Meon Valley Studio Ltd 13299088 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is jewellery making classes Digita Accounts Production Advanced 6.30.9574.0 true 13299088 2022-04-01 2023-03-31 13299088 2023-03-31 13299088 core:RetainedEarningsAccumulatedLosses 2023-03-31 13299088 core:ShareCapital 2023-03-31 13299088 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13299088 core:OfficeEquipment 2023-03-31 13299088 core:PlantMachinery 2023-03-31 13299088 bus:SmallEntities 2022-04-01 2023-03-31 13299088 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13299088 bus:FullAccounts 2022-04-01 2023-03-31 13299088 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13299088 bus:RegisteredOffice 2022-04-01 2023-03-31 13299088 bus:Director1 2022-04-01 2023-03-31 13299088 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13299088 core:FurnitureFittings 2022-04-01 2023-03-31 13299088 core:OfficeEquipment 2022-04-01 2023-03-31 13299088 core:PlantMachinery 2022-04-01 2023-03-31 13299088 countries:EnglandWales 2022-04-01 2023-03-31 13299088 2022-03-31 13299088 core:OfficeEquipment 2022-03-31 13299088 core:PlantMachinery 2022-03-31 13299088 2021-04-01 2022-03-31 13299088 2022-03-31 13299088 core:RetainedEarningsAccumulatedLosses 2022-03-31 13299088 core:ShareCapital 2022-03-31 13299088 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 13299088 core:OfficeEquipment 2022-03-31 13299088 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 13299088

Meon Valley Studio Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Meon Valley Studio Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Meon Valley Studio Ltd

(Registration number: 13299088)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,931

1,521

Current assets

 

Stocks

5

1,500

1,500

Cash at bank and in hand

 

26,212

24,076

 

27,712

25,576

Creditors: Amounts falling due within one year

6

(26,728)

(24,744)

Net current assets

 

984

832

Net assets

 

3,915

2,353

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,815

2,253

Shareholders' funds

 

3,915

2,353

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 11 September 2023
 

.........................................
O L Brown
Director

 

Meon Valley Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: The Old Dairy Workshop, Becksteddle Farm Yard, Colemore, Hampshire, GU34 3PS. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Meon Valley Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Furniture and fittings

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Meon Valley Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

1,528

500

2,028

Additions

329

2,058

2,387

At 31 March 2023

1,857

2,558

4,415

Depreciation

At 1 April 2022

382

125

507

Charge for the year

369

608

977

At 31 March 2023

751

733

1,484

Carrying amount

At 31 March 2023

1,106

1,825

2,931

At 31 March 2022

1,146

375

1,521

5

Stocks

2023
£

2022
£

Other inventories

1,500

1,500

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

9,383

12,608

Accruals and deferred income

12,000

11,871

Other creditors

5,345

265

26,728

24,744

7

Related party transactions

Creditors includes an amount of £345 (2022: £265) in respect of a loan owed by the company to its sole director. This loan is repayable upon demand, and no interest is being charged.