Registered number
13368112
My Merch Studio Ltd
Filleted Accounts
30 April 2024
My Merch Studio Ltd
Registered number: 13368112
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,712 11,426
Current assets
Stocks 1,500 3,430
Debtors 4 10,270 8,851
Cash at bank and in hand 4,965 12,707
16,735 24,988
Creditors: amounts falling due within one year 5 (32,396) (31,641)
Net current liabilities (15,661) (6,653)
Total assets less current liabilities (5,949) 4,773
Provisions for liabilities - (592)
Net (liabilities)/assets (5,949) 4,181
Capital and reserves
Called up share capital 100 100
Profit and loss account (6,049) 4,081
Shareholders' funds (5,949) 4,181
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
P Sun
Director
Approved by the board on 24 January 2025
My Merch Studio Ltd
Notes to the Accounts
for the year ended 30 April 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). The company is currently insolvent but continues to trade with the support of its shareholders. The company is actively looking for different revenue streams to increase turnover.
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 sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 assetsat the following rates:-
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 15,577
At 30 April 2024 15,577
Depreciation
At 1 May 2023 4,151
Charge for the year 1,714
At 30 April 2024 5,865
Net book value
At 30 April 2024 9,712
At 30 April 2023 11,426
4 Debtors 2024 2023
£ £
Trade debtors 5,967 6,191
Other taxes and social security 392 1,083
Other debtors 3,911 1,577
10,270 8,851
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,900 23,900
Trade creditors 8,496 7,741
32,396 31,641
6 Related party transactions
The shareholders are owed funds at the year end. CCS Products Ltd is owed £7,450 and Pink Buddha Ltd is owed £16,450 as at 30 April 2024.
7 Controlling party
The company is controlled by its directors.
8 Other information
My Merch Studio Ltd is a private company limited by shares and incorporated in England. Its registered office is:
4 High Street
Stanley
Co Durham
DH9 0DQ
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