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STUDIO MUTT LIMITED

Unaudited Financial Statements

for the Year Ended 31st May 2023






STUDIO MUTT LIMITED (REGISTERED NUMBER: 10793455)






Contents of the Financial Statements
for the year ended 31st May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


STUDIO MUTT LIMITED

Company Information
for the year ended 31st May 2023







DIRECTORS: G M Burn
J Crawford
A Turner





REGISTERED OFFICE: 91 Kempston Street
Liverpool
L3 8HE





REGISTERED NUMBER: 10793455 (England and Wales)






STUDIO MUTT LIMITED (REGISTERED NUMBER: 10793455)

Balance Sheet
31st May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,353 4,375

CURRENT ASSETS
Debtors 5 43,993 34,979
Cash at bank 79,358 56,251
123,351 91,230
CREDITORS
Amounts falling due within one year 6 41,486 31,098
NET CURRENT ASSETS 81,865 60,132
TOTAL ASSETS LESS CURRENT LIABILITIES 87,218 64,507

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 87,215 64,504
87,218 64,507

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th December 2023 and were signed on its behalf by:





J Crawford - Director


STUDIO MUTT LIMITED (REGISTERED NUMBER: 10793455)

Notes to the Financial Statements
for the year ended 31st May 2023

1. STATUTORY INFORMATION

Studio Mutt Limited 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.

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 - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

STUDIO MUTT LIMITED (REGISTERED NUMBER: 10793455)

Notes to the Financial Statements - continued
for the year ended 31st May 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to / from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st June 2022 16,102
Additions 4,197
At 31st May 2023 20,299
DEPRECIATION
At 1st June 2022 11,727
Charge for year 3,219
At 31st May 2023 14,946
NET BOOK VALUE
At 31st May 2023 5,353
At 31st May 2022 4,375

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,715 34,332
Other debtors 1,278 647
43,993 34,979

STUDIO MUTT LIMITED (REGISTERED NUMBER: 10793455)

Notes to the Financial Statements - continued
for the year ended 31st May 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,141 5,383
Taxation and social security 33,978 24,863
Other creditors 3,367 852
41,486 31,098

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st May 2023 and 31st May 2022:

2023 2022
£    £   
G M Burn
Balance outstanding at start of year - 1
Amounts advanced - 2,855
Amounts repaid - (2,856 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

J Crawford
Balance outstanding at start of year - 251
Amounts advanced - 1,936
Amounts repaid - (2,187 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

A Turner
Balance outstanding at start of year - (429 )
Amounts advanced - 2,092
Amounts repaid - (1,663 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £53,025 were paid to the directors .