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Registration number: 13380842

Tom Massey Studio Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Tom Massey Studio Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tom Massey Studio Ltd

Company Information

Directors

Mr Thomas Massey

Anna Louise Millais

Registered office

Suite 1C Meadway Court Meadway Technology Park
Rutherford Close
Stevenage
SG1 2EF

Accountants

Re:Accounts Limited
Chartered Accountants
Suite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

Tom Massey Studio Ltd

(Registration number: 13380842)
Balance Sheet as at 31 May 2024

Note

31 May
2024
£

31 May
2023
£

Fixed assets

 

Tangible assets

4

10,809

7,817

Current assets

 

Debtors

5

881

38,760

Cash at bank and in hand

 

264,540

263,903

 

265,421

302,663

Creditors: Amounts falling due within one year

6

(116,999)

(159,579)

Net current assets

 

148,422

143,084

Net assets

 

159,231

150,901

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

159,031

150,701

Shareholders' funds

 

159,231

150,901

For the financial 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.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

 

Tom Massey Studio Ltd

(Registration number: 13380842)
Balance Sheet as at 31 May 2024 (continued)

.........................................
Mr Thomas Massey
Director

.........................................
Anna Louise Millais
Director

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Suite 1C Meadway Court Meadway Technology Park
Rutherford Close
Stevenage
SG1 2EF
England

These financial statements were authorised for issue by the Board on 22 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 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the garden design 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

Asset class

Depreciation method and rate

Computer equipment

25% straight line

Office equipment

20% straight line

Plant and machinery

25% straight line

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.

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.

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 0 (2023 - 4).

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

18,744

3,917

22,661

Additions

8,297

276

8,573

At 31 May 2024

27,041

4,193

31,234

Depreciation

At 1 June 2023

12,594

2,250

14,844

Charge for the year

4,678

903

5,581

At 31 May 2024

17,272

3,153

20,425

Carrying amount

At 31 May 2024

9,769

1,040

10,809

At 31 May 2023

6,150

1,667

7,817

5

Debtors

Current

31 May
2024
£

31 May
2023
£

Trade debtors

-

37,050

Prepayments

881

1,710

 

881

38,760

6

Creditors

Creditors: amounts falling due within one year

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Creditors (continued)

31 May
2024
£

31 May
2023
£

Due within one year

Trade creditors

1,460

49,588

Taxation and social security

53,853

46,861

Accruals and deferred income

1,405

1,375

Other creditors

60,281

61,755

116,999

159,579

7

Share capital

Allotted, called up and fully paid shares

31 May
2024

31 May
2023

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

       

8

Dividends

Final dividends paid

31 May
2024
£

31 May
2023
£

Final dividend of 50.00 (2023 - Nil) per each Ordinary

10,000

-

 

 

Interim dividends paid

31 May
2024
£

31 May
2023
£

Interim dividend of 300.00 per each Ordinary

60,000

60,000

 

 
 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Related party transactions

Included within creditors at the year end is £39,202 (2023: £20,080) owed to the directors. The loan is interest free with no fixed date for repayment.The directors confirm that they will not remove the loan until the company has sufficient funds to trade without it.

During the year the company paid £6,600 (2023: £9,600) of rent to a partnership in which the director was a partner. The rent was charged at market value and the business adhered to standard buisness terms.

 

Tom Massey Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

94,221

12,570