1 June 2022 v2024.5.2 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP54675812022-06-012023-05-3154675812023-05-3154675812022-05-315467581core:WithinOneYear2023-05-315467581core:WithinOneYear2022-05-315467581core:AfterOneYear2023-05-315467581core:AfterOneYear2022-05-315467581core:ShareCapital2023-05-315467581core:ShareCapital2022-05-315467581core:RetainedEarningsAccumulatedLosses2023-05-315467581core:RetainedEarningsAccumulatedLosses2022-05-315467581bus:Director12022-06-012023-05-315467581bus:RegisteredOffice2022-06-012023-05-315467581core:FurnitureFittingsToolsEquipment2022-06-012023-05-315467581core:MotorVehicles2022-06-012023-05-3154675812021-06-012022-05-315467581core:PlantMachinery2022-06-015467581core:PlantMachinery2022-06-012023-05-315467581core:PlantMachinery2023-05-315467581core:PlantMachinery2022-05-31546758112022-06-012023-05-315467581countries:EnglandWales2022-06-012023-05-315467581bus:AuditExempt-NoAccountantsReport2022-06-012023-05-315467581bus:PrivateLimitedCompanyLtd2022-06-012023-05-315467581bus:SmallEntities2022-06-012023-05-315467581bus:FullAccounts2022-06-012023-05-315467581bus:Director22022-06-012023-05-31
Company registration number:
5467581
Studio AV Ltd
Unaudited Filleted Financial Statements for the year ended
31 May 2023
Studio AV Ltd
Statement of Financial Position
31 May 2023
20232022
Note££
Fixed assets    
Tangible assets 5
22,991
 
26,358
 
Current assets    
Stocks
369,550
 
268,595
 
Debtors 6
101,733
 
5,816
 
Cash at bank and in hand
16,353
 
2,823
 
487,636
 
277,234
 
Creditors: amounts falling due within one year 7
(333,836
)
(160,108
)
Net current assets
153,800
 
117,126
 
Total assets less current liabilities 176,791   143,484  
Creditors: amounts falling due after more than one year 8
(489,907
)
(491,475
)
Net liabilities
(313,116
)
(347,991
)
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
(313,117
)
(347,992
)
Shareholders deficit
(313,116
)
(347,991
)
For the year ending
31 May 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
14 November 2023
, and are signed on behalf of the board by:
James Punter
Director
Company registration number:
5467581
Studio AV Ltd
Notes to the Financial Statements
Year ended
31 May 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Vine Barn
,
Village Green
,
Northchapel, Petworth
,
West Sussex
,
GU28 9HU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
15% reducing balance basis
Motor vehicles
25% reducing balance basis

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
4.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2022
198,490
 
Additions
3,538
 
At
31 May 2023
202,028
 
Depreciation  
At
1 June 2022
172,132
 
Charge
6,905
 
At
31 May 2023
179,037
 
Carrying amount  
At
31 May 2023
22,991
 
At 31 May 2022
26,358
 

6 Debtors

20232022
££
Trade debtors
101,358
 
3,189
 
Other debtors
375
 
2,627
 
101,733
 
5,816
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
5,911
 
8,525
 
Trade creditors
114,544
 
10,700
 
Taxation and social security
4,047
 
1,713
 
Other creditors
209,334
 
139,170
 
333,836
 
160,108
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
39,907
 
41,475
 
Other creditors
450,000
 
450,000
 
489,907
 
491,475