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REGISTRAR OF COMPANIES

Registration number: 10587514

Studio Property (Carlisle) Limited

Unaudited Financial Statements

31 January 2023

image-name

 

Studio Property (Carlisle) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Studio Property (Carlisle) Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Studio Property (Carlisle) Limited for the year ended 31 January 2023 as set out on pages 2 to 10 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Studio Property (Carlisle) Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Studio Property (Carlisle) Limited and state those matters that we have agreed to state to the Board of Directors of Studio Property (Carlisle) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Studio Property (Carlisle) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Studio Property (Carlisle) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Studio Property (Carlisle) Limited. You consider that Studio Property (Carlisle) Limited 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 accounts of Studio Property (Carlisle) Limited. 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

2 October 2023

 

Studio Property (Carlisle) Limited

(Registration number: 10587514)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

49,005

56,005

Tangible assets

5

170,133

189,991

Investment property

6

3,290,270

3,060,156

 

3,509,408

3,306,152

Current assets

 

Debtors

7

160,187

141,199

Cash at bank and in hand

 

197,335

42,293

 

357,522

183,492

Creditors: Amounts falling due within one year

8

(2,522,721)

(2,332,235)

Net current liabilities

 

(2,165,199)

(2,148,743)

Total assets less current liabilities

 

1,344,209

1,157,409

Creditors: Amounts falling due after more than one year

8

(1,394,557)

(1,226,721)

Net liabilities

 

(50,348)

(69,312)

Capital and reserves

 

Allotted, called up and fully paid share capital

1

1

Profit and loss account

(50,349)

(69,313)

Total equity

 

(50,348)

(69,312)

 

Studio Property (Carlisle) Limited

(Registration number: 10587514)
Balance Sheet as at 31 January 2023 (continued)

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 2 October 2023
 

.........................................

S Holliday

Director

 

Studio Property (Carlisle) Limited

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

1

General information

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

The principal place of business is:
Monkhouse Hill
Sebergham
CARLISLE
CA5 7HW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net liabilities at 31 January 2023 and meets its day to day working capital requirements through bank borrowings. In addition the director has provided financial support by way of short term loans. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

 

Studio Property (Carlisle) Limited

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


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Included in the profit and loss account are government grants receivable in respect of UK government initiatives to respond to the financial impact of the COVID-19 pandemic, namely the Coronavirus Job Retention Scheme. The amount of grants recognised in the financial statements was £4,000 (2022 - £36,178).

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Tools and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Furniture and fittings

20% reducing balance

Office equipment

3 year straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Studio Property (Carlisle) Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year 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 the sale of goods 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. Trade creditors 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 where due after more than one year.

 

Studio Property (Carlisle) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 the director) during the year, was 9 (2022 - 11).

 

Studio Property (Carlisle) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

70,005

70,005

At 31 January 2023

70,005

70,005

Amortisation

At 1 February 2022

14,000

14,000

Amortisation charge

7,000

7,000

At 31 January 2023

21,000

21,000

Carrying amount

At 31 January 2023

49,005

49,005

At 31 January 2022

56,005

56,005

5

Tangible assets

Tools and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 February 2022

18,641

14,984

268,563

302,188

Additions

-

16,000

11,561

27,561

Disposals

-

(14,984)

-

(14,984)

At 31 January 2023

18,641

16,000

280,124

314,765

Depreciation

At 1 February 2022

6,133

9,190

96,874

112,197

Charge for the year

2,502

1,000

38,123

41,625

Eliminated on disposal

-

(9,190)

-

(9,190)

At 31 January 2023

8,635

1,000

134,997

144,632

Carrying amount

At 31 January 2023

10,006

15,000

145,127

170,133

At 31 January 2022

12,508

5,794

171,689

189,991

 

Studio Property (Carlisle) Limited

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

6

Investment properties

£

At 1 February 2022

3,060,156

Additions

230,114

At 31 January 2023

3,290,270

The director is of the opinion that cost is a reasonable estimate of the fair value of investment properties.

There has been no valuation of investment property by an independent valuer.

7

Debtors

2023
£

2022
£

Trade debtors

139,561

126,215

Other debtors

20,626

14,984

160,187

141,199

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,262,584

2,124,400

Trade creditors

 

91,484

5,250

Taxation and social security

 

137

10,095

Other creditors

 

168,516

192,490

 

2,522,721

2,332,235

Due after one year

 

Loans and borrowings

9

1,394,557

1,226,721

2023
£

2022
£

After more than five years by instalments

1,159,029

1,162,900

After more than five years not by instalments

185,000

-

1,344,029

1,162,900

 

Studio Property (Carlisle) Limited

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,534

15,631

Finance lease liabilities

-

3,107

Other borrowings

2,247,050

2,105,662

2,262,584

2,124,400

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

15,534

15,631

Finance lease liabilities

-

3,107

15,534

18,738

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,394,557

1,224,149

Finance lease liabilities

-

2,572

1,394,557

1,226,721

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

1,394,557

1,224,149

Finance lease liabilities

-

2,572

1,394,557

1,226,721

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.