Audiotech_Services_Ltd_30_Apr_2021_companies_house_set_of_accounts.html

AUDIOTECH SERVICES LIMITED - Company Information

Company registration number:

03541662

Audiotech Services Ltd

Unaudited Filleted Financial Statements for the year ended

30 April 2021

Audiotech Services Ltd

Report to the board of directors on the preparation of the unaudited statutory financial statements of Audiotech Services Ltd

Year ended

30 April 2021

As described on the statement of financial position, the Board of Directors of

Audiotech Services Ltd

are responsible for the preparation of the

financial statements

for the year ended

30 April 2021

, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.

You consider that the company is exempt from an audit under the Companies Act 2006.

In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Accounting & Office Management Ltd

Angela Button MAAT

Garfield House Farm

Midhopestones

SHEFFIELD

South Yorkshire

S36 4GW

United Kingdom

Date:

24 August 2021

Audiotech Services Ltd

Statement of Financial Position

30 April 2021

		2021		2020
	Note	£		£
Fixed assets
Intangible assets	5	2,610		3,480
Tangible assets	6	371,575		364,979
		374,185		368,459
Current assets
Stocks		228,223		285,279
Debtors	7	6,207		165
Cash at bank and in hand		265,063		341,239
		499,493		626,683
Creditors: amounts falling due within one year	8	(66,983	)	(182,463	)
Net current assets		432,510		444,220
Total assets less current liabilities		806,695		812,679
Creditors: amounts falling due after more than one year	9	(61,928	)	(77,012	)
Net assets		744,767		735,667
Capital and reserves
Called up share capital		375		375
Share premium		2,859		2,859
Profit and loss account		741,533		732,433
Shareholders funds		744,767		735,667

For the year ending

30 April 2021

, 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.

In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.

These

financial statements

were approved by the board of directors and authorised for issue on

10 November 2021

, and are signed on behalf of the board by:

Mr W D Ward

Director

Company registration number:

03541662

Audiotech Services Ltd

Notes to the Financial Statements

Year ended

30 April 2021

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Unit 18

Wharncliffe Business Park

Carlton, Barnsley

S71 3HR

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Going concern

Prior to the approval of these accounts there has been a global pandemic from Covid-19.This has resulted in lockdown measures being introduced which will have economic repercussions for both the UK and globally. There are still many uncertainties as to the longer term implications, but the directors have assessed the immediate impact and do not believe there will be a material effect on the company and therefore continue to adopt the going concern basis.

Changes in accounting policies

The company has changed the treatment of equipment purchased for rental from expensing through cost of sales to capitalising as a tangible asset.

Turnover

Turnover is measured at the fair value of the consideration received or receivable on the rental of equipment, net of discounts and Value Added Tax.

Current tax

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.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Development costs

25% Reducing Balance

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings	Property Improve 5% Straight line
Plant and machinery	25% Reducing Balance
Office equipment	25% Reducing Balance
Motor vehicles	25% Reducing Balance

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was

(2020:

9.00

5 Intangible assets

	Other intangible assets
	£
Cost
At 1 May 2020 and 30 April 2021	6,750
Amortisation
At 1 May 2020	3,270
Charge	870
At 30 April 2021	4,140
Carrying amount
At 30 April 2021	2,610
At 30 April 2020	3,480

6 Tangible assets

	Land and buildings	Plant and machinery etc.	Total
	£	£	£
Cost
At 1 May 2020	389,389	68,264	457,653
Additions	-	9,286	9,286
At 30 April 2021	389,389	77,550	466,939
Depreciation
At 1 May 2020	26,937	65,737	92,674
Charge	1,188	1,502	2,690
At 30 April 2021	28,125	67,239	95,364
Carrying amount
At 30 April 2021	361,264	10,311	371,575
At 30 April 2020	362,452	2,527	364,979

7 Debtors

	2021	2020
	£	£
Trade debtors	300	90
Other debtors	5,907	75
	6,207	165

8 Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	14,736	52,929
Trade creditors	1,600	270
Taxation and social security	12,443	53,464
Other creditors	38,204	75,800
	66,983	182,463

9 Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans and overdrafts	61,928		77,012