REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2021 TO 30 SEPTEMBER 2022 |
FOR |
SONOS SCOTLAND LIMITED |
PREVIOUSLY KNOWN AS |
ORIGIN NORTH LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2021 TO 30 SEPTEMBER 2022 |
FOR |
SONOS SCOTLAND LIMITED |
PREVIOUSLY KNOWN AS |
ORIGIN NORTH LIMITED |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 April 2021 to 30 September 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SONOS SCOTLAND LIMITED |
COMPANY INFORMATION |
for the period 1 April 2021 to 30 September 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
Highdown House |
11 Highdown Road |
Leamington Spa |
Warwickshire |
CV31 1XT |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
ABRIDGED BALANCE SHEET |
30 September 2022 |
2022 | 2021 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 April 2021 to 30 September 2022 |
1. | STATUTORY INFORMATION |
Sonos Scotland Limited is a private company, limited by shares, registered in Scotland. 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 |
The financial statements are presented in US Dollars ($). |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
The financial year end has been extended from 31 March 2022 to 30 September 2022 to align with the financial year end of the Sonos group. |
The Sonos group has expressed its willingness to support the company as necessary. The accounts and financial statements have therefore been prepared on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Changes in accounting policies |
During the period the presentation currency has changed from GBP to USD. The change has been applied retrospectively. |
Turnover |
Turnover comprises the value of sales (net of value added tax) of services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
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. |
An impairment loss has been recognised in the Statement of Comprehensive Income, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2021 to 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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. |
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 period 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
The rate used at 30 September 2022 was 1:1.117 (2021 - 1:1.3796). |
Operating lease 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. |
Financial instruments |
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. |
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 income statement. |
Provisions |
Provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2021 to 30 September 2022 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
$ |
COST |
At 1 April 2021 |
Impairments | (4,673 | ) |
Exchange differences | ( |
) |
At 30 September 2022 |
AMORTISATION |
At 1 April 2021 |
Amortisation for period |
Impairments | ( |
) |
Exchange differences | ( |
) |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 31 March 2021 |
5. | TANGIBLE FIXED ASSETS |
Totals |
$ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) |
Impairments | (981,861 | ) |
Exchange differences | ( |
) |
At 30 September 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for period |
Eliminated on disposal | ( |
) |
Impairments | ( |
) |
Exchange differences | ( |
) |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 31 March 2021 |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2021 to 30 September 2022 |
6. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
$ | $ |
Amounts falling due within one year or on demand: |
Bank loans - less than 1 year |
Loan amounts due within one year related to a bank loan of $3,431,755, which was part of a fully drawn down facility. The loan was repaid in full in October 2021, as part of the share purchase agreement with Sonos Inc. |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
$ | $ |
Within one year |
8. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
$ | $ |
Deferred tax |
Accelerated capital allowances | - | 117,728 |
Other provisions | - | 137,960 |
Deferred | Warranty |
tax | provision |
$ | $ |
Balance at 1 April 2021 |
Credit to Income Statement during period | ( |
) | ( |
) |
Exchange rate variance | (11,204 | ) | - |
Balance at 30 September 2022 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CAPITAL COMMITMENTS |
2022 | 2021 |
$ | $ |
Contracted but not provided for in the |
financial statements |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2021 to 30 September 2022 |
11. | RELATED PARTY DISCLOSURES |
The directors are considered to be key management of the company. From 8 October 2021 their compensation is borne by a fellow group entity, with none recognised in these financial statements. |
12. | ULTIMATE CONTROLLING PARTY |
The parent company is Sonos Inc, a company incorporated in the USA. The group accounts are available to the public from: |
614 Chapala Street |
Santa Barbara |
CA 93101 |
13. | SHARE-BASED PAYMENT TRANSACTIONS |
The ultimate parent company Sonos Inc, administers an Approved Share Option and Restricted Stock Unit Scheme for employees of group companies as part of its long-term incentive compensation programme. Under the plan the ultimate parent company has issued stock options and restricted stock units to employees of the company. |
Under the scheme the exercise price is equivalent to the market price or, in the case of options, the grant price. The options and restricted stock units have a vesting period of four years from the initial grant date and are settled by the transfer of equity instruments. |
The costs relating to the plan are allocated to Sonos Inc in order to match relevant expenditure and liabilities. In 2022 Sonos Inc has recharged $174,078 of the plan costs to Sonos Scotland Limited, being a reasonable allocation of the expense to the group. |
The number of share options and restricted stock units as transacted during the year are outlined below: |
Outstanding b/fwd | Granted | Forfeited | Exercised | Other | Outstanding c/fwd | Exercisable |
Nil | 29,249 | (563) | (3,520) | Nil | 25,166 | Nil |
The weighted average exercise prices of share options and restricted stock units is as below: |
Outstanding b/fwd | Outstanding c/fwd |
$Nil | $11.16 |
14. | PENSION COMMITMENTS |
During the period under review the company made contributions of $47,276 (2021 - $32,225). As at the current period end, included within creditors are outstanding contributions totalling $6,670 (2021 - $Nil). |