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Filleted

Registration number: 11921479

Studio Pren Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Studio Pren Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Studio Pren Limited

Company Information

Director

Mr B Rees

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Studio Pren Limited

(Registration number: 11921479)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

70,874

39,817

Current assets

 

Stocks

6

65,826

26,503

Debtors

7

9,971

14,279

Cash at bank and in hand

 

101,500

88,424

 

177,297

129,206

Creditors: Amounts falling due within one year

8

(52,001)

(36,791)

Net current assets

 

125,296

92,415

Net assets

 

196,170

132,232

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

196,070

132,132

Total equity

 

196,170

132,232

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 Profit and Loss Account has been taken.

Approved and authorised by the director on 14 October 2024
 

.........................................
Mr B Rees
Director

   
     
 

Studio Pren Limited

Notes to the Financial Statements for the Year Ended 30 April 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:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 14 October 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Studio Pren Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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

Motor Vehicles

20% Reducing balance

Plant and Machinery

20% Reducing balance

Office Equipment

20% Reducing balance

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Studio Pren Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

12,983

9,761

 

Studio Pren Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

60,666

1,261

7,055

68,982

Additions

25,162

-

21,500

46,662

Disposals

-

-

(6,400)

(6,400)

At 30 April 2024

85,828

1,261

22,155

109,244

Depreciation

At 1 May 2023

24,548

452

4,165

29,165

Charge for the year

9,901

162

2,920

12,983

Eliminated on disposal

-

-

(3,778)

(3,778)

At 30 April 2024

34,449

614

3,307

38,370

Carrying amount

At 30 April 2024

51,379

647

18,848

70,874

At 30 April 2023

36,118

809

2,890

39,817

6

Stocks

2024
£

2023
£

Work in progress

65,826

26,503

7

Debtors

2024
£

2023
£

Trade debtors

120

9,998

Prepayments

476

-

Other debtors

9,375

4,281

9,971

14,279

 

Studio Pren Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

4,384

1,730

Taxation and social security

 

-

1,353

Other related parties

 

31,753

25,760

Outstanding defined contribution pension costs

 

261

178

Corporation tax liability

 

6,011

-

Other creditors

 

9,592

7,770

 

52,001

36,791

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £1 each

95

95

95

95

Ordinary A share capital of £1 each

5

5

5

5

 

100

100

100

100

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Other payments made to company by director
£

At 30 April 2024
£

Mr B Rees

Director's loan account

(25,760)

(5,993)

(31,753)

       
     

 

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr B Rees

Director's loan account

(34,260)

8,500

(25,760)