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Company registration number: 14032974
12TH Studio Limited
Trading as Studio Sedge Limited
Unaudited filleted financial statements
30 April 2024
12TH Studio Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
12TH Studio Limited
Statement of financial position
30 April 2024
30/04/24 30/04/23
Note £ £ £ £
Current assets
Debtors 5 8,694 960
Cash at bank and in hand 21,709 20,733
_______ _______
30,403 21,693
Creditors: amounts falling due
within one year 6 ( 29,565) ( 15,101)
_______ _______
Net current assets 838 6,592
_______ _______
Total assets less current liabilities 838 6,592
_______ _______
Net assets 838 6,592
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 738 6,492
_______ _______
Shareholder funds 838 6,592
_______ _______
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2024 , and are signed on behalf of the board by:
Mr T O C Crane
Director
Company registration number: 14032974
12TH Studio Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account
£ £
At 1 May 2022 - -
Profit for the year 44,492
_______ _______
Total comprehensive income for the year - 44,492
Issue of shares 100
Dividends paid and payable ( 38,000)
_______ _______
Total investments by and distributions to owners 100 ( 38,000)
_______ _______
At 30 April 2023 and 1 May 2023 100 6,492
Profit for the year 68,571
_______ _______
Total comprehensive income for the year - 68,571
Dividends paid and payable ( 74,325)
_______ _______
Total investments by and distributions to owners - ( 74,325)
_______ _______
At 30 April 2024 100 738
_______ _______
12TH Studio Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12th Studio Limited, Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
30/04/24 30/04/23
£ £
Trade debtors 1,260 -
Other debtors 7,434 960
_______ _______
8,694 960
_______ _______
6. Creditors: amounts falling due within one year
30/04/24 30/04/23
£ £
Corporation tax 19,977 10,492
Social security and other taxes 3,624 40
Other creditors 5,964 4,569
_______ _______
29,565 15,101
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Year ended 30/04/24
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr T O C Crane ( 3,129) ( 1,335) ( 4,464)
_______ _______ _______
Period ended 30/04/23
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr T O C Crane - ( 3,129) ( 3,129)
_______ _______ _______