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Registration number: 13767536

Studio53 Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Studio53 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Studio53 Limited

Company Information

Director:

Mr H Haq

Registered office:

Savoy House
Savoy Circus
London
England
W3 7DA

Registered number:

13767536

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Studio53 Limited

(Registration number: 13767536)
Balance Sheet as at 30 November 2023

Note

30.11.23

30.11.22

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

27,968

 

36,480

CURRENT ASSETS

   

 

Debtors

5

23,319

 

41,726

 

Cash at bank and in hand

 

7,666

 

353

 

 

30,985

 

42,079

 

CREDITORS

   

 

Creditors within 1yr

6

69,461

 

24,387

 

Net current (liabilities)/assets

   

(38,476)

 

17,692

Total assets less current liabilities

   

(10,508)

 

54,172

Creditors
Amounts falling due after more than one year

6

 

8,924

 

65,555

Net liabilities

   

(19,432)

 

(11,383)

CAPITAL AND RESERVES

   

 

Called up share capital

 

1

 

1

Profit and loss account

 

(19,433)

 

(11,384)

Shareholders' deficit

   

(19,432)

 

(11,383)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 November 2024

.........................................
Mr H Haq
Director

 

Studio53 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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:
Savoy House
Savoy Circus
London
England
W3 7DA

These financial statements were authorised for issue by the director on 29 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.

The presentational currency is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis on the understanding that the director will continue to support the business for at least 12 months from the date of signing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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.

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:

 

Studio53 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Computer equipment

20% straight line basis

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Studio53 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (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.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4.

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

45,600

45,600

Additions

608

608

At 30 November 2023

46,208

46,208

Depreciation

At 1 December 2022

9,120

9,120

Charge for the year

9,120

9,120

At 30 November 2023

18,240

18,240

Carrying amount

At 30 November 2023

27,968

27,968

At 30 November 2022

36,480

36,480

5.

Debtors

Current

Note

30.11.23
£

30.11.22
£

Trade debtors

 

-

23,883

Amounts owed by related parties

23,319

14,809

Other debtors

 

-

3,034

   

23,319

41,726

The company is owed £23,319 (2022: £14,809) by an associate company. No interest or repayment terms have been set and the loan is repayable on demand.

 

Studio53 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6.

Creditors

Creditors: amounts falling due within one year

Note

30.11.23
£

30.11.22
£

Due within one year

 

Loans and borrowings

7

8,264

9,295

Accruals and deferred income

 

2,568

1,200

Other creditors

 

58,629

13,892

 

69,461

24,387

Creditors: amounts falling due after more than one year

Note

30.11.23
£

30.11.22
£

Due after one year

 

Loans and borrowings

7

8,924

65,555

7.

Loans and borrowings

30.11.23
£

30.11.22
£

Non-current loans and borrowings

Hire purchase contracts

8,924

15,555

Other borrowings

-

50,000

8,924

65,555

30.11.23
£

30.11.22
£

Current loans and borrowings

Hire purchase contracts

8,264

9,295