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Registration number: 07922954

Unseen Studio Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Unseen Studio Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Unseen Studio Limited

Company Information

Directors

T W P Anderson

R E Lewis

N A Riley

Registered office

35a Colston Avenue
Bristol
BS1 4TT

Accountants

Burton Sweet Limited
Chartered Accountants & Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Unseen Studio Limited

(Registration number: 07922954)
Balance Sheet
31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,943

9,266

Current assets

 

Stocks

5

10,926

4,399

Debtors

6

76,981

22,896

Cash at bank and in hand

 

85,204

133,631

 

173,111

160,926

Creditors: Amounts falling due within one year

7

(133,056)

(96,857)

Net current assets

 

40,055

64,069

Total assets less current liabilities

 

56,998

73,335

Creditors: Amounts falling due after more than one year

7

(26,462)

(29,167)

Provisions for liabilities

(2,616)

(2,616)

Net assets

 

27,920

41,552

Capital and reserves

 

Called up share capital

99

99

Retained earnings

27,821

41,453

Shareholders' funds

 

27,920

41,552

 

Unseen Studio Limited

(Registration number: 07922954)
Balance Sheet
31 January 2024

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 August 2024 and signed on its behalf by:
 

.........................................
T W P Anderson
Director

.........................................
R E Lewis
Director

.........................................
N A Riley
Director

 

Unseen Studio Limited

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35a Colston Avenue
Bristol
BS1 4TT

These financial statements were authorised for issue by the Board on 31 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is shown net of value added tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Unseen Studio Limited

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, Equipment, Plant & Machinery

25% pr annum reducing balance and 33% straight line per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business and are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Work in progress comprises direct labour costs and those overheads that have been incurred in bringing the inventories to their condition.

 

Unseen Studio Limited

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Unseen Studio Limited

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 12).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 February 2023

22,397

22,397

Additions

20,560

20,560

At 31 January 2024

42,957

42,957

Depreciation

At 1 February 2023

13,131

13,131

Charge for the year

12,883

12,883

At 31 January 2024

26,014

26,014

Carrying amount

At 31 January 2024

16,943

16,943

At 31 January 2023

9,266

9,266

 

Unseen Studio Limited

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

5

Stocks

2024
£

2023
£

Work in progress

10,926

4,399

6

Debtors

2024
£

2023
£

Trade debtors

62,645

7,028

Other debtors

7,727

8,254

Prepayments

6,609

7,614

76,981

22,896

 

Unseen Studio Limited

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

14,863

10,032

Trade creditors

 

4,418

6,702

Taxation and social security

 

89,628

25,577

Other creditors

 

24,147

54,546

 

133,056

96,857

Due after one year

 

Loans and borrowings

8

26,462

29,167

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

26,462

29,167

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

19,167

29,167

Hire purchase contracts

7,295

-

26,462

29,167

 

Unseen Studio Limited

Notes to the Unaudited Financial Statements
Year Ended 31 January 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

32

Hire purchase contracts

4,863

-

14,863

10,032