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Company No: 09807428 (England and Wales)

STUDIO ORE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

STUDIO ORE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

STUDIO ORE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
STUDIO ORE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Daniel James Lee
REGISTERED OFFICE C/O Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
COMPANY NUMBER 09807428 (England and Wales)
CHARTERED ACCOUNTANTS Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
STUDIO ORE LIMITED

BALANCE SHEET

As at 31 December 2023
STUDIO ORE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Tangible assets 3 725,543 774,989
Investments 4 11,083 11,083
736,626 786,072
Current assets
Stocks 5 175,000 221,020
Debtors
- due within one year 6 950,890 670,202
- due after more than one year 6 10,508 10,508
Cash at bank and in hand 35,835 115,336
1,172,233 1,017,066
Creditors: amounts falling due within one year 7 ( 186,617) ( 202,189)
Net current assets 985,616 814,877
Total assets less current liabilities 1,722,242 1,600,949
Creditors: amounts falling due after more than one year 8 ( 1,049,781) ( 904,238)
Net assets 672,461 696,711
Capital and reserves
Called-up share capital 9 2 2
Share premium account 2,716 2,716
Profit and loss account 669,743 693,993
Total shareholders' funds 672,461 696,711

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Studio Ore Limited (registered number: 09807428) were approved and authorised for issue by the Director on 06 September 2024. They were signed on its behalf by:

Daniel James Lee
Director
STUDIO ORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
STUDIO ORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Studio Ore Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The financial statements for the period to 31 December 2022 represent a period of 14 months.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 4 - 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.12.2023
Period from
01.11.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 14

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 18,670 1,053,116 1,071,786
Additions 2,652 30,851 33,503
At 31 December 2023 21,322 1,083,967 1,105,289
Accumulated depreciation
At 01 January 2023 3,346 293,451 296,797
Charge for the financial year 4,117 78,832 82,949
At 31 December 2023 7,463 372,283 379,746
Net book value
At 31 December 2023 13,859 711,684 725,543
At 31 December 2022 15,324 759,665 774,989

4. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 01 January 2023 11,083
At 31 December 2023 11,083
Carrying value at 31 December 2023 11,083
Carrying value at 31 December 2022 11,083

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Held
Studio Ore SRL Italy Manufacture and sale of bathroom fittings Ordinary 100.00% 100.00% Direct

The capital and reserves and the loss of the subsidiary undertaking was as follows:

Capital and
reserves
at 31.12.2023
Loss for
the year ended
31.12.2023
£ £
Studio Ore SRL (250,425) (146,846)

5. Stocks

31.12.2023 31.12.2022
£ £
Stocks 175,000 221,020

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

31.12.2023 31.12.2022
£ £
Debtors: amounts falling due within one year
Trade debtors 119,247 271,447
Amounts owed by Group undertakings 799,265 397,155
Other debtors 32,378 1,600
950,890 670,202
Debtors: amounts falling due after more than one year
Other debtors 10,508 10,508

7. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Bank loans 10,000 10,000
Trade creditors 21,937 12,853
Other taxation and social security 11,999 17,421
Obligations under finance leases and hire purchase contracts 21,099 21,099
Other creditors 121,582 140,816
186,617 202,189

8. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Bank loans 14,167 24,167
Obligations under finance leases and hire purchase contracts (secured) 27,443 48,542
Other creditors 1,008,171 831,529
1,049,781 904,238

The assets acquired under hire purchase and finance kleases are secured over the assets to which they relate.

9. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
180 A Ordinary shares of £ 0.01 each 1.80 1.80
20 B Ordinary shares of £ 0.01 each 0.20 0.20
2.00 2.00

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.12.2023 31.12.2022
£ £
within one year 44,500 16,625
between one and five years 178,000 0
after five years 218,792 0
441,292 16,625

The Company had no material capital commitments at the year ended 31 December 2023.

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.