2023-04-012024-03-312024-03-31false10497765IDENTIFY STUDIO 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IDENTIFY STUDIO LIMITED

Registered Number
10497765
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

IDENTIFY STUDIO LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

STAINTON, Janice Carrie

Registered Address

7 Ophthalmic Works
2 Naples Street
Manchester
M4 4DB

Registered Number

10497765 (England and Wales)
IDENTIFY STUDIO LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,5022,002
1,5022,002
Current assets
Debtors57,8001,935
Cash at bank and on hand6,26322,218
14,06324,153
Creditors amounts falling due within one year6(14,864)(23,455)
Net current assets (liabilities)(801)698
Total assets less current liabilities7012,700
Provisions for liabilities7(285)(380)
Net assets4162,320
Capital and reserves
Called up share capital11
Profit and loss account4152,319
Shareholders' funds4162,320
The financial statements were approved and authorised for issue by the Director on 9 October 2024, and are signed on its behalf by:
STAINTON, Janice Carrie
Director
Registered Company No. 10497765
IDENTIFY STUDIO LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Office Equipment25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 231,5505,6437,193
At 31 March 241,5505,6437,193
Depreciation and impairment
At 01 April 231,2973,8945,191
Charge for year63437500
At 31 March 241,3604,3315,691
Net book value
At 31 March 241901,3121,502
At 31 March 232531,7492,002
4.Stocks
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables7,8001,920
Prepayments and accrued income-15
Total7,8001,935
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables16414
Taxation and social security6,3248,362
Other creditors8,37615,079
Total14,86423,455
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)285380
Total285380