Registered number
08415504
Belt Craft Studios Limited
Filleted Accounts
31 March 2023
Belt Craft Studios Limited
Registered number: 08415504
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,854 8,096
Current assets
Debtors 4 47,714 50,968
Cash at bank and in hand 105,269 141,517
152,983 192,485
Creditors: amounts falling due within one year 5 (13,319) (24,448)
Net current assets 139,664 168,037
Net assets 145,518 176,133
Capital and reserves
Called up share capital 100 100
Profit and loss account 145,418 176,033
Shareholders' funds 145,518 176,133
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Nicol
Director
Approved by the board on 21 March 2024
Belt Craft Studios Limited
Notes to the Accounts
for the period from 6 April 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings over 10 years Straight line
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 6 April 2022 3,844 27,255 31,099
At 31 March 2023 3,844 27,255 31,099
Depreciation
At 6 April 2022 3,175 19,828 23,003
Charge for the period 385 1,857 2,242
At 31 March 2023 3,560 21,685 25,245
Net book value
At 31 March 2023 284 5,570 5,854
At 5 April 2022 669 7,427 8,096
4 Debtors 2023 2022
£ £
Trade debtors 11,648 9,929
Other debtors 36,066 41,039
47,714 50,968
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 6,247 12,225
Other taxes and social security costs 5,527 11,025
Other creditors 1,545 1,198
13,319 24,448
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Bertoncello
Overdrawn director's loan account 28,999 (4,946) 24,053
D Nicol
Overdrawn director's loan account 28 (28) -
29,027 - (4,974) 24,053
7 Related party transactions
The director D Bertencello had an overdrawn loan account of £24,053 (2022 - £28,999). This was repaid within nine months of the year end.
8 Other information
Belt Craft Studios Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7
2-6 Gourley Place
London
N15 5NF
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