ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312024-05-102023-10-312024-05-10No description of principal activityfalse2022-11-01false1921truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04552998 2022-11-01 2023-10-31 04552998 2021-11-01 2022-10-31 04552998 2023-10-31 04552998 2022-10-31 04552998 c:Director1 2022-11-01 2023-10-31 04552998 c:Director3 2022-11-01 2023-10-31 04552998 d:Buildings d:ShortLeaseholdAssets 2022-11-01 2023-10-31 04552998 d:Buildings d:ShortLeaseholdAssets 2023-10-31 04552998 d:Buildings d:ShortLeaseholdAssets 2022-10-31 04552998 d:OfficeEquipment 2022-11-01 2023-10-31 04552998 d:OfficeEquipment 2023-10-31 04552998 d:OfficeEquipment 2022-10-31 04552998 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04552998 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04552998 d:CurrentFinancialInstruments 2023-10-31 04552998 d:CurrentFinancialInstruments 2022-10-31 04552998 d:Non-currentFinancialInstruments 2023-10-31 04552998 d:Non-currentFinancialInstruments 2022-10-31 04552998 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 04552998 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 04552998 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 04552998 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 04552998 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 04552998 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 04552998 d:ShareCapital 2023-10-31 04552998 d:ShareCapital 2022-10-31 04552998 d:RetainedEarningsAccumulatedLosses 2023-10-31 04552998 d:RetainedEarningsAccumulatedLosses 2022-10-31 04552998 c:FRS102 2022-11-01 2023-10-31 04552998 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04552998 c:FullAccounts 2022-11-01 2023-10-31 04552998 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04552998 2 2022-11-01 2023-10-31 04552998 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 04552998










SAXOPHONES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
SAXOPHONES LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAXOPHONES LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Saxophones Limited for the year ended 31 October 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Saxophones Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2012Our work has been undertaken solely to prepare for your approval the financial statements of Saxophones Limited and state those matters that we have agreed to state to the Board of directors of Saxophones Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Saxophones Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Saxophones Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Saxophones Limited. You consider that Saxophones Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Saxophones Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff-on-Sea
Essex
SS0 9PE
10 May 2024
Page 1

 
SAXOPHONES LIMITED
REGISTERED NUMBER: 04552998

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
237,567
265,359

  
237,567
265,359

Current assets
  

Stocks
  
818,390
614,663

Debtors: amounts falling due within one year
 5 
144,228
153,804

Cash at bank and in hand
 6 
115,851
119,001

  
1,078,469
887,468

Creditors: amounts falling due within one year
 7 
(827,562)
(619,137)

Net current assets
  
 
 
250,907
 
 
268,331

Total assets less current liabilities
  
488,474
533,690

Creditors: amounts falling due after more than one year
 8 
(21,298)
(40,452)

Provisions for liabilities
  

Deferred tax
  
(6,665)
(6,665)

  
 
 
(6,665)
 
 
(6,665)

Net assets
  
460,511
486,573


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
460,509
486,571

  
460,511
486,573


The directors consider 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 directors acknowledge their 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 income and retained earnings 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
Page 2

 
SAXOPHONES LIMITED
REGISTERED NUMBER: 04552998

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

10 May 2024.








J. Cheek
J. Straker
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SAXOPHONES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Saxophones Limited is a private company limited by shares and incorporated in England & Wales.
Its principal place of business is Brooksland Park, Farningham Road, Crowborough, East Sussex, TN6 2JD.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

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

Page 4

 
SAXOPHONES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
SAXOPHONES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Leasehold improvements
-
15 years straight line
Fixtures, fittings and equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
SAXOPHONES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
SAXOPHONES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 21).


4.


Tangible fixed assets





Leasehold improvem'ts
Fixtures, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
309,451
271,944
581,395


Additions
-
3,586
3,586


Disposals
-
(1,269)
(1,269)



At 31 October 2023

309,451
274,261
583,712



Depreciation


At 1 November 2022
82,520
233,516
316,036


Charge for the year on owned assets
20,630
10,079
30,709


Disposals
-
(600)
(600)



At 31 October 2023

103,150
242,995
346,145



Net book value



At 31 October 2023
206,301
31,266
237,567



At 31 October 2022
226,931
38,428
265,359


5.


Debtors

Page 8

 
SAXOPHONES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2023
2022
£
£


Trade debtors
98,966
102,208

Other debtors
-
879

Prepayments and accrued income
45,262
50,717

144,228
153,804



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
115,851
119,001

Less: bank overdrafts
(53,701)
-

62,150
119,001



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
53,701
-

Bank loans
19,025
57,277

Trade creditors
670,978
505,315

Corporation tax
37,570
38,219

Other taxation and social security
35,646
10,181

Other creditors
396
676

Accruals and deferred income
10,246
7,469

827,562
619,137



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,298
40,452

21,298
40,452


Page 9

 
SAXOPHONES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
19,025
57,277


19,025
57,277


Amounts falling due 2-5 years

Bank loans
21,298
40,452


21,298
40,452


40,323
97,729



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,447 (2022 - £11,148) . Contributions totalling £Nil (2021 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

During the year dividends of £62,100 (2022: £57,000) were paid to directors in their role as shareholders.


Page 10