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COMPANY REGISTRATION NUMBER: 03172568
Envisage Studio Limited
Filleted Unaudited Financial Statements
31 March 2023
Envisage Studio Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
3,034,857
3,035,339
Current assets
Debtors
5
158,958
129,389
Cash at bank and in hand
2,818
2,652
---------
---------
161,776
132,041
Creditors: amounts falling due within one year
6
49,847
38,330
---------
---------
Net current assets
111,929
93,711
------------
------------
Total assets less current liabilities
3,146,786
3,129,050
Creditors: amounts falling due after more than one year
7
894,069
904,440
------------
------------
Net assets
2,252,717
2,224,610
------------
------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
2,385,047
2,385,047
Profit and loss account
( 132,332)
( 160,439)
------------
------------
Shareholders funds
2,252,717
2,224,610
------------
------------
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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Envisage Studio Limited
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:
Mr B Fugler
Director
Company registration number: 03172568
Envisage Studio Limited
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 70 Charlotte Street, London, W1T 4QG, UK.
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.
Disclosure exemptions
Revenue recognition
Turnover represents rents receivable and other related income.
Tangible assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value over its expected useful life as follows:
Freehold Property 0%
Investment properties are included in the balance sheet at open market value as valued by the director. Although this accounting policy is in accordance with the Financiail Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirements of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflectied in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
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:
Furniture & Fittings
-
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. 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.
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
3,031,760
9,129
3,040,889
Additions
2,160
2,160
------------
--------
------------
At 31 March 2023
3,031,760
11,289
3,043,049
------------
--------
------------
Depreciation
At 1 April 2022
5,550
5,550
Charge for the year
2,642
2,642
------------
--------
------------
At 31 March 2023
8,192
8,192
------------
--------
------------
Carrying amount
At 31 March 2023
3,031,760
3,097
3,034,857
------------
--------
------------
At 31 March 2022
3,031,760
3,579
3,035,339
------------
--------
------------
5. Debtors
2023
2022
£
£
Trade debtors
3,744
Other debtors
158,958
125,645
---------
---------
158,958
129,389
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,021
( 545)
Other creditors
36,826
38,875
--------
--------
49,847
38,330
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,871
45,242
Other creditors
859,198
859,198
---------
---------
894,069
904,440
---------
---------