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REGISTERED NUMBER: 04775285 (England and Wales)















THE STUDIO BY INNOVATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023






THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE STUDIO BY INNOVATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: J G Cosgrove





REGISTERED OFFICE: 506 Werrington Road
Ash Bank
Stoke On Trent
Staffordshire
ST2 9DN





REGISTERED NUMBER: 04775285 (England and Wales)

THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 17,437 21,655
Tangible assets 5 51,849 67,883
69,286 89,538

CURRENT ASSETS
Stocks 25,000 66,200
Debtors 6 3,219 1,097
Cash at bank and in hand 81,580 89,144
109,799 156,441
CREDITORS
Amounts falling due within one year 7 (191,656 ) (234,478 )
NET CURRENT LIABILITIES (81,857 ) (78,037 )
TOTAL ASSETS LESS CURRENT LIABILITIES (12,571 ) 11,501

CREDITORS
Amounts falling due after more than one
year

8

(61,491

)

(72,095

)

PROVISIONS FOR LIABILITIES (9,851 ) (12,898 )
NET LIABILITIES (83,913 ) (73,492 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings (83,915 ) (73,494 )
SHAREHOLDERS' FUNDS (83,913 ) (73,492 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

BALANCE SHEET - continued
31 MAY 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 February 2024 and were signed by:





J G Cosgrove - Director


THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

The Studio By Innovations 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of kitchen furniture is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty two years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants
Government Grants in respect of COVID-19 received as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, are recognised as income in the period in which the grant becomes receivable, using the accruals model.

THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 by 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 112,500
AMORTISATION
At 1 June 2022 90,845
Charge for year 4,218
At 31 May 2023 95,063
NET BOOK VALUE
At 31 May 2023 17,437
At 31 May 2022 21,655

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 291,881
Additions 1,615
Disposals (93,267 )
At 31 May 2023 200,229
DEPRECIATION
At 1 June 2022 223,998
Charge for year 13,740
Eliminated on disposal (89,358 )
At 31 May 2023 148,380
NET BOOK VALUE
At 31 May 2023 51,849
At 31 May 2022 67,883

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 3,219 1,097

THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 5,556 5,556
Hire purchase contracts 5,048 4,802
Trade creditors 19,058 25,879
Tax 1,546 4,445
Social security and other taxes 2,116 746
VAT 35,219 28,104
Other creditors 711 357
Directors' current accounts 20,259 48,736
Accruals and deferred income 102,143 115,853
191,656 234,478

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 33,334 38,890
Hire purchase contracts 28,157 33,205
61,491 72,095

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 11,111 16,667
11,111 16,667

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,556 5,556

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,556 5,556

Amounts falling due between two and five years:
Bank loans - 2-5 years 16,667 16,667

Amounts falling due in more than five years:

THE STUDIO BY INNOVATIONS LIMITED (REGISTERED NUMBER: 04775285)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


9. LOANS - continued
2023 2022
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years
by instalments 11,111 16,667
11,111 16,667

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary - A £1 1 1
1 Ordinary - B £1 1 1
2 2

11. GOING CONCERN

As at 31 May 2023 the company had net liabilities of £83,913. The director will continue to support the company for the foreseeable future and is confident the company will return to a solvent position.