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Registration number: 07855089

Cabinet Studios Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2023

 

Cabinet Studios Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Cabinet Studios Limited

(Registration number: 07855089)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

17

176

Tangible assets

5

1,319

567

 

1,336

743

Current assets

 

Stocks

4,315

6,339

Debtors

3,168

2,857

Cash at bank and in hand

 

4,127

11,473

 

11,610

20,669

Creditors: Amounts falling due within one year

(4,800)

(9,185)

Net current assets

 

6,810

11,484

Net assets

 

8,146

12,227

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

8,046

12,127

Total equity

 

8,146

12,227

 

Cabinet Studios Limited

(Registration number: 07855089)
Abridged Balance Sheet as at 30 November 2023

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.

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 her 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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 24 August 2024
 

.........................................

Miss G Critchley

Director

 

Cabinet Studios Limited

Notes to the Unaudited Abridged 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:
Chimney Cottage
Brampford Speke
Exeter
Devon
EX5 5HG

These financial statements were authorised for issue by the director on 24 August 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Asset class

Depreciation method and rate

Plant and machinery

33% Straight line

 

Cabinet Studios Limited

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

Fixtures and fittings

25% Straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks, patents and licenses

10% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Cabinet Studios Limited

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

4

Intangible assets

Total
£

Cost or valuation

At 1 December 2022

4,600

At 30 November 2023

4,600

Amortisation

At 1 December 2022

4,424

Amortisation charge

159

At 30 November 2023

4,583

Carrying amount

At 30 November 2023

17

At 30 November 2022

176

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

1,649

2,000

3,649

Additions

1,309

-

1,309

At 30 November 2023

2,958

2,000

4,958

Depreciation

At 1 December 2022

1,082

2,000

3,082

Charge for the year

557

-

557

At 30 November 2023

1,639

2,000

3,639

Carrying amount

At 30 November 2023

1,319

-

1,319

At 30 November 2022

567

-

567