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COMPANY REGISTRATION NUMBER: 07401181
Quaywest Studios Limited
Filleted Unaudited Financial Statements
30 October 2023
Quaywest Studios Limited
Statement of Financial Position
30 October 2023
30 Oct 23
31 Oct 22
Note
£
£
£
Fixed assets
Tangible assets
5
31,827
35,739
Current assets
Debtors
6
2,300
1,195
Cash at bank and in hand
932
512
-------
-------
3,232
1,707
Creditors: amounts falling due within one year
7
33,283
30,535
--------
--------
Net current liabilities
30,051
28,828
--------
--------
Total assets less current liabilities
1,776
6,911
Creditors: amounts falling due after more than one year
8
15,115
17,815
--------
--------
Net liabilities
( 13,339)
( 10,904)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 13,439)
( 11,004)
--------
--------
Shareholders deficit
( 13,339)
( 10,904)
--------
--------
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 statement of income and retained earnings has not been delivered.
For the period ending 30 October 2023 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Quaywest Studios Limited
Statement of Financial Position (continued)
30 October 2023
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
N Bowen Jr Esq
L Crowe Esq
Director
Director
Company registration number: 07401181
Quaywest Studios Limited
Notes to the Financial Statements
Period from 1 November 2022 to 30 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022
2,628
98,624
101,252
Additions
2,724
2,724
Disposals
( 4,400)
( 4,400)
-------
--------
---------
At 30 October 2023
2,628
96,948
99,576
-------
--------
---------
Depreciation
At 1 November 2022
1,679
63,834
65,513
Charge for the period
143
5,474
5,617
Disposals
( 3,381)
( 3,381)
-------
--------
---------
At 30 October 2023
1,822
65,927
67,749
-------
--------
---------
Carrying amount
At 30 October 2023
806
31,021
31,827
-------
--------
---------
At 31 October 2022
949
34,790
35,739
-------
--------
---------
6. Debtors
30 Oct 23
31 Oct 22
£
£
Trade debtors
1,125
Other debtors
1,175
1,195
-------
-------
2,300
1,195
-------
-------
7. Creditors: amounts falling due within one year
30 Oct 23
31 Oct 22
£
£
Bank loans and overdrafts
2,347
4,024
Trade creditors
3,559
3,963
Social security and other taxes
404
567
Other creditors
26,973
21,981
--------
--------
33,283
30,535
--------
--------
8. Creditors: amounts falling due after more than one year
30 Oct 23
31 Oct 22
£
£
Bank loans and overdrafts
13,413
17,815
Other creditors
1,702
--------
--------
15,115
17,815
--------
--------
9. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
30 Oct 23
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N Bowen Jr Esq
( 3,350)
( 1,098)
( 4,448)
L Crowe Esq
( 13,422)
( 1,097)
( 14,519)
--------
-------
--------
( 16,772)
( 2,195)
( 18,967)
--------
-------
--------
31 Oct 22
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N Bowen Jr Esq
( 2,651)
( 699)
( 3,350)
L Crowe Esq
( 12,923)
( 499)
( 13,422)
--------
-------
--------
( 15,574)
( 1,198)
( 16,772)
--------
-------
--------