Company registration number 03456902 (England and Wales)
SOLUTIONS AUDIO VISUAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
SOLUTIONS AUDIO VISUAL LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SOLUTIONS AUDIO VISUAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOLUTIONS AUDIO VISUAL LIMITED FOR THE YEAR ENDED 31 OCTOBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Solutions Audio Visual Limited for the year ended 31 October 2022 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 Solutions Audio Visual Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Solutions Audio Visual Limited and state those matters that we have agreed to state to the board of directors of Solutions Audio Visual Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Solutions Audio Visual Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Solutions Audio Visual 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 Solutions Audio Visual Limited. You consider that Solutions Audio Visual Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Solutions Audio Visual 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.
Carpenter Box
27 September 2023
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SOLUTIONS AUDIO VISUAL LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2022
31 October 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,488
3,440
Current assets
Stocks
5,000
5,000
Debtors
5
907,906
541,091
Cash at bank and in hand
348,724
327,778
1,261,630
873,869
Creditors: amounts falling due within one year
6
(765,155)
(421,386)
Net current assets
496,475
452,483
Total assets less current liabilities
500,963
455,923
Creditors: amounts falling due after more than one year
7
(112,800)
(150,400)
Provisions for liabilities
8
(104,222)
(196,087)
Net assets
283,941
109,436
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
283,841
109,336
Total equity
283,941
109,436
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SOLUTIONS AUDIO VISUAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022
31 October 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Mr P A Dangerfield
Mr G Hughes
Director
Director
Company registration number 03456902 (England and Wales)
SOLUTIONS AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 4 -
1
Accounting policies
Company information
Solutions Audio Visual Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Bowdens Business Centre, Hambridge, Langport, Somerset, TA10 0BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, which the directors consider to be 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33% or 15% per annum on a diminishing balance basis
Computer equipment
25% straight line per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
SOLUTIONS AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
SOLUTIONS AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 6 -
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
Warranty provisions are recognised when the company has a present obligation as a result of a past event, and it is probable that the company will be required to settle that obligation. Provisions are measured at the directors' best estimate of the expenditure required to settle the obligation at the balance sheet date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2021 - 6).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2021 and 31 October 2022
9,091
Amortisation and impairment
At 1 November 2021 and 31 October 2022
9,091
Carrying amount
At 31 October 2022
At 31 October 2021
SOLUTIONS AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 November 2021
32,363
32,363
Additions
388
1,628
2,016
At 31 October 2022
32,751
1,628
34,379
Depreciation and impairment
At 1 November 2021
28,923
28,923
Depreciation charged in the year
801
167
968
At 31 October 2022
29,724
167
29,891
Carrying amount
At 31 October 2022
3,027
1,461
4,488
At 31 October 2021
3,440
3,440
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
474,088
157,105
Amounts owed by group undertakings
433,123
383,023
Other debtors
695
963
907,906
541,091
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
37,600
37,600
Trade creditors
329,603
154,476
Taxation and social security
204,328
82,874
Other creditors
193,624
146,436
765,155
421,386
The bank loans are secured by a charge over the assets of the company.
SOLUTIONS AUDIO VISUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 8 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
112,800
150,400
The bank loans are secured by a charge over the assets of the company.
8
Provisions for liabilities
2022
2021
£
£
Warranty provision
103,022
195,387
Deferred tax liabilities
1,200
700
104,222
196,087
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
1,750
8,750