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Registered number: 12594945
Studio Dialect Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
TaxAssist Horfield
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12594945
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,933 36,774
41,933 36,774
CURRENT ASSETS
Debtors 5 157,621 159,959
Cash at bank and in hand 166,034 114,173
323,655 274,132
Creditors: Amounts Falling Due Within One Year 6 (94,930 ) (126,041 )
NET CURRENT ASSETS (LIABILITIES) 228,725 148,091
TOTAL ASSETS LESS CURRENT LIABILITIES 270,658 184,865
NET ASSETS 270,658 184,865
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 270,656 184,863
SHAREHOLDERS' FUNDS 270,658 184,865
Page 1
Page 2
For the year ending 31 May 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathan Landon
Director
Mr Andrew Buchan
Director
18/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Studio Dialect Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12594945 . The registered office is 288a Gloucester Road, Horfield, Bristol, BS7 8PD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 1,911 69,753 71,664
Additions - 30,767 30,767
As at 31 May 2024 1,911 100,520 102,431
Depreciation
As at 1 June 2023 813 34,077 34,890
Provided during the period 478 25,130 25,608
As at 31 May 2024 1,291 59,207 60,498
Net Book Value
As at 31 May 2024 620 41,313 41,933
As at 1 June 2023 1,098 35,676 36,774
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 100,812 152,541
Other debtors 50,728 7,418
Other taxes and social security 4,281 -
155,821 159,959
Due after more than one year
Other debtors 1,800 -
1,800 -
157,621 159,959
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,793 33,701
Corporation tax 51,371 23,761
Other taxes and social security - 8,397
VAT 5,906 43,216
Net wages - 600
Other creditors 29,081 12,211
Directors' loan accounts 4,779 4,155
94,930 126,041
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Other Commitments
There is a rental lease for 1 year from 27 March 2024, and rent due between 1st June 2024 and 27th March 2025 is shown as a committment within 1 year. Rent for the year is £18,000 (+ VAT)
2024 2023
£ £
Not later than one year 14,745 -
14,745 -
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