Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-312022-03-31No description of principal activity2021-04-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03174539 2021-04-01 2022-03-31 03174539 2020-04-01 2021-03-31 03174539 2022-03-31 03174539 2021-03-31 03174539 c:Director1 2021-04-01 2022-03-31 03174539 c:Director2 2021-04-01 2022-03-31 03174539 c:RegisteredOffice 2021-04-01 2022-03-31 03174539 d:Buildings d:ShortLeaseholdAssets 2021-04-01 2022-03-31 03174539 d:Buildings d:ShortLeaseholdAssets 2022-03-31 03174539 d:Buildings d:ShortLeaseholdAssets 2021-03-31 03174539 d:PlantMachinery 2021-04-01 2022-03-31 03174539 d:PlantMachinery 2022-03-31 03174539 d:PlantMachinery 2021-03-31 03174539 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03174539 d:MotorVehicles 2021-04-01 2022-03-31 03174539 d:MotorVehicles 2022-03-31 03174539 d:MotorVehicles 2021-03-31 03174539 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03174539 d:FurnitureFittings 2021-04-01 2022-03-31 03174539 d:FurnitureFittings 2022-03-31 03174539 d:FurnitureFittings 2021-03-31 03174539 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03174539 d:OfficeEquipment 2021-04-01 2022-03-31 03174539 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03174539 d:CurrentFinancialInstruments 2022-03-31 03174539 d:CurrentFinancialInstruments 2021-03-31 03174539 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03174539 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 03174539 d:ShareCapital 2022-03-31 03174539 d:ShareCapital 2021-03-31 03174539 d:RetainedEarningsAccumulatedLosses 2022-03-31 03174539 d:RetainedEarningsAccumulatedLosses 2021-03-31 03174539 c:FRS102 2021-04-01 2022-03-31 03174539 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 03174539 c:FullAccounts 2021-04-01 2022-03-31 03174539 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 03174539 d:WithinOneYear 2022-03-31 03174539 d:WithinOneYear 2021-03-31 03174539 d:BetweenOneFiveYears 2022-03-31 03174539 d:BetweenOneFiveYears 2021-03-31 iso4217:GBP xbrli:pure
Company registration number: 03174539







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022


THE UPHOLSTERERS STUDIO LIMITED






































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THE UPHOLSTERERS STUDIO LIMITED
 


 
COMPANY INFORMATION


Directors
S C Bunyan 
P J Stemp 




Registered number
03174539



Registered office
Unit 2
126a Tibbs Hill Road

Abbots Langley

Hertfordshire

WD5 0LL




Trading Address
Unit 2
126a Tibbs Hill Road

Abbots Langley

Hertfordshire

WD5 0LL






Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


THE UPHOLSTERERS STUDIO LIMITED
REGISTERED NUMBER:03174539



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
374
499

  
374
499

Current assets
  

Stocks
  
4,619
12,026

Debtors: amounts falling due within one year
 5 
60,404
152,200

Cash at bank and in hand
  
2,139
23,195

  
67,162
187,421

Creditors: amounts falling due within one year
 6 
(51,857)
(109,171)

Net current assets
  
 
 
15,305
 
 
78,250

Total assets less current liabilities
  
15,679
78,749

  

Net assets
  
15,679
78,749


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
15,379
78,449

  
15,679
78,749


Page 1

 


THE UPHOLSTERERS STUDIO LIMITED
REGISTERED NUMBER:03174539


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P J Stemp
Director

Date: 9 February 2024


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


THE UPHOLSTERERS STUDIO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The Upholsterers Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 03174539. The registered office and principal place of business are stated on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is generated through the sale and repair of upholstered furniture and measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Page 3

 


THE UPHOLSTERERS STUDIO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.

Depreciation is provided on the following basis:

Leasehold property
-
33%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
25%
reducing balance
Equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

 
2.8

Financial instruments

The company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 4

 


THE UPHOLSTERERS STUDIO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery  etc
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2021
972
8,801
8,106
2,893
20,772



At 31 March 2022

972
8,801
8,106
2,893
20,772



Depreciation


At 1 April 2021
972
8,555
8,106
2,640
20,273


Charge for the year on owned assets
-
62
-
63
125



At 31 March 2022

972
8,617
8,106
2,703
20,398



Net book value



At 31 March 2022
-
184
-
190
374



At 31 March 2021
-
246
-
253
499


5.


Debtors

2022
2021
£
£


Trade debtors
47,387
147,873

Other debtors
9,142
-

Prepayments and accrued income
3,875
4,327

60,404
152,200


Page 5

 


THE UPHOLSTERERS STUDIO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
712
-

Bank loans
-
1,064

Trade creditors
1,777
31,231

Corporation tax
-
16,140

Other taxation and social security
8,925
20,104

Other creditors
36,943
37,132

Accruals and deferred income
3,500
3,500

51,857
109,171



7.


Commitments under operating leases

At 31 March 2022 the company had future minimum lease payments under non-cancellable operating leases as follows:

2022
2021
£
£


Not later than 1 year
15,500
15,500

Later than 1 year and not later than 5 years
29,662
45,162

45,162
60,662


8.


Related party transactions

At balance sheet date, included within other creditors, an amount of £36,912 was due to the directors. This loan has been provided free from interest, and is repayable on demand.

 
Page 6