Registered number
08422026
White Crow Studios Limited
Unaudited Filleted Accounts
31 March 2024
White Crow Studios Limited
Registered number: 08422026
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 93,930 73,822
Current assets
Stocks 9,874 7,428
Debtors 4 97,627 68,078
Cash at bank and in hand 108,049 168,615
215,550 244,121
Creditors: amounts falling due within one year 5 (112,875) (73,311)
Net current assets 102,675 170,810
Total assets less current liabilities 196,605 244,632
Creditors: amounts falling due after more than one year 6 (5,556) (38,889)
Provisions for liabilities (1,178) (810)
Net assets 189,871 204,933
Capital and reserves
Called up share capital 100 100
Profit and loss account 189,771 204,833
Shareholders' funds 189,871 204,933
The directors are 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 directors acknowledge their 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.
Mr P J Crowton
Director
Approved by the board on 21 August 2024
White Crow Studios Limited
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).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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:
Land and buildings over 50 years
Fixtures, fittings and equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 71,468 136,202 207,670
Additions 20,450 6,351 26,801
At 31 March 2024 91,918 142,553 234,471
Depreciation
At 1 April 2023 1,429 132,419 133,848
Charge for the year 1,839 4,854 6,693
At 31 March 2024 3,268 137,273 140,541
Net book value
At 31 March 2024 88,650 5,280 93,930
At 31 March 2023 70,039 3,783 73,822
4 Debtors 2024 2023
£ £
Trade debtors 89,844 56,235
Other debtors 7,783 11,843
97,627 68,078
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 33,333 33,333
Taxation and social security costs 67,857 35,573
Other creditors 11,685 4,405
112,875 73,311
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,556 38,889
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 1,330 4,522
8 Related party transactions
At 31 March 2024 the company owed the directors £8,641 (2023 : £1,717). These loans are interest free and repayable on demand.
During the year dividends of £82,000 (2023 : £91,000) were paid to the directors.
9 Controlling party
The company is equally controlled by the directors.
10 Other information
White Crow Studios Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Morston Court
Kingswood Lakeside
Cannock
Staffs
WS11 8JB
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