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Registration number: 12217540

Thiss Studio Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Thiss Studio Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

iXBRL Detailed Profit and Loss Account

14 to 15

 

Thiss Studio Ltd

Company Information

Directors

Tamsin Diana Hanke

Alexander James Scott Reading

Registered office

29 Wadeson Street
London
E2 9DR

Accountants

Hatherleigh Limited
Chartered Accountants & Business Advisers
Unit D Green Barn
West Down Farm
Corton Denham
Sherborne
Dorset
DT9 4LG

 

Thiss Studio Ltd

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Tamsin Diana Hanke

Alexander James Scott Reading

Principal activity

The principal activity of the company is architectural design.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Tamsin Diana Hanke
Director

.........................................
Alexander James Scott Reading
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Thiss Studio Ltd
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thiss Studio Ltd for the year ended 31 August 2024 as set out on pages 4 to 13 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Thiss Studio Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Thiss Studio Ltd and state those matters that we have agreed to state to the Board of Directors of Thiss Studio Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thiss Studio Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Thiss Studio 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 Thiss Studio Ltd. You consider that Thiss Studio 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 Thiss Studio 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.

......................................

Hatherleigh Limited
Chartered Accountants & Business Advisers
Unit D Green Barn
West Down Farm
Corton Denham
Sherborne
Dorset
DT9 4LG

13 September 2024

 

Thiss Studio Ltd

Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

171,563

194,483

Cost of sales

 

(3,765)

(1,631)

Gross profit

 

167,798

192,852

Administrative expenses

 

(178,382)

(150,284)

Other operating income

 

28,050

17,355

Operating profit

 

17,466

59,923

Interest payable and similar expenses

 

(8)

(19)

Profit before tax

4

17,458

59,904

Tax on profit

 

7,544

(12,239)

Profit for the financial year

 

25,002

47,665

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Thiss Studio Ltd

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

25,002

47,665

Total comprehensive income for the year

25,002

47,665

 

Thiss Studio Ltd

(Registration number: 12217540)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,045

4,734

Current assets

 

Debtors

6

2,670

480

Cash at bank and in hand

 

30,020

32,756

 

32,690

33,236

Creditors: Amounts falling due within one year

7

(37,630)

(33,069)

Net current (liabilities)/assets

 

(4,940)

167

Net assets

 

105

4,901

Capital and reserves

 

Called up share capital

102

100

Retained earnings

3

4,801

Shareholders' funds

 

105

4,901

For the financial year ending 31 August 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.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Tamsin Diana Hanke
Director

.........................................
Alexander James Scott Reading
Director

 

Thiss Studio Ltd

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

100

4,801

4,901

Profit for the year

-

25,002

25,002

Dividends

-

(29,800)

(29,800)

New share capital subscribed

2

-

2

At 31 August 2024

102

3

105

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

2

3,661

3,663

Profit for the year

-

47,665

47,665

Dividends

-

(46,525)

(46,525)

New share capital subscribed

98

-

98

At 31 August 2023

100

4,801

4,901

 

Thiss Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
29 Wadeson Street
London
E2 9DR

These financial statements were authorised for issue by the Board on 13 September 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Thiss Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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

Office Equipment

25% 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.

 

Thiss Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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 4 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

4,276

3,130

 

Thiss Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

12,518

12,518

Additions

4,586

4,586

At 31 August 2024

17,104

17,104

Depreciation

At 1 September 2023

7,784

7,784

Charge for the year

4,275

4,275

At 31 August 2024

12,059

12,059

Carrying amount

At 31 August 2024

5,045

5,045

At 31 August 2023

4,734

4,734

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,670

480

 

2,670

480

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,245

106

Taxation and social security

22,178

25,430

Accruals and deferred income

1,150

-

Other creditors

11,057

7,533

37,630

33,069

8

Dividends

Interim dividends paid

 

Thiss Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2024
£

2023
£

Interim dividend of £100.00 (2023 - £465.25) per each Class A shares

10,000

46,525

Interim dividend of £1,400.00 (2023 - £Nil) per each Class B share

1,400

-

Interim dividend of £18,400.00 (2023 - £Nil) per each Class C share

18,400

-

29,800

46,525

9

Related party transactions

 

Thiss Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,556

20,680

 

Thiss Studio Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
£

2023
£

Turnover/revenue

171,563

194,483

Cost of sales

Opening stock/inventories

-

-

Purchase of raw materials and consumables

(3,765)

(1,631)

Closing stock/inventories

-

-

Gross profit

167,798

192,852

Distribution costs

Administrative expenses

Audit and accountancy other services

(3,385)

(2,247)

Advertising, promotions and marketing costs

(19,795)

(3,671)

Rent, rates and services costs

(47,921)

(40,779)

Other repairs and maintenance costs

(500)

(487)

Cleaning costs

(2,295)

(2,394)

Depreciation of fixed assets

(4,276)

(3,130)

Other staff costs

(496)

-

Wages and salaries excluding directors

(49,231)

(40,946)

Pension costs defined contribution schemes excluding directors

(1,307)

(1,023)

Other staff costs excluding directors

(2,317)

(3,113)

Staff costs excluding directors

(52,855)

(45,082)

Salaries and fees, directors

(24,556)

(20,680)

Consultancy costs

(2,703)

(1,975)

Subcontractor costs

(5,915)

(10,804)

Travel and subsistence

(3,819)

(4,678)

Training

-

(3,600)

Bank charges

(225)

(185)

Insurance costs

(1,635)

(2,119)

IT and computing

(4,179)

(3,165)

Telecommunications

(584)

(573)

Printing, postage and stationery

(360)

(704)

Charitable donations

(12)

-

Subscriptions

(1,890)

(1,545)

Other costs

(981)

(2,466)

Other operating income

Other operating income

28,050

17,355

Other items

Profit on ordinary activities before finance charges and interest

17,466

59,923

 

Thiss Studio Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
£

2023
£

Foreign exchange loss included in finance income

(8)

(19)

Profit on ordinary activities before taxation

17,458

59,904

Tax on profit or loss on ordinary activities

7,544

(12,239)

Profit for the financial year

25,002

47,665