Registered number
11599751
Studio Varey Limited
Filleted Accounts
31 October 2024
Studio Varey Limited
Registered number: 11599751
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 (1) 1,524
Current assets
Debtors 4 59,334 56,840
Cash at bank and in hand 4,773 1,000
64,107 57,840
Creditors: amounts falling due within one year 5 (54,593) (46,716)
Net current assets 9,514 11,124
Total assets less current liabilities 9,513 12,648
Creditors: amounts falling due after more than one year 6 (8,750) (11,570)
Net assets 763 1,078
Capital and reserves
Called up share capital 100 100
Profit and loss account 663 978
Shareholder's funds 763 1,078
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr Nicholas Steven Varey
Director
Approved by the board on 7 December 2024
Studio Varey Limited
Notes to the Accounts
for the year ended 31 October 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).
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 rendering of services. 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.
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, fittings, tools and equipment 20% on reducing balance
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.
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 1 1
3 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 November 2023 13,406
At 31 October 2024 13,406
Depreciation
At 1 November 2023 11,882
Charge for the year 1,525
At 31 October 2024 13,407
Net book value
At 31 October 2024 (1)
At 31 October 2023 1,524
4 Debtors 2024 2023
£ £
Trade debtors 6,082 1,830
Other debtors 53,252 55,010
59,334 56,840
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 53,739 45,881
Other creditors 854 835
54,593 46,716
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,750 11,570
7 Other information
Studio Varey Limited is a private company limited by shares and incorporated in England. Its registered office is:
86-90 Paul street
London
EC2A 4NE
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