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.
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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 |
0 |
|
3,073 |
Advance Paid |
0 |
|
2,385 |
Other Creditors |
858 |
|
0 |
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) |
|
0 |
|
(16,141) |
Members' interests after profit for the period |
(16,141) |
|
0 |
|
(16,141) |
Repaid to members |
0 |
|
18,155 |
|
18,155 |
Drawings |
0 |
|
77,606 |
|
77,606 |
Balance at 30 November 2023 |
(16,141) |
|
95,761 |
|
79,620 |
|
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2
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