3 3 Avrio Limited SC230458 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the retail sale of furniture, lighting equipment and other household articles. Digita Accounts Production Advanced 6.30.9574.0 true true SC230458 2023-05-01 2024-04-30 SC230458 2024-04-30 SC230458 bus:OrdinaryShareClass1 2024-04-30 SC230458 core:CurrentFinancialInstruments 2024-04-30 SC230458 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 SC230458 core:BetweenTwoFiveYears 2024-04-30 SC230458 core:WithinOneYear 2024-04-30 SC230458 core:FurnitureFittingsToolsEquipment 2024-04-30 SC230458 core:MotorVehicles 2024-04-30 SC230458 bus:SmallEntities 2023-05-01 2024-04-30 SC230458 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC230458 bus:FilletedAccounts 2023-05-01 2024-04-30 SC230458 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC230458 bus:RegisteredOffice 2023-05-01 2024-04-30 SC230458 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 SC230458 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC230458 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC230458 bus:Agent1 2023-05-01 2024-04-30 SC230458 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 SC230458 core:MotorVehicles 2023-05-01 2024-04-30 SC230458 core:Vehicles 2023-05-01 2024-04-30 SC230458 countries:Scotland 2023-05-01 2024-04-30 SC230458 2023-04-30 SC230458 core:FurnitureFittingsToolsEquipment 2023-04-30 SC230458 core:MotorVehicles 2023-04-30 SC230458 2022-05-01 2023-04-30 SC230458 2023-04-30 SC230458 bus:OrdinaryShareClass1 2023-04-30 SC230458 core:CurrentFinancialInstruments 2023-04-30 SC230458 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 SC230458 core:BetweenTwoFiveYears 2023-04-30 SC230458 core:WithinOneYear 2023-04-30 SC230458 core:FurnitureFittingsToolsEquipment 2023-04-30 SC230458 core:MotorVehicles 2023-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: SC230458

Avrio Limited

Trading as Studio One Furniture

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Avrio Limited

Trading as Studio One Furniture

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Avrio Limited

Trading as Studio One Furniture

Company Information

Director

David Alexander Horn

Company secretary

David Alexander Horn

Registered office

71 Morningside Road
Edinburgh
EH10 4AY

Accountants

Brown, Scott & Main 91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Avrio Limited

Trading as Studio One Furniture

(Registration number: SC230458)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

241

728

Current assets

 

Stock

6

109,853

126,371

Debtors

7

15,681

9,237

Cash at bank and in hand

 

47,702

93,452

 

173,236

229,060

Creditors: Amounts falling due within one year

8

(29,788)

(45,700)

Net current assets

 

143,448

183,360

Total assets less current liabilities

 

143,689

184,088

Provisions for liabilities

(60)

(186)

Net assets

 

143,629

183,902

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

143,619

183,892

Shareholders' funds

 

143,629

183,902

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 January 2025
 

.........................................
David Alexander Horn
Company secretary and director

 

Avrio Limited

Trading as Studio One Furniture

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 Scotland.

The address of its registered office is:
71 Morningside Road
Edinburgh
EH10 4AY
United Kingdom

These financial statements were authorised for issue by the director on 20 January 2025.

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets less their residual values over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line per annum

Motor vehicles

25% straight line per annum

 

Avrio Limited

Trading as Studio One Furniture

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

2

Accounting policies (continued)

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 goods sold 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.

Stock

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

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.

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.

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

The company operates a defined contribution 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 the director) during the year, was 3 (2023 - 3).

4 Taxation

2024

2023

£

£

Current tax

UK Corporation tax

5,482

11,512

Deferred tax

(126)

-

Tax on profit on ordinary activities

5,356

11,512

 

Avrio Limited

Trading as Studio One Furniture

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 May 2023

8,787

22,145

30,932

At 30 April 2024

8,787

22,145

30,932

Depreciation

At 1 May 2023

8,059

22,145

30,204

Charge for the year

487

-

487

At 30 April 2024

8,546

22,145

30,691

Carrying amount

At 30 April 2024

241

-

241

At 30 April 2023

728

-

728

6

Stock

2024
£

2023
£

Stock

109,853

126,371

7

Debtors

Current

2024
£

2023
£

Trade debtors

12,557

6,569

Prepayments

2,952

2,496

Other debtors

172

172

 

15,681

9,237

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

8,989

17,461

Taxation and social security

14,605

21,101

Accruals and deferred income

5,092

6,003

Other creditors

1,102

1,135

29,788

45,700

Other creditors comprise a loan from the director which is interest free and repayable on demand.

 

Avrio Limited

Trading as Studio One Furniture

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

25,562

26,173

Later than one year and not later than five years

26,373

50,718

51,935

76,891

The amount of non-cancellable operating lease payments recognised as an expense during the year was £25,562 (2023 - £29,338).

11

Dividends

2024

2023

£

£

Interim dividend of £6,328.40 (2023 - £6,640.00) per ordinary share

63,284

66,400