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Registration number: 2227528

Hean Studio Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Hean Studio Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 11

 

Hean Studio Ltd

Company Information

Directors

Mr David V Bottoms

Mr R Trinder

Mr A Newton

Mrs M Trinder

Mr P Nootenboom

Registered office

The Shrublands
Kingsland
Leominster
Herefordshire
HR6 9QU

Accountants

D V Bottoms & Co Ltd
Accountants8 Drapers Lane
Leominster
Herefordshire
HR6 8ND

 

Hean Studio Ltd

(Registration number: 2227528)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

653,475

662,587

Current assets

 

Stocks

5

353,765

340,557

Debtors

6

500,514

510,817

Cash at bank and in hand

 

174,335

287,336

 

1,028,614

1,138,710

Creditors: Amounts falling due within one year

7

(358,546)

(373,700)

Net current assets

 

670,068

765,010

Total assets less current liabilities

 

1,323,543

1,427,597

Creditors: Amounts falling due after more than one year

7

(23,278)

(32,894)

Provisions for liabilities

(9,061)

(9,061)

Net assets

 

1,291,204

1,385,642

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

60,000

60,000

Retained earnings

1,231,004

1,325,442

Shareholders' funds

 

1,291,204

1,385,642

For the financial year ending 30 April 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 and 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 19 August 2024 and signed on its behalf by:
 

.........................................
Mrs M Trinder
Director

 

Hean Studio Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2023

200

60,000

1,325,442

1,385,642

Profit for the year

-

-

5,616

5,616

Dividends

-

-

(100,054)

(100,054)

At 30 April 2024

200

60,000

1,231,004

1,291,204

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2022

200

60,000

1,358,067

1,418,267

Profit for the year

-

-

71,597

71,597

Dividends

-

-

(104,222)

(104,222)

At 30 April 2023

200

60,000

1,325,442

1,385,642

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
The Shrublands
Kingsland
Leominster
Herefordshire
HR6 9QU

These financial statements were authorised for issue by the Board on 19 August 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.

Going concern

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.

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.

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Building

No Depreciation is charged

Plant & Equipment

25% written down basis

Fixtures & Fittings

25% written down basis

Office equipment

25% written down 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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 15 (2023 - 15).

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

581,767

352,198

761,421

1,695,386

Additions

-

9,380

4,179

13,559

At 30 April 2024

581,767

361,578

765,600

1,708,945

Depreciation

At 1 May 2023

-

339,775

693,024

1,032,799

Charge for the year

-

4,217

18,454

22,671

At 30 April 2024

-

343,992

711,478

1,055,470

Carrying amount

At 30 April 2024

581,767

17,586

54,122

653,475

At 30 April 2023

581,767

12,423

68,397

662,587

Included within the net book value of land and buildings above is £581,767 (2023 - £581,767) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

353,765

340,557

6

Debtors

Current

2024
£

2023
£

Trade debtors

316,586

362,873

Prepayments

19,808

23,048

Other debtors

164,120

124,896

 

500,514

510,817

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

200,000

200,000

Trade creditors

 

62,213

87,664

Taxation and social security

 

83,298

73,036

Accruals and deferred income

 

13,035

13,000

 

358,546

373,700

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

23,278

32,894

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

23,278

32,894

Current loans and borrowings

2024
£

2023
£

Other borrowings

200,000

200,000

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £521.11) per ordinary share

100,053

104,222

 

 

11

Related party transactions

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Transactions with directors

2024

At 1 May 2023
£

At 30 April 2024
£

Directors loan account

123,536

123,536

 

2023

At 1 May 2022
£

At 30 April 2023
£

Directors loan account

123,536

123,536

 

 

Hean Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

7,200

7,200