TG-Studio Limited
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 07617397 (England and Wales)
TG-Studio Limited
Company Information
Directors
Mrs L. Griem
Mr T. Griem
Company number
07617397
Registered office
91A & 91B Heath Street
London
NW3 6SS
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Business address
91A & 91B Heath Street
London
NW3 6SS
TG-Studio Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TG-Studio Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,223
65,800
Current assets
Debtors
4
43,176
92,004
Cash at bank and in hand
56,537
66,655
99,713
158,659
Creditors: amounts falling due within one year
5
(94,632)
(89,334)
Net current assets
5,081
69,325
Net assets
58,304
135,125
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
58,204
135,025
Total equity
58,304
135,125

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr T. Griem
Director
Company Registration No. 07617397
TG-Studio Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 2
1
Accounting policies
Company information

TG-Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91A & 91B Heath Street, London, NW3 6SS.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments
The company only has basic financial assets and liabilities.
TG-Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 3
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
7
TG-Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
103,134
Additions
699
At 30 April 2024
103,833
Depreciation and impairment
At 1 May 2023
37,334
Depreciation charged in the year
13,276
At 30 April 2024
50,610
Carrying amount
At 30 April 2024
53,223
At 30 April 2023
65,800
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,105
54,553
Corporation tax recoverable
1,137
2,913
Other debtors
11,824
18,002
Prepayments and accrued income
10,110
16,536
43,176
92,004
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,922
20,866
Corporation tax
-
0
13,933
Other taxation and social security
30,601
21,329
Other creditors
33,409
6,638
Accruals and deferred income
26,700
26,568
94,632
89,334
TG-Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
45,620
65,953
8
Related party transactions

By virtue of common control, T G Studio Interiors Limited is considered to be a related party. Included within other creditors at the year end is an amount due to T G Studio Interiors Limited of £27,042 (2023: £8,002 in other debtors).

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