Audeo Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05033268 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2022

for

Audeo Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K J K Wilson

Miss S L Sturgess

I A P Hancey

REGISTERED OFFICE:

First Floor

6 Faraday Office Park

Rankine Road

Basingstoke

Hampshire

RG24 8QB

REGISTERED NUMBER:

05033268 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

51,650

42,562

51,650

42,562

CURRENT ASSETS

Stocks

72,185

31,144

Debtors

6

257,477

278,588

Cash in hand

94

51

329,756

309,783

CREDITORS

Amounts falling due within one year

7

356,373

251,087

NET CURRENT (LIABILITIES)/ASSETS

(26,617

)

58,696

TOTAL ASSETS LESS CURRENT LIABILITIES

25,033

101,258

CREDITORS

Amounts falling due after more than one year

8

47,336

58,584

NET (LIABILITIES)/ASSETS

(22,303

)

42,674

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

(23,303

)

41,674

SHAREHOLDERS' FUNDS

(22,303

)

42,674

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2022 and were signed on its behalf by:

K J K Wilson - Director

1.	STATUTORY INFORMATION

Audeo Systems 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 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.

These accounts have been prepared on the going concern basis. The directors, having considered going concern, indicate that the company relies on support of the parent company to meet its obligations and therefore this is the appropriate basis of preparation.

Turnover

Turnover represents sales of goods and services net of VAT and trade discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten 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.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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, adjusted for indexation where applicable.

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.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2021

and 31 January 2022

10,000

AMORTISATION

At 1 February 2021

and 31 January 2022

10,000

NET BOOK VALUE

At 31 January 2022

-

At 31 January 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2021

20,750

19,250

149,966

189,966

Additions

-

-

28,127

28,127

At 31 January 2022

20,750

19,250

178,093

218,093

DEPRECIATION

At 1 February 2021

20,750

8,388

118,266

147,404

Charge for year

-

4,771

14,268

19,039

At 31 January 2022

20,750

13,159

132,534

166,443

NET BOOK VALUE

At 31 January 2022

-

6,091

45,559

51,650

At 31 January 2021

-

10,862

31,700

42,562

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade debtors

249,690

195,918

Amounts owed by group undertakings

-

49,737

Other debtors

7,787

32,933

257,477

278,588

At the year end, trade debtors of £249,690 (2021: £195,918) were secured under an invoice discounting arrangement with The Royal Bank of Scotland.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans and overdrafts

66,531

26,595

Hire purchase contracts (see note 9)

5,564

5,564

Trade creditors

127,557

61,286

Amounts owed to group undertakings

30,263

-

Taxation and social security

49,394

94,325

Other creditors

77,064

63,317

356,373

251,087

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans

43,702

50,000

Hire purchase contracts (see note 9)

3,634

8,584

47,336

58,584

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.1.22

31.1.21

£

£

Net obligations repayable:

Within one year

5,564

5,564

Between one and five years

3,634

8,584

9,198

14,148

Non-cancellable

operating leases

31.1.22

31.1.21

£

£

Within one year

-

4,717

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.22

31.1.21

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Audeo Limited, a company registered in England and Wales.

The ultimate controlling party is considered to be Mr K Wilson, by virtue of his majority shareholding in the ultimate parent company.