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Registered Number: OC429594
England and Wales

 

 

 

STUDIO.SKEY LLP


Filleted Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Current assets      
Debtors 3 2,332    2,331 
Cash at bank and in hand 95,547    163,545 
97,879    165,876 
Creditors: amount falling due within one year 4 (18,259)   (28,380)
Net current assets 79,620    137,496 
 
Total assets less current liabilities 79,620    137,496 
Net assets 79,620    137,496 
 

Represented by:
Loans and other debts due to members 5 95,761    14,154 
Amounts due from members   (34,649)
Members' other interest
Other reserves (16,141)   157,991 
(16,141)   157,991 

79,620    137,496 
 

Total members' interests
Amounts due from members 5   (34,649)
Loans and other debts due to members 95,761    14,154 
Members' other interests (16,141)   157,991 
79,620    137,496 
 


For the year ending 30 November 2023 the LLP was entitled to exemption under section 477 of the Companies Act 2006 (as applied to LLPs) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions applicable to LLPs subject to the small LLPs regime.The LLP has opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account under section 444(1) of the Companies Act 2006
These accounts were approved by the members and signed on their behalf by:


.............................................................................
Georgina Key
Designated Member
Date approved by the members: 30 August 2024
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General Information
STUDIO.SKEY LLP is a limited liability partnership, registered in England and Wales, registration number OC429594, registration address Mare Street Studios Unit 302d, 203-213 Mare Street, LONDON, United Kingdom, E8 3DQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant 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) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
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 (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.
Members capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 2,332    2,331 
2,332    2,331 

4.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   3,073 
Advance Paid   2,385 
Other Creditors 858   
Deferred tax 1,000    (2,435)
VAT 16,401    25,357 
18,259    28,380 

5.

Members' Interests

Other reserves   Loans and other debts due to members less any amounts due from members included in debtors   Total
Profit for the period available for discretionary division among members (16,141)     (16,141)
Members' interests after profit for the period (16,141)     (16,141)
Repaid to members   18,155    18,155 
Drawings   77,606    77,606 
Balance at 30 November 2023 (16,141)   95,761    79,620 
 



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