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Registered number: 12334342
Product Studio Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12334342
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,936 14,637
Investments 5 1,191,455 1,001,570
1,251,391 1,016,207
CURRENT ASSETS
Debtors 6 492,686 468,143
Cash at bank and in hand 763,887 119,675
1,256,573 587,818
Creditors: Amounts Falling Due Within One Year 7 (503,389 ) (331,746 )
NET CURRENT ASSETS (LIABILITIES) 753,184 256,072
TOTAL ASSETS LESS CURRENT LIABILITIES 2,004,575 1,272,279
PROVISIONS FOR LIABILITIES
Deferred Taxation (41,911 ) (3,634 )
NET ASSETS 1,962,664 1,268,645
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 1,962,662 1,268,643
SHAREHOLDERS' FUNDS 1,962,664 1,268,645
Page 1
Page 2
For the year ending 31 March 2024 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
E Boase
Director
8 July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Product Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12334342 . The registered office is Scatterford Newland, Coleford, GL16 8NG.
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.
Rendering of services
Turnover from the provision of training conferences and seminars is recognised when the training is provided.
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:
Motor Vehicles 25.00% straight line
Computer Equipment 33.33% straight line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Valuation of investments
Investments in listed company shares and listed corporate bonds are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 57,340 6,430 63,770
Additions 65,440 10,572 76,012
Disposals - (4,107 ) (4,107 )
As at 31 March 2024 122,780 12,895 135,675
Depreciation
As at 1 April 2023 42,963 6,170 49,133
Provided during the period 27,968 2,745 30,713
Disposals - (4,107 ) (4,107 )
As at 31 March 2024 70,931 4,808 75,739
Net Book Value
As at 31 March 2024 51,849 8,087 59,936
As at 1 April 2023 14,377 260 14,637
5. Investments
Listed
£
Cost
As at 1 April 2023 1,001,570
Revaluations 189,885
As at 31 March 2024 1,191,455
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 1,191,455
As at 1 April 2023 1,001,570
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 464,673 460,092
Other debtors 28,013 8,051
492,686 468,143
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 3,149
Corporation tax 342,424 220,920
Other taxes and social security 797 879
VAT - 87,881
Net wages 379 -
Accruals and deferred income 159,789 18,917
503,389 331,746
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
The company paid dividends to the directors during the period of £481,000 (2023 - £437,000).
Page 5