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Registered Number: 05329848
England and Wales

 

 

 

U STUDIO DESIGN LTD


Filleted Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Director A Cresswell
Registered Number 05329848
Registered Office 115 Gloucester Road
Bishopston
Bristol
BS7 8AT
Accountants Bond & Co Chartered Certified Accountants
Bristol North Baths
Gloucester Road
Bristol
BS7 8BN
1
Director's report and financial statements
The director presents his annual report and the financial statements for the year ended 31 March 2024.
Principal activities
The companys principal activity during the year was that of wholesale & retail.
Director
The director who served the company throughout the year was as follows:
A Cresswell
Statement of director's responsibilities
The director is responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
A Cresswell
Director

Date approved: 21 November 2024
2
Report to the directors on the preparation of the unaudited statutory accounts of U Studio Design Ltd for the year ended 31 March 2024. In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of U Studio Design Ltd for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/. This report is made solely to the Board of Directors of U Studio Design Ltd, as a body, in accordance with the terms of our engagement letter dated 22 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of U Studio Design Ltd and state those matters that we have agreed to state to the Board of Directors of U Studio Design Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than U Studio Design Ltd and its Board of Directors as a body for our work or for this report. It is your duty to ensure that U Studio Design Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of U Studio Design Ltd. You consider that U Studio Design Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of U Studio Design Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts 31 March 2024.



Bond & Co Chartered Certified Accountants

Bristol North Baths
Gloucester Road
Bristol
BS7 8BN
21 November 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 370,364    320,109 
370,364    320,109 
Current assets      
Stocks 5 196,182    191,241 
Debtors 6 39,549    51,532 
Cash at bank and in hand 224,612    329,273 
460,343    572,046 
Creditors: amount falling due within one year 7 (142,012)   (108,381)
Net current assets 318,331    463,665 
 
Total assets less current liabilities 688,695    783,774 
Creditors: amount falling due after more than one year 8 (90,776)   (132,708)
Provisions for liabilities 9 (4,769)   (5,905)
Net assets 593,150    645,161 
 

Capital and reserves
     
Called up share capital 70    70 
Capital Redemption Reserve 10 30    30 
Profit and loss account 593,050    645,061 
Shareholders' funds 593,150    645,161 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 21 November 2024 and were signed by:


-------------------------------
A Cresswell
Director
4
General Information
U Studio Design Ltd is a private company, limited by shares, registered in England and Wales, registration number 05329848, registration address 115 Gloucester Road, Bishopston, Bristol, BS7 8AT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 0 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 3 to 10 Years Straight Line
Fixtures and Fittings 10% Straight Line
Improvements to property 14.30% Straight Line
Investment properties
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The fair value is determined annually by the director, on an open market value basis.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 14 (2023 : 10).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 24,000    24,000 
Additions  
Disposals  
At 31 March 2024 24,000    24,000 
Amortisation
At 01 April 2023 24,000    24,000 
Charge for year  
On disposals  
At 31 March 2024 24,000    24,000 
Net book values
At 31 March 2024  
At 31 March 2023  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Investment properties   Improvements to property   Total
  £   £   £   £   £
At 01 April 2023 41,345    59,517    225,000    88,008    413,870 
Additions 2,171          2,171 
Disposals        
Revaluations     70,000      70,000 
At 31 March 2024 43,516    59,517    295,000    88,008    486,041 
Depreciation
At 01 April 2023 28,100    40,503      25,158    93,761 
Charge for year 3,379    5,952      12,585    21,916 
On disposals        
At 31 March 2024 31,479    46,455      37,743    115,677 
Net book values
Closing balance as at 31 March 2024 12,037    13,062    295,000    50,265    370,364 
Opening balance as at 01 April 2023 13,245    19,014    225,000    62,850    320,109 


5.

Stocks

2024
£
  2023
£
Stocks 196,182    191,241 
196,182    191,241 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 29,517    34,801 
Prepayments & Accrued Income 9,132    11,416 
Other Debtors 900    5,315 
39,549    51,532 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 74,973    34,530 
Bank Loans (secured by fixed & floating charges) 42,000    41,700 
Accrued Expenses 12,456    16,415 
Other Creditors 8,122    5,010 
Directors' Current Accounts  
VAT 4,455    10,726 
142,012    108,381 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans (secured by fixed & floating charges) 90,776    132,708 
90,776    132,708 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 4,769    5,905 
4,769    5,905 

10.

Capital Redemption Reserve

2024
£
  2023
£
Capital Redemption Reserve b/fwd 30    30 
30    30 

5