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Registered number: 07408252
Studio Lau Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2022
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 07408252
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 847,082 845,000
847,082 845,000
CURRENT ASSETS
Debtors 4 2,556 19,015
Cash at bank and in hand 2,073 2,265
4,629 21,280
Creditors: Amounts Falling Due Within One Year 5 (57,081 ) (39,650 )
NET CURRENT ASSETS (LIABILITIES) (52,452 ) (18,370 )
TOTAL ASSETS LESS CURRENT LIABILITIES 794,630 826,630
Creditors: Amounts Falling Due After More Than One Year 6 (115,860 ) (138,523 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (149,203 ) (113,731 )
NET ASSETS 529,567 574,376
CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair Value Reserve 9 447,608 483,080
Income Statement 81,859 91,196
SHAREHOLDERS' FUNDS 529,567 574,376
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For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
J M Lau
Director
29 June 2022
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Significant judgements and estimations
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.

In preparing these financial statements the directors have made the following judgements:

- Assessd the fair value of investment property as compared to the carrying value included in the financial statements.

- Determined that the accounting policies in place in respect of turnover recognition and measurement are reasonable.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of commercial property and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rental income
Turnover from the rental of owned commercial property is recognised on an accruals basis by reference to the tenancy agreements in place.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% on cost and 20% on cost
1.5. Investment Properties
Investment property is shown at fair value. Gains are recognised as part of total comprehensive income via the fair value reserve, as disclosed in the statement of changes in equity. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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1.6. 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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8. Pensions
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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2021: 2)
2 2
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3. Tangible Assets
Investment Properties Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 May 2021 851,933 8,481 3,730 864,144
Additions - - 2,418 2,418
As at 30 April 2022 851,933 8,481 6,148 866,562
Depreciation
As at 1 May 2021 6,933 8,481 3,730 19,144
Provided during the period - - 336 336
As at 30 April 2022 6,933 8,481 4,066 19,480
Net Book Value
As at 30 April 2022 845,000 - 2,082 847,082
As at 1 May 2021 845,000 - - 845,000
Investment property is shown at fair value as assessed by a third party surveyor as at 30 April 2017. The directors do not consider that the fair value is materially different as at 30 April 2022.

The historical cost of investment property is £248,189.
4. Debtors
2022 2021
£ £
Due within one year
Trade debtors 2,556 -
Directors' loan accounts - 19,015
2,556 19,015
5. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Bank loans and overdrafts 22,756 22,850
Corporation tax 23,806 15,450
Other creditors 7,063 1,350
Directors' loan accounts 3,456 -
57,081 39,650
6. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Bank loans 115,860 138,523
115,860 138,523
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7. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
2022 2021
£ £
Bank loans and overdrafts 138,616 138,523
8. Share Capital
2022 2021
Allotted, Called up and fully paid 100 100
9. Reserves
Fair Value Reserve
£
As at 1 May 2021 483,080
Movements in fair value reserve (35,472)
As at 30 April 2022 447,608
The fair value reserve relates to gains on the revaluation of investment property, net of deferred tax provided at the rate expected to apply when the property is sold. The movement in the year relfects the change in the UK corporation tax rate from 19% to 25% with effect from 1 April 2023.
10. General Information
Studio Lau Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07408252 . The registered office is Studio 4 Stean Street Studios Unit 1b, 3-5 Dunston Road, Haggerston, London, E8 4EH.
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