Company Registration No. 09403673 (England and Wales)
Paul Morrison Studio Limited
Unaudited accounts
for the year ended 31 January 2024
Paul Morrison Studio Limited
Unaudited accounts
Contents
Paul Morrison Studio Limited
Company Information
for the year ended 31 January 2024
Company Number
09403673 (England and Wales)
Registered Office
43-45 High Road
Bushey Heath
England
WD23 1EE
Accountants
Charterwells
Suite 8, 2nd Floor
43-45 High Road
Bushey Heath
WD23 1EE
Paul Morrison Studio Limited
Statement of financial position
as at 31 January 2024
Tangible assets
2,749
2,610
Cash at bank and in hand
424,522
464,945
Creditors: amounts falling due within one year
(20,497)
(77,276)
Net current assets
485,823
492,144
Net assets
488,572
494,754
Called up share capital
1
1
Profit and loss account
488,571
494,753
Shareholders' funds
488,572
494,754
For the year ending 31 January 2024 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 August 2024 and were signed on its behalf by
P Morrison
Director
Company Registration No. 09403673
Paul Morrison Studio Limited
Notes to the Accounts
for the year ended 31 January 2024
Paul Morrison Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 09403673. The registered office is 43-45 High Road, Bushey Heath, England, WD23 1EE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
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 accounts. 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.
Paul Morrison Studio Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2023
6,419
9,863
16,282
At 31 January 2024
6,419
13,301
19,720
At 1 February 2023
5,639
8,033
13,672
Charge for the year
780
2,519
3,299
At 31 January 2024
6,419
10,552
16,971
At 31 January 2024
-
2,749
2,749
At 31 January 2023
780
1,830
2,610
Amounts falling due within one year
Accrued income and prepayments
1,334
1,334
Amounts falling due after more than one year
Other debtors
80,000
80,000
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
17,256
53,069
Loans from directors
1,056
22,022
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
The loan above is interest free and repayable on demand. The loan above has been fully repaid back to the company within 9 months after the year end.
Paul Morrison Studio Limited
Notes to the Accounts
for the year ended 31 January 2024
9
Transactions with related parties
Within other debtors is a loan of £80,000 (2021: £0) to Oak Tree Assets Ltd, which is a related party as it is a company in which Paul Morrison is a shareholder and director.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).