Registered number
SC657569
Emote Studio Design Ltd
Unaudited Filleted Accounts
31 March 2024
Emote Studio Design Ltd
Registered number: SC657569
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,635 5,746
Current assets
Debtors 4 11,171 10,302
Cash at bank and in hand 6,163 8,717
17,334 19,019
Creditors: amounts falling due within one year 5 (15,925) (12,226)
Net current assets 1,409 6,793
Total assets less current liabilities 6,044 12,539
Creditors: amounts falling due after more than one year 6 (6,043) (9,499)
Net assets 1 3,040
Capital and reserves
Called up share capital 1 1
Profit and loss account - 3,039
Shareholders' funds 1 3,040
The director is 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 director acknowledges her 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.
Emily Jane Greenhalgh
Director
Approved by the board on 26 July 2024
Emote Studio Design Ltd
Notes to the Accounts
for the year ended 31 March 2024
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:
Office Equipment over 5 years
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 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office Equipment
£
Cost
At 1 April 2023 6,118
Additions 136
At 31 March 2024 6,254
Depreciation
At 1 April 2023 372
Charge for the year 1,247
At 31 March 2024 1,619
Net book value
At 31 March 2024 4,635
At 31 March 2023 5,746
4 Debtors 2024 2023
£ £
Prepayments & Accrued Income 4,415 9,201
Director's Loan Account 6,756 -
VAT Reclaimable - 1,101
11,171 10,302
5 Creditors: amounts falling due within one year 2024 2023
£ £
Intercompany Loan 3,240 3,240
Corporation Tax Payable 8,890 7,296
Trade Creditors - 423
Accruals 813 950
PAYE/NIC Payable - 84
VAT Payable 2,744 -
Deferred Tax 238 233
15,925 12,226
6 Creditors: amounts falling due after one year 2024 2023
£ £
Intercompany Loan 5,400 8,640
Deferred Tax 643 859
6,043 9,499
7 Related party transactions
The director, Emily Greenhalgh, owed the company £6,756 at the year end, this was repaid post year end in July 2024 (2023: £Nil).
Due to the registered office moving from England to Scotland the previous trading company owned and run by Emily Jane Greenhalgh, Emote Studio London Limited, has stopped trading and trade has transferred to Emote Studio Design Ltd as of the 1st April 2022. The bounce back loan of Emote Studio London Ltd is unable to be transferred to Emote Studio Design Ltd. The balance of the loan has been transferred to Emote Studio Design Ltd via an intercompany loan, with interest payable at the same rate as that of the bounce back loan at 2.5% per annum fixed. The terms of the intercompany loan are in line with the bouce back loan and will be repaid in full by the end of November 2026.
8 Other information
Emote Studio Design Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
The Black House
Fishnish, Craignure
Isle of Mull
Argyll & Bute
PA65 6BA
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