REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2020 |
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AUDIO NOTE (UK) LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2020 |
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FOR |
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AUDIO NOTE (UK) LIMITED |
AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Statement of Changes in Equity | 6 |
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Notes to the Financial Statements | 7 |
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AUDIO NOTE (UK) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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The directors present their report with the financial statements of the company for the year ended 31st August 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company continues to be the business of design and development, manufacture and supply of specialised thermionic and electronic audio equipment and components and the provision of associated sales and services. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1st September 2019 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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834,594 | 792,288 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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982,917 | 811,221 |
Gain/loss on revaluation of assets | (2,380 | ) | - |
980,537 | 811,221 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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BALANCE SHEET |
31ST AUGUST 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Stocks | 8 |
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Debtors | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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11 |
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PROVISIONS FOR LIABILITIES | 13 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Fair value reserve | 15 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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BALANCE SHEET - continued |
31ST AUGUST 2020 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1st September 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31st August 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31st August 2020 |
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AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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1. | STATUTORY INFORMATION |
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Audio Note (UK) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
No significant judgements have had to be made by the directors in preparing these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants |
Government grants are recorded on the accruals basis and are released to the profit and loss account on receipt. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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5. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Interest on late payment | - | 110 |
Total current tax |
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Deferred tax |
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Tax on profit |
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AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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6. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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7. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st September 2019 |
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Additions |
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Revaluations | ( |
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At 31st August 2020 |
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DEPRECIATION |
At 1st September 2019 |
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Charge for year |
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At 31st August 2020 |
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NET BOOK VALUE |
At 31st August 2020 |
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At 31st August 2019 |
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Cost or valuation at 31st August 2020 is represented by: |
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Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | 281,606 | - | - | - | 281,606 |
Valuation in 2020 | 15,575 | - | - | - | 15,575 |
Cost | 1,368,394 | 248,917 | 24,204 | 37,995 | 1,679,510 |
1,665,575 | 248,917 | 24,204 | 37,995 | 1,976,691 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 1,368,394 | 1,368,394 |
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Freehold land and buildings were valued on an open market basis on 31st August 2020 by the directors. . |
AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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8. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 12) |
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Payments on account |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 12) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 246,454 | 353,861 |
Other loans more 5yrs instal | 250,000 | - |
496,454 | 353,861 |
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12. | LOANS |
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An analysis of the maturity of loans is given below: |
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2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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AUDIO NOTE (UK) LIMITED (REGISTERED NUMBER: 04877151) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2020 |
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12. | LOANS - continued |
2020 | 2019 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 246,454 | 353,861 |
Other loans more 5yrs instal | 250,000 | - |
496,454 | 353,861 |
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13. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred tax | 35,754 | 29,343 |
63,176 | 51,014 |
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Deferred |
tax |
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Balance at 1st September 2019 |
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Accelerated capital allowances | 12,162 |
Balance at 31st August 2020 |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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15. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st September 2019 |
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Revaluation adjustment | (2,381 | ) |
Deferred tax adjustment | (6,411 | ) |
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At 31st August 2020 |
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