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The Old Smithy Recording Studios Limited
Registered Number:02641887
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2023
The Old Smithy Recording Studios Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
02641887
As at 31 October 2023
The Old Smithy Recording Studios Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
12,790
14,212
2
12,790
14,212
Current assets
Trade and other receivables
76,388
104,830
3
6,535
Cash and cash equivalents
1,988
106,818
82,923
Trade and other payables: amounts falling due within one
year
(59,457)
(43,724)
4
23,466
63,094
Net current assets
Total assets less current liabilities
75,884
37,678
Trade and other payables: amounts falling due after more
than one year
(207,580)
(210,399)
5
(134,515)
Net liabilities
(169,902)
Capital and reserves
Called up share capital
2
2
Retained earnings
(134,517)
(169,904)
(134,515)
(169,902)
Shareholders' funds
For the year ended 31 October 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mrs. V. B. Murfin Director
These financial statements were approved and authorised for issue by the Board on 31 July 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 October 2023
The Old Smithy Recording Studios Limited
Notes to the Financial Statements
Statutory Information
The Old Smithy Recording Studios Limited is a private limited company, limited by shares, domiciled in England and
Wales, registration number 02641887.
Registered address:
The Old Smithy,
1, Post Office Lane,
Kempsey,
Worcester.
WR5 3NS
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
10% Reducing balance
25% Reducing balance
Computer equipment
25% Reducing balance
Fixtures and fittings
Going Concern
The business as a going concern is only possible with the Directors continued financial support.
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5
For the year ended 31 October 2023
The Old Smithy Recording Studios Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
equipment
Fixtures and
fittings
Plant and
machinery
£
£
£
£
Cost or
valuation
At 01 November 2022
202,421
4,332
2,703
195,386
At 31 October 2023
195,386
2,703
4,332
202,421
Provision for depreciation and impairment
At 01 November 2022
188,209
4,332
2,703
181,174
Charge for year
1,422
-
-
1,422
At 31 October 2023
189,631
4,332
2,703
182,596
At 31 October 2023
Net book value
12,790
-
-
12,790
At 31 October 2022
14,212
-
-
14,212
3. Trade and other receivables
2022
2023
£
£
Trade debtors
85,864
62,433
Amounts owed by group undertakings and participating interests
15,155
13,177
Other debtors
3,811
778
76,388
104,830
The debtors above include the following amounts falling due after more than one year:
Amounts owed by group undertakings and participating interests
15,155
13,177
Other debtors
3,033
-
18,188
13,177
4. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft (secured)
10,031
10,648
Trade creditors
-
12,211
Amounts owed to group undertaking and undertaking in which the
company has a participating interest
22,273
25,249
Taxation and social security
8,628
7,429
Other creditors
2,792
3,920
43,724
59,457
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6
For the year ended 31 October 2023
The Old Smithy Recording Studios Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Other creditors
210,399
207,580
6. Average number of persons employed
During the year the average number of employees was 1 (2022 : 1)
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