Registered number
11196510
T & S Studios Ltd
Unaudited Filleted Accounts
29 February 2024
T & S Studios Ltd
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of T & S Studios Ltd for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of T & S Studios Ltd for the year ended 29 February 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Pitts & SeeUs
Chartered Accountants
Studio 6
6 Hornsey Street
Holloway
London
N7 6GR
9 September 2024
T & S Studios Ltd
Registered number: 11196510
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,417 765
Current assets
Stocks - 64,000
Debtors 4 71,483 14,311
Cash at bank and in hand 32,860 51,582
104,343 129,893
Creditors: amounts falling due within one year 5 (53,185) (51,750)
Net current assets 51,158 78,143
Total assets less current liabilities 52,575 78,908
Creditors: amounts falling due after more than one year 6 (7,312) (16,247)
Net assets 45,263 62,661
Capital and reserves
Called up share capital 100 100
Profit and loss account 45,163 62,561
Shareholder's funds 45,263 62,661
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Moynihan
Director
Approved by the board on 9 September 2024
T & S Studios Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
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 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 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% Reducing balance
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 2,334
Additions 1,006
At 29 February 2024 3,340
Depreciation
At 1 March 2023 1,569
Charge for the year 354
At 29 February 2024 1,923
Net book value
At 29 February 2024 1,417
At 28 February 2023 765
4 Debtors 2024 2023
£ £
Trade debtors 71,483 14,311
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 217
Trade creditors 26,872 3,873
Taxation and social security costs 25,590 47,036
Other creditors 723 624
53,185 51,750
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,312 16,247
7 Other information
T & S Studios Ltd is a private company limited by shares and incorporated in England. Its registered office is:
72 Meadway
Hoddesdon
EN11 8AT
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