ACCOUNTS - Final Accounts preparation

POOR AUDIO LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2021-01-01No description of principal activityfalse11 09319342 2021-01-01 2021-12-31 09319342 2020-01-01 2020-12-31 09319342 2021-12-31 09319342 2020-12-31 09319342 c:Director1 2021-01-01 2021-12-31 09319342 d:CurrentFinancialInstruments 2021-12-31 09319342 d:CurrentFinancialInstruments 2020-12-31 09319342 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09319342 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09319342 d:ShareCapital 2021-12-31 09319342 d:ShareCapital 2020-12-31 09319342 d:RetainedEarningsAccumulatedLosses 2021-12-31 09319342 d:RetainedEarningsAccumulatedLosses 2020-12-31 09319342 c:FRS102 2021-01-01 2021-12-31 09319342 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 09319342 c:FullAccounts 2021-01-01 2021-12-31 09319342 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09319342 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 09319342

POOR AUDIO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

POOR AUDIO LIMITED

REGISTERED NUMBER: 09319342

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Current assets
Debtors: amounts falling due within one year	4	242,948		241,215
Cash at bank and in hand	5	2,263		1,245
		245,211		242,460
Creditors: amounts falling due within one year	6	(64,060)		(62,572)
Net current assets			181,151		179,888
Total assets less current liabilities			181,151		179,888
Net assets			181,151		179,888

Capital and reserves
Called up share capital	1	1
Profit and loss account	181,150	179,887
	181,151	179,888

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 June 2022.

O Siebert

Director

The notes on pages 2 to 4 form part of these financial statements.

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POOR AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

Poor Audio Limited is a private company limited by shares incorporated in England and Wales (Registered number 09319342). The registered office is 64 Cavendish Street, London, England, W1G 8TB .

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

Potential source of uncertainity noted by the director is the COVID-19 Pandemic. However at the date of this report, it is not possible to reliably determine the effects that this will have on the company. Accordingly the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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POOR AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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POOR AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Debtors

					2021	2020
					£	£

Trade debtors	4,149	-
Other debtors	185,208	183,088
Prepayments and accrued income	1,352	5,888
Tax recoverable	52,239	52,239
	242,948	241,215

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	2,263	1,245
	2,263	1,245

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	59,690	58,292
Other taxation and social security	975	1,050
Accruals and deferred income	3,395	3,230
	64,060	62,572

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