Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr S Beasley 18/11/1999 14 November 2023 The principal activity of the Company during the financial year was screen printing and the sale and distribution of point of sale items. 03879277 2023-03-31 03879277 bus:Director1 2023-03-31 03879277 2022-03-31 03879277 core:CurrentFinancialInstruments 2023-03-31 03879277 core:CurrentFinancialInstruments 2022-03-31 03879277 core:Non-currentFinancialInstruments 2023-03-31 03879277 core:Non-currentFinancialInstruments 2022-03-31 03879277 core:ShareCapital 2023-03-31 03879277 core:ShareCapital 2022-03-31 03879277 core:RetainedEarningsAccumulatedLosses 2023-03-31 03879277 core:RetainedEarningsAccumulatedLosses 2022-03-31 03879277 core:PlantMachinery 2022-03-31 03879277 core:FurnitureFittings 2022-03-31 03879277 core:ComputerEquipment 2022-03-31 03879277 core:PlantMachinery 2023-03-31 03879277 core:FurnitureFittings 2023-03-31 03879277 core:ComputerEquipment 2023-03-31 03879277 bus:OrdinaryShareClass1 2023-03-31 03879277 2022-04-01 2023-03-31 03879277 bus:FullAccounts 2022-04-01 2023-03-31 03879277 bus:SmallEntities 2022-04-01 2023-03-31 03879277 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03879277 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03879277 bus:Director1 2022-04-01 2023-03-31 03879277 core:PlantMachinery 2022-04-01 2023-03-31 03879277 core:FurnitureFittings 2022-04-01 2023-03-31 03879277 core:ComputerEquipment 2022-04-01 2023-03-31 03879277 2021-04-01 2022-03-31 03879277 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 03879277 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03879277 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 03879277 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03879277 (England and Wales)

STUDIO SCREEN PRINT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

STUDIO SCREEN PRINT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

STUDIO SCREEN PRINT LIMITED

BALANCE SHEET

As at 31 March 2023
STUDIO SCREEN PRINT LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 104,142 133,496
104,142 133,496
Current assets
Stocks 10,200 11,504
Debtors 4 69,042 102,243
79,242 113,747
Creditors: amounts falling due within one year 5 ( 189,064) ( 200,296)
Net current liabilities (109,822) (86,549)
Total assets less current liabilities (5,680) 46,947
Creditors: amounts falling due after more than one year 6 ( 111,521) ( 146,886)
Provision for liabilities ( 26,036) ( 33,374)
Net liabilities ( 143,237) ( 133,313)
Capital and reserves
Called-up share capital 7 1,195 1,195
Profit and loss account ( 144,432 ) ( 134,508 )
Total shareholder's deficit ( 143,237) ( 133,313)

For the financial 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 financial statements of Studio Screen Print Limited (registered number: 03879277) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

Mr S Beasley
Director
STUDIO SCREEN PRINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
STUDIO SCREEN PRINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Studio Screen Print Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Riverside Works, Forde Road, Newton Abbot, TQ12 4AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery 10 - 25 % reducing balance
Fixtures and fittings 30 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 6

3. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 854,940 3,042 12,250 870,232
Additions 0 0 2,099 2,099
Disposals 0 0 ( 1,037) ( 1,037)
At 31 March 2023 854,940 3,042 13,312 871,294
Accumulated depreciation
At 01 April 2022 725,502 3,042 8,192 736,736
Charge for the financial year 29,867 0 618 30,485
Disposals 0 0 ( 69) ( 69)
At 31 March 2023 755,369 3,042 8,741 767,152
Net book value
At 31 March 2023 99,571 0 4,571 104,142
At 31 March 2022 129,438 0 4,058 133,496

4. Debtors

2023 2022
£ £
Trade debtors 63,972 94,801
Prepayments 5,070 7,442
69,042 102,243

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 31,189 5,146
Trade creditors 49,850 76,140
Amounts owed to Group undertakings 49,469 61,431
Accruals 2,675 4,400
Corporation tax 5,028 0
Other taxation and social security 12,265 17,209
Obligations under finance leases and hire purchase contracts (secured) 35,365 32,662
Other creditors 3,223 3,308
189,064 200,296

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other loans 50,000 50,000
Obligations under finance leases and hire purchase contracts (secured) 61,521 96,886
111,521 146,886

The bank loans are secured on assets of the Company with a carrying value in excess of the outstanding finance balance.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,195 Ordinary shares of £ 1.00 each 1,195 1,195

8. Ultimate controlling party

Parent Company:

Studio (Holdings) Limited
Riverside Works, Forde Road, Newton Abbot, Devon, TQ12 4AD

The ultimate controlling party is Mr S R Beasley via his majority shareholding in Studio (Holdings) Limited.