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Registration number: 14245355

Rooms Studio Ltd (FORMERLY House of Rooms Limited)

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Rooms Studio Ltd (FORMERLY House of Rooms Limited)

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Rooms Studio Ltd (FORMERLY House of Rooms Limited)

Company Information

Directors

D J Law

N D Bogle

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Rooms Studio Ltd (FORMERLY House of Rooms Limited)

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

66,455

35,950

Current assets

 

Debtors

5

2,843

15,460

Cash at bank and in hand

 

1,930

3,264

 

4,773

18,724

Creditors: Amounts falling due within one year

6

(255,914)

(194,199)

Net current liabilities

 

(251,141)

(175,475)

Net liabilities

 

(184,686)

(139,525)

Capital and reserves

 

Called up share capital

125

100

Retained earnings

(184,811)

(139,625)

Shareholders' deficit

 

(184,686)

(139,525)

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

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

D J Law

Director

Company registration number: 14245355

 

Rooms Studio Ltd (FORMERLY House of Rooms Limited)

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

1

General information

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

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the design and manufacture of luxury fashion apparel.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Disclosure of long or short period

The comparative period relates to the period from 20 July 2022 to 31 March 2023. The current period is for the year ended 31 March 2024.

Going concern

The company had net liabilities at 31 March 2024 amounting to £184,686.

At this date an amount of £250,589 was due to a director who has confirmed he will not call for repayment until such time as the company has sufficient working capital. The company has few fixed costs and it is the directors' view that it will not be materially impacted by the current economic conditions.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue at the point of retail sale or dispatch of online orders.

 

Rooms Studio Ltd (FORMERLY House of Rooms Limited)

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over its useful life and commences when the the asset is available for use.

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.

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 the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Rooms Studio Ltd (FORMERLY House of Rooms Limited)

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

4

Intangible assets

Website development
£

Product development
£

Total
£

Cost or valuation

At 1 April 2023

16,688

19,262

35,950

Additions acquired separately

6,590

23,915

30,505

At 31 March 2024

23,278

43,177

66,455

Carrying amount

At 31 March 2024

23,278

43,177

66,455

At 31 March 2023

16,688

19,262

35,950

5

Debtors

2024
£

2023
£

Other debtors

2,843

15,460

2,843

15,460

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

600

5,723

Accruals and deferred income

4,725

13,700

Other creditors

250,589

174,776

255,914

194,199