Wiles Studios Ltd 13903353 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Hairdressing and other beauty treatment Digita Accounts Production Advanced 6.30.9574.0 true true 13903353 2023-03-01 2024-02-29 13903353 2024-02-29 13903353 core:CurrentFinancialInstruments 2024-02-29 13903353 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13903353 core:FurnitureFittingsToolsEquipment 2024-02-29 13903353 bus:SmallEntities 2023-03-01 2024-02-29 13903353 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13903353 bus:AbridgedAccounts 2023-03-01 2024-02-29 13903353 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13903353 bus:RegisteredOffice 2023-03-01 2024-02-29 13903353 bus:Director1 2023-03-01 2024-02-29 13903353 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13903353 core:Goodwill 2023-03-01 2024-02-29 13903353 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 13903353 countries:EnglandWales 2023-03-01 2024-02-29 13903353 2023-02-28 13903353 core:FurnitureFittingsToolsEquipment 2023-02-28 13903353 2022-02-09 2023-02-28 13903353 2023-02-28 13903353 core:CurrentFinancialInstruments 2023-02-28 13903353 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13903353 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 13903353

Wiles Studios Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

Wiles Studios Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Wiles Studios Ltd

Company Information

Director

V Wiles

Registered office

10 Cheyne Walk
Northamptonshire
England
NN1 5PT

Accountants

The Numbersmith Limited
10 Cheyne Walk
Northampton
England
NN1 5PT

 

Wiles Studios Ltd

(Registration number: 13903353)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

960

1,080

Tangible assets

6

2,914

3,375

 

3,874

4,455

Current assets

 

Stocks

7

6,934

5,350

Debtors

(1,640)

1,371

Cash at bank and in hand

 

799

674

 

6,093

7,395

Creditors: Amounts falling due within one year

(33,394)

(31,563)

Net current liabilities

 

(27,301)

(24,168)

Net liabilities

 

(23,427)

(19,713)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(23,527)

(19,813)

Shareholders' deficit

 

(23,427)

(19,713)

For the financial year ending 29 February 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 her 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 the option to not file the profit and loss account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 19 November 2024
 

 

Wiles Studios Ltd

(Registration number: 13903353)
Abridged Balance Sheet as at 29 February 2024

.........................................
V Wiles
Director

 

Wiles Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 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:
10 Cheyne Walk
Northamptonshire
England
NN1 5PT
England

These financial statements were authorised for issue by the director on 19 November 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 abridged 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 abridged 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.

 

Wiles Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

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.

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:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Wiles Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less 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 their useful life as follows:

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.

Trade 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.

Trade 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.

 

Wiles Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 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.

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 14 (2023 - 13).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

870

1,125

Amortisation expense

120

120

 

Wiles Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 March 2023

1,200

At 29 February 2024

1,200

Amortisation

At 1 March 2023

120

Amortisation charge

120

At 29 February 2024

240

Carrying amount

At 29 February 2024

960

At 28 February 2023

1,080

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

4,500

4,500

Additions

408

408

At 29 February 2024

4,908

4,908

Depreciation

At 1 March 2023

1,125

1,125

Charge for the year

869

869

At 29 February 2024

1,994

1,994

Carrying amount

At 29 February 2024

2,914

2,914

At 28 February 2023

3,375

3,375

 

Wiles Studios Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

7

Stocks

2024
£

2023
£

Other inventories

6,934

5,350