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Registration number: 13380842

Tom Massey Studio Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Tom Massey Studio Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tom Massey Studio Ltd

Company Information

Directors

Mr Thomas Massey

Anna Louise Millais

Registered office

Suite 1C Meadway Court Meadway Technology Park
Rutherford Close
Stevenage
SG1 2EF

Accountants

Re:Accounts Limited
Chartered Accountants
Suite 1C Meadway Court
Meadway Technology Park
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

Tom Massey Studio Ltd

(Registration number: 13380842)
Balance Sheet as at 31 May 2023

Note

31 May
2023
£

31 May
2022
£

Fixed assets

 

Tangible assets

4

7,817

7,294

Current assets

 

Debtors

5

38,760

16,417

Cash at bank and in hand

 

263,903

93,466

 

302,663

109,883

Creditors: Amounts falling due within one year

6

(159,679)

(55,259)

Net current assets

 

142,984

54,624

Net assets

 

150,801

61,918

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

150,701

61,818

Shareholders' funds

 

150,801

61,918

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

 

Tom Massey Studio Ltd

(Registration number: 13380842)
Balance Sheet as at 31 May 2023 (continued)

.........................................
Mr Thomas Massey
Director

.........................................
Anna Louise Millais
Director

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 1C Meadway Court Meadway Technology Park
Rutherford Close
Stevenage
SG1 2EF
England

These financial statements were authorised for issue by the Board on 13 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Office equipment

20% straight line

Plant and machinery

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 2).

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

14,233

3,917

18,150

Additions

4,511

-

4,511

At 31 May 2023

18,744

3,917

22,661

Depreciation

At 1 June 2022

9,584

1,272

10,856

Charge for the year

3,010

978

3,988

At 31 May 2023

12,594

2,250

14,844

Carrying amount

At 31 May 2023

6,150

1,667

7,817

At 31 May 2022

4,649

2,645

7,294

5

Debtors

Current

31 May
2023
£

31 May
2022
£

Trade debtors

37,050

16,300

Prepayments

1,710

117

 

38,760

16,417

6

Creditors

Creditors: amounts falling due within one year

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Creditors (continued)

31 May
2023
£

31 May
2022
£

Due within one year

Trade creditors

49,588

47

Taxation and social security

46,861

38,202

Accruals and deferred income

1,375

375

Other creditors

61,855

16,635

159,679

55,259

7

Share capital

Allotted, called up and fully paid shares

 

31 May
2023

31 May
2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Dividends

Final dividends paid

   

31 May
2023
£

 

31 May
2022
£

Final dividend of 200.00 per each Ordinary

 

20,000

 

20,000

         

Interim dividends paid

   

31 May
2023
£

 

31 May
2022
£

Interim dividend of 400.00 (2022 - 375.00) per each Ordinary

 

40,000

 

37,500

         
 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Related party transactions

Included within creditors at the year end is £20,180 (2022: £386) owed to the director and his wife. The loan is interest free with no fixed date for repayment.The director confirms that they will not remove the loan until the company has sufficient funds to trade without it.

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

2,095

Contributions paid to money purchase schemes

-

40,000

12,570

42,095