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Registration number: 7648899

The Click Studios Portraits Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

The Click Studios Portraits Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Click Studios Portraits Limited

Company Information

Director

S D Ornstein

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

The Click Studios Portraits Limited

(Registration number: 7648899)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,091

5,975

Current assets

 

Debtors

6

10,815

16,484

Cash at bank and in hand

 

25,144

66,411

 

35,959

82,895

Creditors: Amounts falling due within one year

7

(29,698)

(21,993)

Net current assets

 

6,261

60,902

Total assets less current liabilities

 

15,352

66,877

Creditors: Amounts falling due after more than one year

7

(26,439)

(32,000)

Net (liabilities)/assets

 

(11,087)

34,877

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(11,187)

34,777

Shareholders' (deficit)/funds

 

(11,087)

34,877

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

The Click Studios Portraits Limited

(Registration number: 7648899)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 20 August 2024
 

.........................................
S D Ornstein
Director

 

The Click Studios Portraits Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
Lawford House
Albert Place
London
N3 1QA

These financial statements were authorised for issue by the director on 20 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

The Click Studios Portraits Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Going concern

As at the balance sheet date, the company's liabilities exceeded assets by £11,087. However, the company's director is satisfied that these financial statements have been properly prepared on a going concern basis, as he intends to support the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

The Click Studios Portraits Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on reducing balance

Financial instruments

Classification
The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.


 Recognition and measurement
Debt instruments that constitute a financing transaction are initially measured at fair value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit & loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

4,000

4,000

At 30 November 2023

4,000

4,000

Amortisation

At 1 December 2022

4,000

4,000

At 30 November 2023

4,000

4,000

Carrying amount

At 30 November 2023

-

-

 

The Click Studios Portraits Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

21,091

21,091

Additions

6,146

6,146

At 30 November 2023

27,237

27,237

Depreciation

At 1 December 2022

15,116

15,116

Charge for the year

3,030

3,030

At 30 November 2023

18,146

18,146

Carrying amount

At 30 November 2023

9,091

9,091

At 30 November 2022

5,975

5,975

6

Debtors

Current

2023
£

2022
£

Other debtors

10,815

16,484

 

10,815

16,484

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

6,269

4,000

Trade creditors

 

10,532

3,189

Taxation and social security

 

6,589

10,448

Accruals and deferred income

 

771

771

Other creditors

 

5,537

3,585

 

29,698

21,993

 

The Click Studios Portraits Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

26,439

32,000

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

26,439

32,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,295

4,000

Bank overdrafts

974

-

6,269

4,000

9

Related party transactions

At the balance sheet date, the company owed the director a sum of £2,355 (2022 - owed the company £13,103).