Registered number
02243526
Studio One Graphic Design Limited
Filleted Accounts
31 March 2023
Studio One Graphic Design Limited
Registered number: 02243526
Statement of financial position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 26,860 33,471
Investments 4 462,500 425,000
489,360 458,471
Current assets
Debtors 5 135,041 72,950
Cash at bank and in hand 257,257 189,216
392,298 262,166
Creditors: amounts falling due within one year 6 (288,062) (230,014)
Net current assets 104,236 32,152
Total assets less current liabilities 593,596 490,623
Creditors: amounts falling due after more than one year 7 (136,937) (158,741)
Provisions for liabilities (26,807) (19,682)
Net assets 429,852 312,200
Capital and reserves
Called up share capital 100 100
Profit and loss account 429,752 312,100
Shareholders' funds 429,852 312,200
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The Statement of Income and retained earnings and director's report have not been delivered to the Registrar of Companies.
G Deal
Director
Approved by the board on 8 August 2023
Studio One Graphic Design Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover consists of revenue earned from the rendering of design service and 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Property investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 362,819 53,449 416,268
Additions 208 - 208
At 31 March 2023 363,027 53,449 416,476
Depreciation
At 1 April 2022 340,337 42,460 382,797
Charge for the year 4,319 2,500 6,819
At 31 March 2023 344,656 44,960 389,616
Net book value
At 31 March 2023 18,371 8,489 26,860
At 31 March 2022 22,482 10,989 33,471
4 Investments
Other
investments
£
Cost
At 1 April 2022 425,000
Additions 37,500
At 31 March 2023 462,500
5 Debtors 2023 2022
£ £
Trade debtors 133,558 66,883
Other debtors 1,483 6,067
135,041 72,950
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 26,841 34,477
Obligations under finance lease and hire purchase contracts 2,485 2,485
Trade creditors 17,426 12,753
Taxation and social security costs 140,939 96,795
Other creditors 100,371 83,504
288,062 230,014
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 133,623 152,943
Obligations under finance lease and hire purchase contracts 3,314 5,798
136,937 158,741
8 Other information
Studio One Graphic Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
194 Colne Road
Twickenham
Middlesex
TW2 6RE
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