1 February 2023 v2024.42.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP116704462023-02-012024-01-31116704462024-01-31116704462023-01-3111670446core:WithinOneYear2024-01-3111670446core:WithinOneYear2023-01-3111670446core:AfterOneYear2024-01-3111670446core:AfterOneYear2023-01-3111670446core:ShareCapital2024-01-3111670446core:ShareCapital2023-01-3111670446core:RetainedEarningsAccumulatedLosses2024-01-3111670446core:RetainedEarningsAccumulatedLosses2023-01-3111670446bus:Director12023-02-012024-01-3111670446bus:RegisteredOffice2023-02-012024-01-3111670446core:PlantMachinery2023-02-012024-01-3111670446core:FurnitureFittings2023-02-012024-01-3111670446core:MotorVehicles2023-02-012024-01-31116704462022-02-012023-01-3111670446core:PlantMachinery2023-02-0111670446core:PlantMachinery2024-01-3111670446core:PlantMachinery2023-01-311167044612023-02-012024-01-3111670446countries:EnglandWales2023-02-012024-01-3111670446bus:AuditExempt-NoAccountantsReport2023-02-012024-01-3111670446bus:PrivateLimitedCompanyLtd2023-02-012024-01-3111670446bus:SmallEntities2023-02-012024-01-3111670446bus:FullAccounts2023-02-012024-01-31
Company registration number:
11670446
Polyart Studio Ltd
Unaudited Filleted Financial Statements for the year ended
31 January 2024
Polyart Studio Ltd
Statement of Financial Position
31 January 2024
20242023
Note££
Fixed assets    
Tangible assets 5
32,540
 
32,331
 
Current assets    
Debtors 6 -  
809
 
Cash at bank and in hand
88,169
 
68,560
 
88,169
 
69,369
 
Creditors: amounts falling due within one year 7
(15,309
)
(5,952
)
Net current assets
72,860
 
63,417
 
Total assets less current liabilities 105,400   95,748  
Creditors: amounts falling due after more than one year 8
(10,084
)
(11,969
)
Net assets
95,316
 
83,779
 
Capital and reserves    
Called up share capital
200
 
200
 
Profit and loss account
95,116
 
83,579
 
Shareholders funds
95,316
 
83,779
 
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.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 September 2024
, and are signed on behalf of the board by:
Mr A Budnariu
Director
Company registration number:
11670446
Polyart Studio Ltd
Notes to the Financial Statements
Year ended
31 January 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Bramhall House
,
14 Ack Lane East
,
Bramhall
,
SK7 2BY
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
3
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 February 2023
41,593
 
Additions
9,975
 
Disposals
(299
)
At
31 January 2024
51,269
 
Depreciation  
At
1 February 2023
9,262
 
Charge
9,479
 
Disposals
(12
)
At
31 January 2024
18,729
 
Carrying amount  
At
31 January 2024
32,540
 
At 31 January 2023
32,331
 

6 Debtors

20242023
££
Other debtors -  
809
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
1,892
 
1,887
 
Taxation and social security
12,505
 
3,270
 
Other creditors
912
 
795
 
15,309
 
5,952
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
10,084
 
11,969