Company Registration No. 09685878 (England and Wales)
The Canopy Studio Limited
Unaudited accounts
for the year ended 31 March 2024
The Canopy Studio Limited
Unaudited accounts
Contents
The Canopy Studio Limited
Company Information
for the year ended 31 March 2024
Directors
M Reeves
D N Todd
S J Morrissey (nee Hornett)
H M Reeves
Company Number
09685878 (England and Wales)
Registered Office
Chernocke House
St. Thomas Street
Winchester
Hampshire
SO23 9HG
The Canopy Studio Limited
Statement of financial position
as at 31 March 2024
Tangible assets
205,450
246,018
Cash at bank and in hand
789,973
570,115
Creditors: amounts falling due within one year
(445,437)
(649,954)
Net current assets
688,223
451,889
Total assets less current liabilities
893,673
697,907
Creditors: amounts falling due after more than one year
(154,167)
(154,167)
Provisions for liabilities
Deferred tax
(51,374)
(46,743)
Net assets
688,132
496,997
Called up share capital
14
14
Profit and loss account
688,118
496,983
Shareholders' funds
688,132
496,997
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by
M Reeves
Director
Company Registration No. 09685878
The Canopy Studio Limited
Notes to the Accounts
for the year ended 31 March 2024
The Canopy Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 09685878. The registered office is Chernocke House, St. Thomas Street, Winchester, Hampshire, SO23 9HG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on a reducing balance
Computer equipment
33% on cost
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The Canopy Studio Limited
Notes to the Accounts
for the year ended 31 March 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
165,632
103,187
257,200
526,019
Additions
6,527
3,489
34,752
44,768
Disposals
-
-
(8,884)
(8,884)
At 31 March 2024
172,159
106,676
283,068
561,903
At 1 April 2023
33,126
73,972
172,903
280,001
Charge for the year
17,125
7,924
51,403
76,452
At 31 March 2024
50,251
81,896
224,306
356,453
At 31 March 2024
121,908
24,780
58,762
205,450
At 31 March 2023
132,506
29,215
84,297
246,018
Amounts falling due within one year
Trade debtors
196,252
361,239
Accrued income and prepayments
147,435
170,489
The Canopy Studio Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
50,000
Trade creditors
57,579
39,959
Taxes and social security
246,976
110,132
Other creditors
5,316
3,771
Loans from directors
(160,271)
(1,415)
Deferred income
197,199
293,579
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
154,167
154,167
During the period, the company made a short-term loan to two directors amounting to £83,898 each, which are repayable prior to 31st December 2024. The loan may be subject to a tax charge under section 455 of the Corporation Tax Act 2010 if it remains outstanding nine months after the year-end.
10
Average number of employees
During the year the average number of employees was 25 (2023: 25).