2 false false false false false false false false false false true false false false false false false 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,676 10,676 10,676 4,328 1,975 6,303 1,443 2,101 3,544 2,759 2,885 xbrli:pure xbrli:shares iso4217:GBP 13346655 2022-05-01 2023-04-30 13346655 2023-04-30 13346655 2022-04-30 13346655 2021-04-20 2022-04-30 13346655 2022-04-30 13346655 2021-04-19 13346655 bus:Director1 2022-05-01 2023-04-30 13346655 bus:Director2 2022-05-01 2023-04-30 13346655 bus:Director3 2022-05-01 2023-04-30 13346655 core:WithinOneYear 2023-04-30 13346655 core:WithinOneYear 2022-04-30 13346655 core:ShareCapital 2023-04-30 13346655 core:ShareCapital 2022-04-30 13346655 core:RetainedEarningsAccumulatedLosses 2023-04-30 13346655 core:RetainedEarningsAccumulatedLosses 2022-04-30 13346655 bus:Director3 2022-04-30 13346655 bus:Director3 2023-04-30 13346655 bus:Director3 2022-04-30 13346655 bus:Director3 2021-04-20 2022-04-30 13346655 bus:SmallEntities 2022-05-01 2023-04-30 13346655 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 13346655 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 13346655 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 13346655 bus:FullAccounts 2022-05-01 2023-04-30 13346655 core:ComputerEquipment 2022-05-01 2023-04-30 13346655 core:IntangibleExplorationEvaluationAssets 2023-04-30 13346655 core:IntangibleExplorationEvaluationAssets 2022-04-30 13346655 core:ComputerEquipment 2022-04-30 13346655 core:ComputerEquipment 2023-04-30
COMPANY REGISTRATION NUMBER: 13346655
LR Creative Studio Limited
Filleted Unaudited Financial Statements
30 April 2023
LR Creative Studio Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
10,676
10,676
Tangible assets
6
2,759
2,885
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
13,435
13,561
Current assets
Debtors
7
4,006
Cash at bank and in hand
30,962
26,593
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
34,968
26,593
Creditors: amounts falling due within one year
8
36,118
13,993
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Net current (liabilities)/assets
( 1,150)
12,600
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Total assets less current liabilities
12,285
26,161
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Net assets
12,285
26,161
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
LR Creative Studio Limited
Statement of Financial Position (continued)
30 April 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
1
Profit and loss account
12,283
26,160
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Shareholders funds
12,285
26,161
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
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 comprehensive income has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2023 , and are signed on behalf of the board by:
Mr C Bucksey
Mrs L Bucksey
Director
Director
Company registration number: 13346655
LR Creative Studio Limited
Notes to the Financial Statements
Year ended 30 April 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 7 Barrie Way, Burnham on Sea, Somerset, TA8 1QT, England. During the period the company's principle activity was the assistance with the building of brands for customers, assistance with building customers online presence and graphic design.
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.
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 and represents amounts receivable for goods supplied and services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Computer equipment
-
33% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Intangible assets
Cryptocurrency
£
Cost
At 1 May 2022 and 30 April 2023
10,676
ÍÍÍÍÍÍÍÍ
Amortisation
At 1 May 2022 and 30 April 2023
ÍÍÍÍÍÍÍÍ
Carrying amount
At 30 April 2023
10,676
ÍÍÍÍÍÍÍÍ
At 30 April 2022
10,676
ÍÍÍÍÍÍÍÍ
6. Tangible assets
Equipment
£
Cost
At 1 May 2022
4,328
Additions
1,975
ÄÄÄÄÄÄÄ
At 30 April 2023
6,303
ÍÍÍÍÍÍÍ
Depreciation
At 1 May 2022
1,443
Charge for the year
2,101
ÄÄÄÄÄÄÄ
At 30 April 2023
3,544
ÍÍÍÍÍÍÍ
Carrying amount
At 30 April 2023
2,759
ÍÍÍÍÍÍÍ
At 30 April 2022
2,885
ÍÍÍÍÍÍÍ
7. Debtors
2023
2022
£
£
Trade debtors
4,006
ÍÍÍÍÍÍÍ
ÍÍÍÍ
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
208
Accruals and deferred income
4,600
3,620
Corporation tax
6,956
10,345
Social security and other taxes
108
Director loan accounts
24,246
28
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
36,118
13,993
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
All Directors
( 28)
19,782
( 44,000)
( 24,246)
ÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
All Directors
22,572
( 22,600)
( 28)
ÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍ