REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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SONOS SCOTLAND LIMITED |
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PREVIOUSLY KNOWN AS |
ORIGIN NORTH LTD |
REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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SONOS SCOTLAND LIMITED |
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PREVIOUSLY KNOWN AS |
ORIGIN NORTH LTD |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2021 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SONOS SCOTLAND LIMITED |
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COMPANY INFORMATION |
for the year ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
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ABRIDGED BALANCE SHEET |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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( |
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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. |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
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ABRIDGED BALANCE SHEET - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Sonos Scotland Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year. |
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At the balance sheet date the company had net current liabilities of £2,416,113 (2020 net current assets - £236,835), and total net liabilities of £2,316,994 (2020 - £537,677). The directors have expressed their willingness to support the company as necessary and along with the forecasted future profitable trade the business is considered a going concern. The accounts and financial statements have therefore been prepared on a going concern basis. |
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Turnover |
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
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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. |
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Tangible fixed assets |
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Plant & machinery | - |
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Computer equipment | - |
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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 |
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. |
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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. |
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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. |
SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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AMORTISATION |
At 1 April 2020 |
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Amortisation for year |
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At 31 March 2021 |
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NET BOOK VALUE |
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At 31 March 2021 |
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At 31 March 2020 |
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SONOS SCOTLAND LIMITED (REGISTERED NUMBER: SC395760) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2020 |
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Additions |
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Disposals | ( |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | LOANS |
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An analysis of the maturity of loans is given below: |
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2021 | 2020 |
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Amounts falling due within one year or on demand: |
Bank loans - less than 1 year |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Loan amounts due within one year relate to a bank loan of £2,487,500, which was part of a fully drawn down facility, this loan was repaid in full in October 2021, as part of the share purchase agreement with Sonos Inc. |
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7. | POST BALANCE SHEET EVENTS |
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Subsequent to the year end, the total share capital has been purchased by Sonos Inc. |