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REGISTERED NUMBER: 11690134 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2022

for

Nick Munro Studio Ltd

Nick Munro Studio Ltd (Registered number: 11690134)






Contents of the Financial Statements
for the Year Ended 30 November 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Nick Munro Studio Ltd

Company Information
for the Year Ended 30 November 2022







Director: N S Munro





Registered office: 1 Kilmorey Park Road
Chester
CH2 3QT





Registered number: 11690134 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Nick Munro Studio Ltd (Registered number: 11690134)

Statement of Financial Position
30 November 2022

30/11/22 30/11/21
Notes £    £    £    £   
Fixed assets
Intangible assets 4 2,976 3,348
Tangible assets 5 773 475
3,749 3,823

Current assets
Debtors 6 15,019 15,312
Cash at bank 2,198 85
17,217 15,397
Creditors
Amounts falling due within one year 7 24,863 19,020
Net current liabilities (7,646 ) (3,623 )
Total assets less current liabilities (3,897 ) 200

Creditors
Amounts falling due after more than
one year

8

5,506

7,965
Net liabilities (9,403 ) (7,765 )

Capital and reserves
Called up share capital 9 100 100
Retained earnings (9,503 ) (7,865 )
Shareholders' funds (9,403 ) (7,765 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Nick Munro Studio Ltd (Registered number: 11690134)

Statement of Financial Position - continued
30 November 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2023 and were signed by:





N S Munro - Director


Nick Munro Studio Ltd (Registered number: 11690134)

Notes to the Financial Statements
for the Year Ended 30 November 2022

1. Statutory information

Nick Munro Studio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Nick Munro Studio Ltd (Registered number: 11690134)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The financial statements have been prepared on the going concern basis of accounting, on the assumption that the director will provide financial support to enable the company to meet its liabilities, which exceeded its assets at 30 November 2022.

3. Employees and directors

The average number of employees during the year was 1 (2021 - 1 ) .

4. Intangible fixed assets
Patents
and
licences
£   
Cost
At 1 December 2021
and 30 November 2022 3,720
Amortisation
At 1 December 2021 372
Amortisation for year 372
At 30 November 2022 744
Net book value
At 30 November 2022 2,976
At 30 November 2021 3,348

Nick Munro Studio Ltd (Registered number: 11690134)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

5. Tangible fixed assets
Fixtures
and
fittings
£   
Cost
At 1 December 2021 5,892
Additions 993
At 30 November 2022 6,885
Depreciation
At 1 December 2021 5,417
Charge for year 695
At 30 November 2022 6,112
Net book value
At 30 November 2022 773
At 30 November 2021 475

6. Debtors: amounts falling due within one year
30/11/22 30/11/21
£    £   
Other debtors 15,019 15,312

7. Creditors: amounts falling due within one year
30/11/22 30/11/21
£    £   
Bank loans and overdrafts 2,565 2,565
Trade creditors 3,620 3,620
Taxation and social security 2,930 6,345
Other creditors 15,748 6,490
24,863 19,020

8. Creditors: amounts falling due after more than one year
30/11/22 30/11/21
£    £   
Bank loans 5,506 7,965

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/22 30/11/21
value: £    £   
10,000 Ordinary £0.01 100 100

Nick Munro Studio Ltd (Registered number: 11690134)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

10. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 November 2022 and 30 November 2021:

30/11/22 30/11/21
£    £   
N S Munro
Balance outstanding at start of year 293 6,618
Amounts advanced - 4,202
Amounts repaid (293 ) (10,527 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 293

11. Related party disclosures

During the year a director made loans to the company. The balance on these loans at 30 November 2022 was £7,087. These loans are interest-free and repayable on demand.