Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr A J Foxall 23/08/2005 Mr I C Foxall 23/08/2005 30 August 2024 The principal activity of the Company during the financial year was advertising consultancy services. SC289334 2023-08-31 SC289334 bus:Director1 2023-08-31 SC289334 bus:Director2 2023-08-31 SC289334 2022-08-31 SC289334 core:CurrentFinancialInstruments 2023-08-31 SC289334 core:CurrentFinancialInstruments 2022-08-31 SC289334 core:Non-currentFinancialInstruments 2023-08-31 SC289334 core:Non-currentFinancialInstruments 2022-08-31 SC289334 core:ShareCapital 2023-08-31 SC289334 core:ShareCapital 2022-08-31 SC289334 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC289334 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC289334 core:Vehicles 2022-08-31 SC289334 core:FurnitureFittings 2022-08-31 SC289334 core:ComputerEquipment 2022-08-31 SC289334 core:Vehicles 2023-08-31 SC289334 core:FurnitureFittings 2023-08-31 SC289334 core:ComputerEquipment 2023-08-31 SC289334 2021-08-31 SC289334 bus:OrdinaryShareClass1 2023-08-31 SC289334 core:KeyManagementPersonnel 2023-08-31 SC289334 core:KeyManagementPersonnel 2022-08-31 SC289334 2022-09-01 2023-08-31 SC289334 bus:FilletedAccounts 2022-09-01 2023-08-31 SC289334 bus:SmallEntities 2022-09-01 2023-08-31 SC289334 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC289334 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC289334 bus:Director1 2022-09-01 2023-08-31 SC289334 bus:Director2 2022-09-01 2023-08-31 SC289334 core:Vehicles core:TopRangeValue 2022-09-01 2023-08-31 SC289334 core:FurnitureFittings 2022-09-01 2023-08-31 SC289334 core:ComputerEquipment 2022-09-01 2023-08-31 SC289334 2021-09-01 2022-08-31 SC289334 core:Vehicles 2022-09-01 2023-08-31 SC289334 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 SC289334 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 SC289334 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 SC289334 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC289334 (Scotland)

FOXALL STUDIO LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

FOXALL STUDIO LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

FOXALL STUDIO LTD

BALANCE SHEET

AS AT 31 AUGUST 2023
FOXALL STUDIO LTD

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 13,381 15,585
13,381 15,585
Current assets
Debtors 4 161,182 133,982
Cash at bank and in hand 5 250 39,608
161,432 173,590
Creditors: amounts falling due within one year 6 ( 148,220) ( 151,794)
Net current assets 13,212 21,796
Total assets less current liabilities 26,593 37,381
Creditors: amounts falling due after more than one year 7 ( 23,274) ( 33,206)
Provision for liabilities 8, 9 ( 3,302) ( 3,847)
Net assets 17 328
Capital and reserves
Called-up share capital 10 3 3
Profit and loss account 14 325
Total shareholders' funds 17 328

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Foxall Studio Ltd (registered number: SC289334) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

Mr I C Foxall
Director
FOXALL STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
FOXALL STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Foxall Studio Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line
Fixtures and fittings 25 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 September 2022 8,995 2,729 14,371 26,095
Additions 0 824 1,402 2,226
At 31 August 2023 8,995 3,553 15,773 28,321
Accumulated depreciation
At 01 September 2022 150 2,131 8,229 10,510
Charge for the financial year 1,799 280 2,351 4,430
At 31 August 2023 1,949 2,411 10,580 14,940
Net book value
At 31 August 2023 7,046 1,142 5,193 13,381
At 31 August 2022 8,845 598 6,142 15,585

4. Debtors

2023 2022
£ £
Trade debtors 49,998 66,434
Other debtors 111,184 67,548
161,182 133,982

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 250 39,608
Less: Bank overdrafts ( 35,360) ( 27,016)
(35,110) 12,592

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 67,362 36,703
Trade creditors 19,428 8,439
Taxation and social security 39,088 92,027
Other creditors 22,342 14,625
148,220 151,794

Included within Bank loans and overdrafts are amounts advanced to the company under the Bounce Back Loan Scheme of £9,932 (2022 - £9,687). This loan is fully backed by a government guarantee.

Also included within Bank loans and overdrafts is a loan which has been personally guaranteed by the Directors of £22,070 (2022 - £0).

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,274 33,206

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 3,302 3,847

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 3,847) ( 1,341)
Credited/(charged) to the Statement of Income and Retained Earnings 545 ( 2,506)
At the end of financial year ( 3,302) ( 3,847)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
30 Ordinary shares of £ 0.10 each 3 3

11. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

2023 2022
£ £
Directors loan account 93,401 66,353

Advances totalling £118,721 have been made to the directors in this period and £93,477 has been repaid. Interest of £1,804 was charged at HMRC's official interest rate 2.25% on these advances. The above loan is unsecured and has no fixed terms of repayment.