Audeo Systems Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05033268 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Audeo Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K J K Wilson

I A P Hancey

M Hancey

G Gibson

B Davis

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

58,246

73,697

58,246

73,697

CURRENT ASSETS

Stocks

84,345

231,469

Debtors

6

439,921

234,518

Cash at bank and in hand

111,078

103,384

635,344

569,371

CREDITORS

Amounts falling due within one year

7

688,908

521,188

NET CURRENT (LIABILITIES)/ASSETS

(53,564

)

48,183

TOTAL ASSETS LESS CURRENT LIABILITIES

4,682

121,880

CREDITORS

Amounts falling due after more than one year

8

49,711

57,192

NET (LIABILITIES)/ASSETS

(45,029

)

64,688

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

(46,029

)

63,688

SHAREHOLDERS' FUNDS

(45,029

)

64,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 3 May 2024 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 18 (2023 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2023

and 31 January 2024

10,000

AMORTISATION

At 1 February 2023

and 31 January 2024

10,000

NET BOOK VALUE

At 31 January 2024

-

At 31 January 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2023

20,750

48,745

196,364

265,859

Additions

-

-

14,948

14,948

At 31 January 2024

20,750

48,745

211,312

280,807

DEPRECIATION

At 1 February 2023

20,750

20,197

151,215

192,162

Charge for year

-

8,396

22,003

30,399

At 31 January 2024

20,750

28,593

173,218

222,561

NET BOOK VALUE

At 31 January 2024

-

20,152

38,094

58,246

At 31 January 2023

-

28,548

45,149

73,697

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Trade debtors

430,702

228,065

Other debtors

9,219

6,453

439,921

234,518

At the year end, trade debtors of £430,702 (2023: 228,065) were secured under an invoice discounting arrangement with Close Brothers Ltd.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.24

31.1.23

£

£

Hire purchase contracts (see note 9)

11,575

15,709

Trade creditors

313,557

228,262

Amounts owed to group undertakings

30,263

30,263

Taxation and social security

73,870

68,118

Other creditors

259,643

178,836

688,908

521,188

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.24

31.1.23

£

£

Bank loans

24,127

34,042

Hire purchase contracts (see note 9)

25,584

23,150

49,711

57,192

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.1.24

31.1.23

£

£

Net obligations repayable:

Within one year

11,575

15,709

Between one and five years

25,584

23,150

37,159

38,859

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.24

31.1.23

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.