Company Registration No. 10240168 (England and Wales)
Youth Studio Limited
Unaudited accounts
for the year ended 30 June 2023
Youth Studio Limited
Unaudited accounts
Contents
Youth Studio Limited
Company Information
for the year ended 30 June 2023
Directors
O Collinge
L McGroarty
Company Number
10240168 (England and Wales)
Registered Office
51 Hilton Street
Manchester
M1 2EF
England
Accountants
Sleek Accounting Ltd
107 Kirkgate
Leeds
West Yorkshire
LS1 6DP
Youth Studio Limited
Statement of financial position
as at 30 June 2023
Tangible assets
5,858
7,336
Cash at bank and in hand
299,027
333,187
Creditors: amounts falling due within one year
(121,628)
(136,875)
Net current assets
315,497
325,384
Total assets less current liabilities
321,355
332,720
Creditors: amounts falling due after more than one year
-
(357)
Net assets
321,355
332,363
Called up share capital
100
100
Profit and loss account
321,255
332,263
Shareholders' funds
321,355
332,363
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by
L McGroarty
Director
Company Registration No. 10240168
Youth Studio Limited
Notes to the Accounts
for the year ended 30 June 2023
Youth Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 10240168. The registered office is 51 Hilton Street, Manchester, M1 2EF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% straight line
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Taxation for the period 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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Current and deferred tax assets and liabilities are not discounted.
Youth Studio Limited
Notes to the Accounts
for the year ended 30 June 2023
Hire purchase and leasing committments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Expenditure on research and development is written off in the year in which it is incurred.
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
68,687
65,352
Accrued income and prepayments
6,482
971
Other debtors
62,929
62,749
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
320
904
Trade creditors
11,939
1,283
Taxes and social security
33,798
54,071
Loans from directors
75,125
79,697
Youth Studio Limited
Notes to the Accounts
for the year ended 30 June 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
357
Allotted, called up and fully paid:
96 Ordinary shares of £1 each
96
96
1 Ordinary A shares of £1 each
1
1
1 Ordinary B shares of £1 each
1
1
1 Ordinary C shares of £1 each
1
1
1 Ordinary D shares of £1 each
1
1
9
Transactions with related parties
The company is related to Cross Keys Developments Ltd by virtue of common shareholders and directors. The amount owed from Cross Keys Developments Ltd at the balance sheet date was £60,180 (2022 £60,000).
10
Average number of employees
During the year the average number of employees was 5 (2022: 6).