Company registration number 11163927 (England and Wales)
MCWILLIAM STUDIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MCWILLIAM STUDIO LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
MCWILLIAM STUDIO LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,415
3,801
Current assets
Debtors
4
12,463
15,119
Cash at bank and in hand
28,878
36,352
41,341
51,471
Creditors: amounts falling due within one year
5
(25,713)
(45,198)
Net current assets
15,628
6,273
Net assets
21,043
10,074
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
20,943
9,974
Total equity
21,043
10,074
The notes on pages 3 to 5 form part of these financial statements.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 2 July 2024
Mr G J McWilliam
Director
Company registration number 11163927 (England and Wales)
MCWILLIAM STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
McWilliam Studio Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, England, B75 5BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% on cost.
Computers
33% on cost.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MCWILLIAM STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
8,129
Additions
3,729
At 31 January 2024
11,858
Depreciation and impairment
At 1 February 2023
4,328
Depreciation charged in the year
2,115
At 31 January 2024
6,443
Carrying amount
At 31 January 2024
5,415
At 31 January 2023
3,801
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,191
10,131
Other debtors
9,272
4,988
12,463
15,119
MCWILLIAM STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
15,559
23,021
Other creditors
10,154
22,177
25,713
45,198
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100