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51 Studio Ltd

Registered Number
08273916
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

51 Studio Ltd
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Mrs A L Tetley
Mr D R Tetley

Registered Address

35 Anderton Rise Millbrook
Torpoint
PL10 1DA

Registered Number

08273916 (England and Wales)
51 Studio Ltd
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets65,0006,667
Tangible assets71,1371,346
6,1378,013
Current assets
Stocks81,7501,750
Debtors913,75135,617
Cash at bank and on hand8,626-
24,12737,367
Creditors amounts falling due within one year10(11,258)(16,691)
Net current assets (liabilities)12,86920,676
Total assets less current liabilities19,00628,689
Creditors amounts falling due after one year11(15,726)(17,921)
Net assets3,28010,768
Capital and reserves
Called up share capital100100
Profit and loss account3,18010,668
Shareholders' funds3,28010,768
The financial statements were approved and authorised for issue by the Board of Directors on 28 November 2023, and are signed on its behalf by:
Mr D R Tetley
Director
Registered Company No. 08273916
51 Studio Ltd
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings15-
Office Equipment-3
Intangible assets policy
Goodwill Acquired goodwill is written off in equal installments over its estimated useful economic life of 10 years
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year22
6.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2220,00020,000
At 31 March 2320,00020,000
Amortisation and impairment
At 01 April 2213,33313,333
Charge for year1,6671,667
At 31 March 2315,00015,000
Net book value
At 31 March 235,0005,000
At 31 March 226,6676,667
7.Property, plant and equipment

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 April 226,0788066,884
At 31 March 236,0788066,884
Depreciation and impairment
At 01 April 224,7407985,538
Charge for year2018209
At 31 March 234,9418065,747
Net book value
At 31 March 231,137-1,137
At 31 March 221,33881,346
8.Stocks

2023

2022

££
Work in progress250250
Other stocks1,5001,500
Total1,7501,750
9.Debtors

2023

2022

££
Trade debtors / trade receivables4,84915,090
Other debtors8,90220,527
Total13,75135,617
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Taxation and social security9,56214,998
Accrued liabilities and deferred income1,6961,693
Total11,25816,691
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts15,72617,921
Total15,72617,921