Company Registration No. 10179960 (England and Wales)
The Waterworks Studio Limited
Unaudited accounts
for the year ended 31 May 2024
The Waterworks Studio Limited
Unaudited accounts
Contents
The Waterworks Studio Limited
Company Information
for the year ended 31 May 2024
Directors
N Fryer
B Nicholls
Company Number
10179960 (England and Wales)
Registered Office
The Waterworks Studio
Unit 1e Ashburner Way
Barrow-in-furness
Cumbria
LA14 5UZ
England
Accountants
EHA Accountancy Ltd
2 Lower Brook Street
Ulverston
Cumbria
LA12 7EE
The Waterworks Studio Limited
Statement of financial position
as at 31 May 2024
Intangible assets
7,000
10,500
Tangible assets
103,973
94,800
Cash at bank and in hand
22,473
42,317
Creditors: amounts falling due within one year
(87,922)
(88,226)
Net current liabilities
(23,191)
(4,862)
Total assets less current liabilities
87,782
100,438
Creditors: amounts falling due after more than one year
(43,994)
(44,661)
Called up share capital
100
100
Profit and loss account
43,688
55,677
Shareholders' funds
43,788
55,777
For the year ending 31 May 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by
N Fryer
Director
Company Registration No. 10179960
The Waterworks Studio Limited
Notes to the Accounts
for the year ended 31 May 2024
The Waterworks Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 10179960. The registered office is The Waterworks Studio, Unit 1e Ashburner Way, Barrow-in-furness, Cumbria, LA14 5UZ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. The useful economic life has been estimated as 10 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The Waterworks Studio Limited
Notes to the Accounts
for the year ended 31 May 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 June 2023
23,012
44,671
75,349
10,371
6,732
160,135
Additions
-
-
40,647
-
-
40,647
Disposals
-
-
(24,999)
-
-
(24,999)
At 31 May 2024
23,012
44,671
90,997
10,371
6,732
175,783
At 1 June 2023
4,829
14,868
38,534
3,127
3,977
65,335
Charge for the year
4,829
7,451
8,081
1,811
1,393
23,565
On disposals
-
-
(17,090)
-
-
(17,090)
At 31 May 2024
9,658
22,319
29,525
4,938
5,370
71,810
At 31 May 2024
13,354
22,352
61,472
5,433
1,362
103,973
At 31 May 2023
18,183
29,803
36,815
7,244
2,755
94,800
The Waterworks Studio Limited
Notes to the Accounts
for the year ended 31 May 2024
Amounts falling due within one year
Accrued income and prepayments
2,117
1,316
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,080
9,700
Obligations under finance leases and hire purchase contracts
6,397
3,200
Trade creditors
47,212
55,789
Taxes and social security
7,521
3,838
Loans from directors
1,045
5,173
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
33,318
23,613
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Transactions with related parties
During the year dividends were paid to the directors of £34,250 (2023: £64,400)
10
Average number of employees
During the year the average number of employees was 14 (2023: 14).