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Registered number: 2593050
Studio Homes Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
E. H. Taylors
203 London Road
Hadleigh
Benfleet
Essex
SS7 2RD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 2593050
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,103,669 5,205,617
4,103,669 5,205,617
CURRENT ASSETS
Debtors 5 1,457,854 6,516
Cash at bank and in hand 963,743 485,565
2,421,597 492,081
Creditors: Amounts Falling Due Within One Year 6 (486,264 ) (71,566 )
NET CURRENT ASSETS (LIABILITIES) 1,935,333 420,515
TOTAL ASSETS LESS CURRENT LIABILITIES 6,039,002 5,626,132
PROVISIONS FOR LIABILITIES
Deferred Taxation (709,426 ) (724,574 )
NET ASSETS 5,329,576 4,901,558
CAPITAL AND RESERVES
Called up share capital 7 2,000 2,000
Fair Value Reserve 8 2,125,527 2,169,509
Profit and Loss Account 3,202,049 2,730,049
SHAREHOLDERS' FUNDS 5,329,576 4,901,558
Page 1
Page 2
For the year ending 31 March 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Siamak Etemadieh
Director
12th July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Studio Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 2593050 . The registered office is 23 Ditton Court Road, Westcliff on Sea , Essex, SS0 7HG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Financial Instruments
Basic financial instruments include loans to third parties at commerical rates of interest, and are measured at cost less provision for impairment.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Investment Properties Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 April 2023 5,200,000 25,931 50,467 5,276,398
Additions - - 1,560 1,560
Disposals (1,100,000 ) - - (1,100,000 )
As at 31 March 2024 4,100,000 25,931 52,027 4,177,958
Depreciation
As at 1 April 2023 - 25,930 44,851 70,781
Provided during the period - - 3,508 3,508
As at 31 March 2024 - 25,930 48,359 74,289
Net Book Value
As at 31 March 2024 4,100,000 1 3,668 4,103,669
As at 1 April 2023 5,200,000 1 5,616 5,205,617
The fair value of the investment properties held by the company has been determined by the directors as at 31 March 2024 based on observations on the sale of similar properties and the expected yield of the rental income. The fair value is not based on a valuation by an independent professional valuer.
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5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,492 2,110
VAT - 303
Directors' loan accounts 4,009 4,103
6,501 6,516
Due after more than one year
Other debtors 1,450,000 -
Corporation tax recoverable assets 1,353 -
1,451,353 -
1,457,854 6,516
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 139,713 32,689
VAT 289,654 -
Other creditors 45,364 37,327
Accruals and deferred income 11,533 1,550
486,264 71,566
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000 2,000
8. Reserves
Fair Value Reserve
£
As at 1 April 2023 2,169,509
Transfer to profit and loss (43,982 )
As at 31 March 2024 2,125,527
Page 5