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Registration number: 07612449

STUDIO-83 Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

STUDIO-83 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

STUDIO-83 Limited

Company Information

Director

Mr Stephen Gray

Company secretary

Mr Matthew Gray

Registered office

50 Old Fold View
Barnet
EN5 4EB

Accountants

Re:Accounts Limited
Chartered AccountantsSuite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

STUDIO-83 Limited

(Registration number: 07612449)
Balance Sheet as at 30 April 2024

Note

30 April
2024
£

30 April
2023
£

Current assets

 

Debtors

5

702

3,091

Cash at bank and in hand

 

3,192

2,452

 

3,894

5,543

Creditors: Amounts falling due within one year

6

(3,822)

(3,485)

Net assets

 

72

2,058

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

71

2,057

Shareholders' funds

 

72

2,058

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 24 January 2025
 

.........................................
Mr Stephen Gray
Director

 

STUDIO-83 Limited

Notes to the 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 & Wales.

The address of its registered office is:
50 Old Fold View
Barnet
EN5 4EB
United Kingdom

These financial statements were authorised for issue by the director on 24 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 provision of web design, hosting marketing and event management 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.

 

STUDIO-83 Limited

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

2

Accounting policies (continued)

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

Computer equipment

25% straight line

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 services or hosting 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.

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. 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.

 

STUDIO-83 Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,387

1,387

At 30 April 2024

1,387

1,387

Depreciation

At 1 May 2023

1,387

1,387

At 30 April 2024

1,387

1,387

Carrying amount

At 30 April 2024

-

-

5

Debtors

Current

30 April
2024
£

30 April
2023
£

Trade debtors

60

420

Other debtors

642

2,671

 

702

3,091

 

STUDIO-83 Limited

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

6

Creditors

Creditors: amounts falling due within one year

30 April
2024
£

30 April
2023
£

Due within one year

Trade creditors

1,178

1,178

Taxation and social security

2,644

2,307

3,822

3,485

7

Share capital

Allotted, called up and fully paid shares

30 April
2024

30 April
2023

No.

£

No.

£

Share Capital of £1 each

1

1

1

1

       

8

Dividends

Final dividends paid

30 April
2024
£

30 April
2023
£

Final dividend of 3,250.00 (2023 - 2,250.00) per each Ordinary

3,250

2,250

 

 

Interim dividends paid

30 April
2024
£

30 April
2023
£

Interim dividend of 9,750.00 (2023 - 6,750.00) per each Ordinary

9,750

6,750

 

 

9

Related party transactions

Advances to the director in the year totalled £10,579 (2023; £20,557). At the year end the director owed the company £642 (2023; £2,671). The director paid £nil (2023; £nil) in interest on the loan

 

STUDIO-83 Limited

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

9

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

11,991