false
false
false
false
false
false
false
false
false
true
false
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false
false
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No description of principal activity
2018-09-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
04053253
2018-09-01
2019-08-31
04053253
2019-08-31
04053253
2018-08-31
04053253
2017-09-01
2018-08-31
04053253
2018-08-31
04053253
core:FurnitureFittings
2018-09-01
2019-08-31
04053253
core:MotorVehicles
2018-09-01
2019-08-31
04053253
bus:LeadAgentIfApplicable
2018-09-01
2019-08-31
04053253
bus:Director1
2018-09-01
2019-08-31
04053253
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-08-31
04053253
core:FurnitureFittings
2018-08-31
04053253
core:MotorVehicles
2018-08-31
04053253
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-08-31
04053253
core:FurnitureFittings
2019-08-31
04053253
core:WithinOneYear
2019-08-31
04053253
core:WithinOneYear
2018-08-31
04053253
core:AfterOneYear
2019-08-31
04053253
core:AfterOneYear
2018-08-31
04053253
core:ShareCapital
2019-08-31
04053253
core:ShareCapital
2018-08-31
04053253
core:RetainedEarningsAccumulatedLosses
2019-08-31
04053253
core:RetainedEarningsAccumulatedLosses
2018-08-31
04053253
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-08-31
04053253
core:FurnitureFittings
2018-08-31
04053253
core:MotorVehicles
2018-08-31
04053253
bus:FRS102
2018-09-01
2019-08-31
04053253
bus:AuditExemptWithAccountantsReport
2018-09-01
2019-08-31
04053253
bus:FullAccounts
2018-09-01
2019-08-31
04053253
bus:SmallCompaniesRegimeForAccounts
2018-09-01
2019-08-31
04053253
bus:PrivateLimitedCompanyLtd
2018-09-01
2019-08-31
COMPANY REGISTRATION NUMBER:
04053253
Filleted Unaudited Financial Statements
|
|
Year ended 31 August 2019
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
|
8
|
|
|
Statement of Financial Position
|
|
31 August 2019
Fixed assets
Tangible assets
|
5
|
199,857
|
212,167
|
|
|
|
|
Current assets
Stocks
|
82,980
|
88,835
|
Debtors
|
6
|
1,359
|
8,740
|
Cash at bank and in hand
|
9,498
|
8,299
|
|
--------
|
---------
|
|
93,837
|
105,874
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
239,758
|
250,785
|
|
---------
|
---------
|
Net current liabilities
|
145,921
|
144,911
|
|
---------
|
---------
|
Total assets less current liabilities
|
53,936
|
67,256
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
22,597
|
25,561
|
|
|
|
|
Provisions
|
574
|
2,838
|
|
--------
|
--------
|
Net assets
|
30,765
|
38,857
|
|
--------
|
--------
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
30,665
|
38,757
|
|
--------
|
--------
|
Members funds
|
30,765
|
38,857
|
|
--------
|
--------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 August 2019
These financial statements were approved by the
board of directors
and authorised for issue on
20 November 2019
, and are signed on behalf of the board by:
Company registration number:
04053253
Notes to the Financial Statements
|
|
Year ended 31 August 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 56 Pen Y Bryn, Wrexham, LL13 7HY.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings
|
-
|
25% reducing balance
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Freehold land and buildings are not depreciated as the residual value is so high and expected life so long as to make it immaterial.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2018:
2
).
5.
Tangible assets
|
Freehold property
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 September 2018
|
196,483
|
25,432
|
27,878
|
249,793
|
Additions
|
–
|
602
|
–
|
602
|
Disposals
|
–
|
–
|
(
27,878)
|
(
27,878)
|
|
---------
|
--------
|
--------
|
---------
|
At 31 August 2019
|
196,483
|
26,034
|
–
|
222,517
|
|
---------
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
At 1 September 2018
|
–
|
21,510
|
16,116
|
37,626
|
Charge for the year
|
–
|
1,150
|
–
|
1,150
|
Disposals
|
–
|
–
|
(
16,116)
|
(
16,116)
|
|
---------
|
--------
|
--------
|
---------
|
At 31 August 2019
|
–
|
22,660
|
–
|
22,660
|
|
---------
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
At 31 August 2019
|
196,483
|
3,374
|
–
|
199,857
|
|
---------
|
--------
|
--------
|
---------
|
At 31 August 2018
|
196,483
|
3,922
|
11,762
|
212,167
|
|
---------
|
--------
|
--------
|
---------
|
|
|
|
|
|
6.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
–
|
7,830
|
Other debtors
|
1,359
|
910
|
|
-------
|
-------
|
|
1,359
|
8,740
|
|
-------
|
-------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
3,230
|
3,177
|
Trade creditors
|
18,618
|
17,229
|
Social security and other taxes
|
11,093
|
21,945
|
Other creditors
|
206,817
|
208,434
|
|
---------
|
---------
|
|
239,758
|
250,785
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
22,597
|
25,561
|
|
--------
|
--------
|
|
|
|
9.
Director's advances, credits and guarantees
The director operates a current account within the company. The balance of the directors loan account in the year is as follows:
|
|
2019 |
|
|
£ |
|
Opening Balance |
196,721 |
|
Movements in year |
(18,214) |
|
Closing Balance |
178,507 |
|
|
|
Year ended 31 August 2019
The following pages do not form part of the financial statements.
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Acton Gate Audio Ltd
|
|
Year ended 31 August 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Acton Gate Audio Ltd for the year ended 31 August 2019, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Acton Gate Audio Ltd in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Acton Gate Audio Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acton Gate Audio Ltd and its director for our work or for this report.
It is your duty to ensure that Acton Gate Audio Ltd 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 Acton Gate Audio Ltd. You consider that Acton Gate Audio Ltd 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 Acton Gate Audio Ltd. 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.
BRUCE ROBERTS & CO LIMITED
Chartered Accountants and Business Advisers
Unit 10, Edison Court
Ellice Way
Wrexham Technology Park
Wrexham
LL13 7YT
20 November 2019