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Registered number: 08292051
Eaton House Studio Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
LPTA Limited
Chartered Certified Accountants
Priory Place Priory Road
Tiptree
Colchester
Essex
CO5 0QE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08292051
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 240,066 114,483
240,066 114,483
CURRENT ASSETS
Stocks 5 20,480 3,066
Debtors 6 78,252 70,397
Cash at bank and in hand 8,980 41,800
107,712 115,263
Creditors: Amounts Falling Due Within One Year 7 (142,733 ) (140,467 )
NET CURRENT ASSETS (LIABILITIES) (35,021 ) (25,204 )
TOTAL ASSETS LESS CURRENT LIABILITIES 205,045 89,279
Creditors: Amounts Falling Due After More Than One Year 8 (183,524 ) (148,981 )
NET ASSETS/(LIABILITIES) 21,521 (59,702 )
CAPITAL AND RESERVES
Called up share capital 9 4 4
Revaluation reserve 10 56,590 -
Profit and Loss Account (35,073 ) (59,706 )
SHAREHOLDERS' FUNDS 21,521 (59,702)
Page 1
Page 2
For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Amy Griffith
Director
30th May 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Eaton House Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08292051 . The registered office is Eaton House, West End Road, Colchester, CO5 0QH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Non depreciating asset
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 4)
3 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 January 2023 88,410 5,723 900 27,401
Additions 70,000 - - 1,465
Revaluation 56,590 - - -
As at 31 December 2023 215,000 5,723 900 28,866
Depreciation
As at 1 January 2023 - 1,335 823 9,373
Provided during the period - 878 26 1,019
As at 31 December 2023 - 2,213 849 10,392
Net Book Value
As at 31 December 2023 215,000 3,510 51 18,474
As at 1 January 2023 88,410 4,388 77 18,028
Computer Equipment Total
£ £
Cost or Valuation
As at 1 January 2023 4,777 127,211
Additions 224 71,689
Revaluation - 56,590
As at 31 December 2023 5,001 255,490
Depreciation
As at 1 January 2023 1,197 12,728
Provided during the period 773 2,696
As at 31 December 2023 1,970 15,424
Net Book Value
As at 31 December 2023 3,031 240,066
As at 1 January 2023 3,580 114,483
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Page 5
5. Stocks
2023 2022
£ £
Stock 20,480 3,066
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 75,955 70,002
Prepayments and accrued income 2,297 395
78,252 70,397
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 842 112
Bank loans and overdrafts 24,672 17,556
Other taxes and social security 27 155
VAT 27,658 24,698
Security Deposit (Current liabilities - creditors < 1 year) - 200
Billings in Advance (Current liabilities - creditors < 1 year) 86,648 94,415
Accruals and deferred income 1,275 1,275
Directors' loan accounts 1,611 2,056
142,733 140,467
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank Loans (+1yr) 183,524 148,981
183,524 148,981
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
Page 5
Page 6
10. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve 56,590
As at 31 December 2023 56,590
Page 6