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COMPANY REGISTRATION NUMBER: 03166803
Sonya Winner Studio Ltd
Filleted Unaudited Financial Statements
31 March 2023
Sonya Winner Studio Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Sonya Winner Studio Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
32,791
35,989
Tangible assets
6
154,728
168,311
---------
---------
187,519
204,300
Current assets
Stocks
31,687
75,514
Debtors
7
8,117
4,853
Cash at bank and in hand
85,621
130,450
---------
---------
125,425
210,817
Creditors: amounts falling due within one year
8
340,453
454,445
---------
---------
Net current liabilities
215,028
243,628
---------
---------
Total assets less current liabilities
( 27,509)
( 39,328)
--------
--------
Net liabilities
( 27,509)
( 39,328)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 27,609)
( 39,428)
--------
--------
Shareholder deficit
( 27,509)
( 39,328)
--------
--------
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 Section 1A of 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 March 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 member has 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sonya Winner Studio Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
S Winner
Director
Company registration number: 03166803
Sonya Winner Studio Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has pledged to support the trading activities of the company for the next twelve months.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
Patents, trademarks and licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold property
-
4% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Intangible assets
Development costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 April 2022
60,190
11,480
71,670
Additions
11,222
11,222
--------
--------
--------
At 31 March 2023
71,412
11,480
82,892
--------
--------
--------
Amortisation
At 1 April 2022
35,011
670
35,681
Charge for the year
12,124
2,296
14,420
--------
--------
--------
At 31 March 2023
47,135
2,966
50,101
--------
--------
--------
Carrying amount
At 31 March 2023
24,277
8,514
32,791
--------
--------
--------
At 31 March 2022
25,179
10,810
35,989
--------
--------
--------
6. Tangible assets
Leasehold property
Equipment
Total
£
£
£
Cost
At 1 April 2022
176,004
117,403
293,407
Additions
3,122
3,122
---------
---------
---------
At 31 March 2023
176,004
120,525
296,529
---------
---------
---------
Depreciation
At 1 April 2022
28,671
96,425
125,096
Charge for the year
6,476
10,229
16,705
---------
---------
---------
At 31 March 2023
35,147
106,654
141,801
---------
---------
---------
Carrying amount
At 31 March 2023
140,857
13,871
154,728
---------
---------
---------
At 31 March 2022
147,333
20,978
168,311
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
3,334
498
Other debtors
4,783
4,355
-------
-------
8,117
4,853
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Credit cards and overdrafts
6,683
13,113
Trade creditors
16,680
20,129
Social security and other taxes
3,999
2,648
Other creditors
313,091
418,555
---------
---------
340,453
454,445
---------
---------
9. Related party transactions
At the year end the company owed the director £272,087 (2022: £299,649).