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COMPANY REGISTRATION NUMBER: 05505714
NORTHLIGHT ART STUDIOS LTD
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
NORTHLIGHT ART STUDIOS LTD
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
NORTHLIGHT ART STUDIOS LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
7
35,520
23,365
CURRENT ASSETS
Debtors
8
6,720
4,983
Cash at bank and in hand
52,560
71,660
---------
---------
59,280
76,643
CREDITORS: amounts falling due within one year
9
6,072
6,313
---------
---------
NET CURRENT ASSETS
53,208
70,330
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
88,728
93,695
---------
---------
NET ASSETS
88,728
93,695
---------
---------
NORTHLIGHT ART STUDIOS LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Profit and loss account
88,728
93,695
---------
---------
MEMBERS FUNDS
88,728
93,695
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 October 2024 , and are signed on behalf of the board by:
Mr D C Myers
Director
Company registration number: 05505714
NORTHLIGHT ART STUDIOS LTD
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Brooklyn Buildings, Valley Road, Hebden Bridge, HX1 1HU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. COMPANY LIMITED BY GUARANTEE
The Company is limited by guarantee and does not have a share capital. The liability of members in the event of the company being liquidated is limited to £1 per member.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
6. TAX ON (LOSS)/PROFIT
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax expense
1,389
Adjustments in respect of prior periods
( 700)
----
-------
Total current tax
( 700)
1,389
----
-------
----
-------
Tax on (loss)/profit
( 700)
1,389
----
-------
7. TANGIBLE ASSETS
Long leasehold property
Equipment
Total
£
£
£
Cost
At 1 August 2023
38,240
18,566
56,806
Additions
14,830
14,830
---------
---------
---------
At 31 July 2024
38,240
33,396
71,636
---------
---------
---------
Depreciation
At 1 August 2023
18,141
15,300
33,441
Charge for the year
2,296
379
2,675
---------
---------
---------
At 31 July 2024
20,437
15,679
36,116
---------
---------
---------
Carrying amount
At 31 July 2024
17,803
17,717
35,520
---------
---------
---------
At 31 July 2023
20,099
3,266
23,365
---------
---------
---------
8. DEBTORS
2024
2023
£
£
Corporation tax repayable
701
Other debtors
6,019
4,983
-------
-------
6,720
4,983
-------
-------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
3,302
2,156
Corporation tax
1,387
Other creditors
2,770
2,770
-------
-------
6,072
6,313
-------
-------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
22,740
22,740
Later than 1 year and not later than 5 years
15,160
37,900
---------
---------
37,900
60,640
---------
---------