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 2018

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

9,660

14,494

9,660

14,494

CURRENT ASSETS

Stocks

78,308

46,486

Debtors

6

226,868

165,686

Cash in hand

781

3,161

305,957

215,333

CREDITORS

Amounts falling due within one year

7

571,431

452,524

NET CURRENT LIABILITIES

(265,474

)

(237,191

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(255,814

)

(222,697

)

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

(256,814

)

(223,697

)

SHAREHOLDERS' FUNDS

(255,814

)

(222,697

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 10 October 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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 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, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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 13 (2017 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2017

and 31 January 2018

10,000

AMORTISATION

At 1 February 2017

and 31 January 2018

10,000

NET BOOK VALUE

At 31 January 2018

-

At 31 January 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2017

20,750

15,995

100,960

137,705

Additions

-

-

3,988

3,988

At 31 January 2018

20,750

15,995

104,948

141,693

DEPRECIATION

At 1 February 2017

20,750

13,295

89,166

123,211

Charge for year

-

2,503

6,319

8,822

At 31 January 2018

20,750

15,798

95,485

132,033

NET BOOK VALUE

At 31 January 2018

-

197

9,463

9,660

At 31 January 2017

-

2,700

11,794

14,494

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade debtors

202,331

160,204

Other debtors

24,537

5,482

226,868

165,686

At the year end, trade debtors of £202,331 (2017: £160,204) were secured under an invoice

discounting arrangement with The Royal Bank of Scotland.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Bank loans and overdrafts

84,808

-

Hire purchase contracts (see note 8)

-

2,666

Trade creditors

192,760

164,865

Amounts owed to group undertakings

30,273

30,273

Taxation and social security

88,166

82,998

Other creditors

175,424

171,722

571,431

452,524

Amounts totalling £44,224 (2017: £88,483) are owed to The Royal Bank of Scotland under an invoice

discounting facility. These are secured on trade debtor balances.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.1.18

31.1.17

£

£

Net obligations repayable:

Within one year

-

2,666

Non-cancellable

operating leases

31.1.18

31.1.17

£

£

Within one year

28,300

28,300

Between one and five years

4,717

33,017

33,017

61,317

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.18

31.1.17

£

£

Hire purchase contracts

-

2,666

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.18

31.1.17

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	RELATED PARTY DISCLOSURES

During the year the company paid £nil (2017: £7,200) to the Audeo Executive Retirement Benefit

Pension Scheme in respect of rental.

12.	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.