Studio Heathfield Limited 7152468 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the provision of architectural services. Digita Accounts Production Advanced 6.30.9574.0 true true 7152468 2023-03-01 2024-02-29 7152468 2024-02-29 7152468 bus:OrdinaryShareClass1 2024-02-29 7152468 core:RetainedEarningsAccumulatedLosses 2024-02-29 7152468 core:ShareCapital 2024-02-29 7152468 core:CurrentFinancialInstruments 2024-02-29 7152468 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 7152468 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 7152468 core:MoreThanFiveYears 1 2024-02-29 7152468 core:OfficeEquipment 2024-02-29 7152468 bus:SmallEntities 2023-03-01 2024-02-29 7152468 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 7152468 bus:FilletedAccounts 2023-03-01 2024-02-29 7152468 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 7152468 bus:RegisteredOffice 2023-03-01 2024-02-29 7152468 bus:Director1 2023-03-01 2024-02-29 7152468 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 7152468 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 7152468 core:FurnitureFittings 2023-03-01 2024-02-29 7152468 core:OfficeEquipment 2023-03-01 2024-02-29 7152468 countries:England 2023-03-01 2024-02-29 7152468 2023-02-28 7152468 core:OfficeEquipment 2023-02-28 7152468 2022-03-01 2023-02-28 7152468 2023-02-28 7152468 bus:OrdinaryShareClass1 2023-02-28 7152468 core:RetainedEarningsAccumulatedLosses 2023-02-28 7152468 core:ShareCapital 2023-02-28 7152468 core:CurrentFinancialInstruments 2023-02-28 7152468 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 7152468 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 7152468 core:MoreThanFiveYears 1 2023-02-28 7152468 core:OfficeEquipment 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 7152468

Studio Heathfield Limited

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Studio Heathfield Limited

(Registration number: 7152468)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

318

 

422

Current assets

   

 

Debtors

5

21,995

 

11,910

 

Cash at bank and in hand

 

1,052

 

-

 

 

23,047

 

11,910

 

Creditors: Amounts falling due within one year

6

(33,154)

 

(38,516)

 

Net current liabilities

   

(10,107)

 

(26,606)

Total assets less current liabilities

   

(9,789)

 

(26,184)

Creditors: Amounts falling due after more than one year

6

 

(23,262)

 

(27,162)

Net liabilities

   

(33,051)

 

(53,346)

Capital and reserves

   

 

Called up share capital

7

1

 

1

 

Retained earnings

(33,052)

 

(53,347)

 

Shareholders' deficit

   

(33,051)

 

(53,346)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 July 2024
 

.........................................
Mr P J Heathfield
Director

 

Studio Heathfield Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
The Old Store
The Street
Wonersh
Guildford
Surrey
GU5 0PF
England

The principal place of business is:
Parallel House
32 London Road
Guildford
Surrey
GU1 2AB
England

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 where disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis despite the negative balance sheet totals as the major part of the current liabilities comprise a loan from the director which is shown as current only because the company does not have an unconditional right to defer payment beyond one year. The director has indicated that he will not withdraw the funds whilst the company has need of them and will support the company financially.

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. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and appropriate stages of completion have been reached on each contract.

 

Studio Heathfield Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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

Fixtures and fittings

15% reducing balance

Office equipment

25% reducing balance

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. They are recognised at the transaction price less provision for impairment. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are measured at the transaction price. 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 such a right, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. The interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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. If there is such a right, they are presented as non-current liabilities.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing them.

 

Studio Heathfield Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

7,713

7,713

At 29 February 2024

7,713

7,713

Depreciation

At 1 March 2023

7,291

7,291

Charge for the year

104

104

At 29 February 2024

7,395

7,395

Carrying amount

At 29 February 2024

318

318

At 28 February 2023

422

422

5

Debtors

Current

2024
£

2023
£

Trade debtors

20,320

8,361

Prepayments

1,475

2,169

Other debtors

200

1,380

 

21,995

11,910

 

Studio Heathfield Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

4,344

6,585

Trade creditors

 

1,350

1,350

Taxation and social security

 

5,684

3,633

Accruals and deferred income

 

2,310

2,391

Other creditors

 

19,466

24,557

 

33,154

38,516

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

23,262

27,162

2024
£

2023
£

Due after more than five years

After more than five years by instalments

6,391

6,328

-

-

Creditors include bank loans repayable by instalments of £6,391 (20223- £6,328) due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £510 (2023 - £2,480). The commitments relate to the provision of a virtual office (2023 operating lease on the company's trading premises).