY INFORMATION

The Headphone Company (UK) Ltd 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 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 2014, is being amortised evenly over its estimated useful life of five 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.

Plant and machinery

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Computer equipment

-

20% 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2020

and 31 July 2021

2,500

AMORTISATION

At 1 August 2020

and 31 July 2021

2,500

NET BOOK VALUE

At 31 July 2021

-

At 31 July 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2020

and 31 July 2021

8,721

DEPRECIATION

At 1 August 2020

6,383

Charge for year

468

At 31 July 2021

6,851

NET BOOK VALUE

At 31 July 2021

1,870

At 31 July 2020

2,338

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.7.21

31.7.20

£

£

Repayable by instalments

Bank loans more 5 yr by instal

21,762

8,890

7.	PROVISIONS FOR LIABILITIES

31.7.21

31.7.20

£

£

Deferred tax

355

445

Deferred

tax

£

Balance at 1 August 2020

445

Provided during year

(90

)

Balance at 31 July 2021

355

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

value:

£

£

100

Ordinary

£1

100

100

1

A

£1

1

1

101

101

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P D Best.