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Company Registration No. 09685878 (England and Wales)
The Canopy Studio Limited Unaudited accounts for the year ended 31 March 2023
The Canopy Studio Limited Unaudited accounts Contents
Page
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The Canopy Studio Limited Company Information for the year ended 31 March 2023
Directors
M Reeves D N Todd S J Morrissey (nee Hornett) H M Reeves
Company Number
09685878 (England and Wales)
Registered Office
Chernocke House St. Thomas Street Winchester Hampshire SO23 9HG
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The Canopy Studio Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
246,018 
220,626 
Current assets
Debtors
531,728 
730,434 
Cash at bank and in hand
570,115 
244,217 
1,101,843 
974,651 
Creditors: amounts falling due within one year
(649,954)
(493,210)
Net current assets
451,889 
481,441 
Total assets less current liabilities
697,907 
702,067 
Creditors: amounts falling due after more than one year
(154,167)
(250,000)
Provisions for liabilities
Deferred tax
(46,743)
(41,919)
Net assets
496,997 
410,148 
Capital and reserves
Called up share capital
14 
14 
Profit and loss account
496,983 
410,134 
Shareholders' funds
496,997 
410,148 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by
S J Morrissey (nee Hornett) Director Company Registration No. 09685878
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The Canopy Studio Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
The Canopy Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 09685878. The registered office is Chernocke House, St. Thomas Street, Winchester, Hampshire, SO23 9HG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on a reducing balance
Computer equipment
33% on cost
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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The Canopy Studio Limited Notes to the Accounts for the year ended 31 March 2023
Deferred taxation
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 accounts. 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2022
34,264 
At 31 March 2023
34,264 
Amortisation
At 1 April 2022
34,264 
At 31 March 2023
34,264 
Net book value
At 31 March 2023
- 
5
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2022
165,632 
98,474 
168,700 
432,806 
Additions
- 
4,713 
88,500 
93,213 
At 31 March 2023
165,632 
103,187 
257,200 
526,019 
Depreciation
At 1 April 2022
16,563 
64,234 
131,383 
212,180 
Charge for the year
16,563 
9,738 
41,520 
67,821 
At 31 March 2023
33,126 
73,972 
172,903 
280,001 
Net book value
At 31 March 2023
132,506 
29,215 
84,297 
246,018 
At 31 March 2022
149,069 
34,240 
37,317 
220,626 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
361,239 
504,528 
Accrued income and prepayments
170,489 
225,906 
531,728 
730,434 
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The Canopy Studio Limited Notes to the Accounts for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
50,000 
- 
VAT
40,807 
143,062 
Trade creditors
39,959 
84,533 
Taxes and social security
110,132 
103,279 
Other creditors
3,771 
2,899 
Loans from directors
(1,415)
(80,000)
Accruals
113,121 
156,313 
Deferred income
293,579 
83,124 
649,954 
493,210 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
154,167 
250,000 
9
Average number of employees
During the year the average number of employees was 25 (2022: 18).
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