Studio 912 Limited 09737940 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property investment and development. Digita Accounts Production Advanced 6.30.9574.0 true true true 09737940 2023-04-01 2024-03-31 09737940 2024-03-31 09737940 core:RetainedEarningsAccumulatedLosses 2024-03-31 09737940 core:ShareCapital 2024-03-31 09737940 core:CurrentFinancialInstruments 2024-03-31 09737940 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09737940 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09737940 core:FurnitureFittings 2024-03-31 09737940 bus:SmallEntities 2023-04-01 2024-03-31 09737940 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09737940 bus:FullAccounts 2023-04-01 2024-03-31 09737940 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09737940 bus:Director1 2023-04-01 2024-03-31 09737940 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09737940 core:FurnitureFittings 2023-04-01 2024-03-31 09737940 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 09737940 1 2023-04-01 2024-03-31 09737940 countries:AllCountries 2023-04-01 2024-03-31 09737940 2023-03-31 09737940 core:FurnitureFittings 2023-03-31 09737940 2022-04-01 2023-03-31 09737940 2023-03-31 09737940 core:RetainedEarningsAccumulatedLosses 2023-03-31 09737940 core:ShareCapital 2023-03-31 09737940 core:CurrentFinancialInstruments 2023-03-31 09737940 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09737940 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09737940 core:FurnitureFittings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09737940

Studio 912 Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Studio 912 Limited

(Registration number: 09737940)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

35,928,123

45,704,805

Current assets

 

Debtors

6

1,689,103

248,285

Cash at bank and in hand

 

4,023,076

4,471,375

 

5,712,179

4,719,660

Creditors: Amounts falling due within one year

7

(2,963,660)

(9,091,693)

Net current assets/(liabilities)

 

2,748,519

(4,372,033)

Total assets less current liabilities

 

38,676,642

41,332,772

Creditors: Amounts falling due after more than one year

7

(39,545,811)

(39,243,292)

Net (liabilities)/assets

 

(869,169)

2,089,480

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(869,269)

2,089,380

Shareholders' (deficit)/funds

 

(869,169)

2,089,480

For the financial 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.

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 Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 16 August 2024 and signed on its behalf by:
 

 

Studio 912 Limited

(Registration number: 09737940)

Balance Sheet as at 31 March 2024 (continued)

.........................................

A J B Smith
Director

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statutory information

Studio 912 Limited is a private company, limited by shares, domiciled in England and Wales, company number 09737940. The registered office is at Pegasus House, 463a Glossop Road, Sheffield, S10 2QD.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors and the continued support of the shareholders, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover represents rental income from occupied investment properties.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

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.

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

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

Investment properties

Not depreciated

Fixtures and fittings

25% straight line

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard FRS102 - Section 1A, as follows:

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Staff numbers (continued)

3

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Loss/(profit) on disposal of tangible fixed assets

(125,517)

30,090

4

Tangible assets

Fixtures and fittings
£

Cost or valuation

At 1 April 2023

1,090

At 31 March 2024

1,090

Depreciation

At 1 April 2023

1,090

At 31 March 2024

1,090

Carrying amount

At 31 March 2024

-

At 31 March 2023

-

5

Investment properties

2024
£

At 1 April 2023

45,704,805

Additions

88,415

Disposals

(6,880,568)

Fair value adjustments

(2,984,529)

At 31 March 2024

35,928,123

The investment properties were revalued on 31 March 2024 by the directors who are internal to the company. The basis of this valuation was existing use basis. This class of assets has a current value of £35,928,123 (2023 - £45,704,805) and a carrying amount at historical cost of £39,974,307 (2023 - £46,267,359). The depreciation on this historical cost is £Nil.

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

21,390

3,403

Amounts owed by related undertakings

1,625,578

237,712

Prepayments

8,313

7,170

Other debtors

33,822

-

1,689,103

248,285

7

Creditors

2024
£

2023
£

Due within one year

Bank loans and overdrafts

2,486,020

8,756,033

Taxation and social security

173,211

37,018

Other creditors

12,750

13,638

Accruals

291,679

285,004

2,963,660

9,091,693

Due after one year

Bank loans

16,698,519

22,847,292

Amounts due to parent undertakings

22,847,292

16,396,000

39,545,811

39,243,292

The bank borrowings are secured by a charge over the assets of the Company.

8

Related party transactions

Summary of transactions with other related parties

Other debtors include an amount of £125,578 (2023 - £237,712) due from Daleside Estates Limited and an amount of £1,500,000 (2023 - £Nil) due from Me Space Limited, associated companies, which are interest free.

The amount due to the parent undertaking, Chelsea Estates Limited, of £22,847,292 (2023 - £16,396,000) included in creditors due after one year is interest free.

 

9

Parent and ultimate parent undertaking

The ultimate parent is Chelsea Estates Limited, incorporated in Guernsey.