Registered number
07170715
Studio Nicholson Limited
Filleted Accounts
31 July 2024
Studio Nicholson Limited
Registered number: 07170715
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 22,842 37,055
Tangible assets 4 221,948 240,951
244,790 278,006
Current assets
Stocks 2,576,345 3,060,277
Debtors 5 1,155,856 706,712
Cash at bank and in hand 1,012,576 425,634
4,744,777 4,192,623
Creditors: amounts falling due within one year 7 (3,652,343) (4,138,042)
Net current assets 1,092,434 54,581
Total assets less current liabilities 1,337,224 332,587
Creditors: amounts falling due after more than one year 8 (966,290) (966,291)
Net assets/(liabilities) 370,934 (633,704)
Capital and reserves
Called up share capital 4,250 2,424
Share premium 2,079,125 1,101,453
Profit and loss account (1,712,441) (1,737,581)
Shareholders' funds 370,934 (633,704)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
N Wakeman
Director
Approved by the board on 7 January 2025
Studio Nicholson Limited
Notes to the Accounts
for the year ended 31 July 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).
Going concern
The directors' believe in preparing the financial statements on a going concern basis is approriate due to the continued improvement in market share and expansion overseas into new markets. Also the shareholders and Board have shown their continued support with a rights issue in September 2023.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures and fitting 25% reducing balance
Computer equipment Straight line over three years
Plant and machinery 25% reducing balance
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 37 32
3 Intangible fixed assets £
Patents, licences and website:
Cost
At 1 August 2023 75,137
Additions 4,149
At 31 July 2024 79,286
Amortisation
At 1 August 2023 38,082
Provided during the year 18,362
At 31 July 2024 56,444
Net book value
At 31 July 2024 22,842
At 31 July 2023 37,055
Patents, licences and website is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures & fittings Plant and machinery etc Computer equipment Total
£ £ £ £
Cost
At 1 August 2023 299,266 18,202 55,748 373,216
Additions 31,487 - 15,160 46,647
At 31 July 2024 330,753 18,202 70,908 419,863
Depreciation
At 1 August 2023 70,325 18,058 43,882 132,265
Charge for the year 52,422 - 13,228 65,650
At 31 July 2024 122,747 18,058 57,110 197,915
Net book value
At 31 July 2024 208,006 144 13,798 221,948
At 31 July 2023 228,941 144 11,866 240,951
5 Debtors 2024 2023
£ £
Trade debtors 517,858 532,292
Prepayments 455,523 63,966
Directors loan account 50,731 45,134
Bad debt provision (24,000) (20,000)
Other debtors 155,744 85,320
1,155,856 706,712
6 Stock 2024 2023
£ £
Materials 804,985 1,711,062
Finished goods 1,632,466 917,258
Work in progress 138,894 431,957
2,576,345 3,060,277
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,275,368 1,371,341
Trade creditors 1,657,740 2,260,231
Taxation and social security costs 231,736 177,850
Other creditors 487,499 328,620
3,652,343 4,138,042
8 Creditors: amounts falling due after one year 2024 2023
£ £
Shareholders loan 966,290 966,291
9 Share Capital 2024 2023
£ £
Alloted, called up and fully paid 4,250 2,424
A further 182,603 shares had been issued in September 2023 and therefore as at the financial year end the company had a total of 424,956 Ordinary shares each at a nominal value of £0.01.
10 Other financial commitments 2024 2023
£ £
The total of future minimum lease payments under non cancellable operating leases. 880,000 880,000
11 Contingent liabilities
The company has received a tax enquiry from the German tax authorites concerning its treatment of certain VAT transactions during the year ended 31 July 2021. As at the balance sheet date, the outcome of the case remains uncertain. The company’s International advisors believe it is probable that the matter will be resolved in the company’s favour, but it is not possible to determine the financial impact with sufficient certainty. Consequently, no provision has been made in these financial statements for any potential liability arising from this matter. The company will continue to monitor the situation closely and update the disclosure as appropriate.
12 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Ms N Wakeman
Directors' loan 45,134 5,597 - 50,731
45,134 5,597 - 50,731
The loan to directors is shown in note 7 for debtors.
13 Related party transactions
During the year the company paid for services of £531,421 (2023 : £690,876) to entities with control, or joint control or significant influence over the company.
14 Controlling party
To date their is no ultimate controlling party at the date the financial statements are due to be signed.
15 Other information
Studio Nicholson Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor
9-15 Helmsley Place
London Fields
London
E8 3SB
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