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Company No: 11509855 (England and Wales)

AHLUWALIA STUDIO LIMITED

Unaudited Financial Statements
For the financial period from 01 January 2023 to 30 April 2024
Pages for filing with the registrar

AHLUWALIA STUDIO LIMITED

Unaudited Financial Statements

For the financial period from 01 January 2023 to 30 April 2024

Contents

AHLUWALIA STUDIO LIMITED

BALANCE SHEET

As at 30 April 2024
AHLUWALIA STUDIO LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 30.04.2024 31.12.2022
£ £
Fixed assets
Tangible assets 3 11,866 15,970
11,866 15,970
Current assets
Stocks 4 115,673 62,838
Debtors 5 134,544 497,361
Cash at bank and in hand 425 76,451
250,642 636,650
Creditors: amounts falling due within one year 6 ( 202,430) ( 557,682)
Net current assets 48,212 78,968
Total assets less current liabilities 60,078 94,938
Provision for liabilities ( 2,967) ( 3,992)
Net assets 57,111 90,946
Capital and reserves
Called-up share capital 486,700 100
Share premium account 19,995 19,995
Profit and loss account ( 449,584 ) 70,851
Total shareholders' funds 57,111 90,946

For the financial period ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ahluwalia Studio Limited (registered number: 11509855) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

M Ahluwalia
Director
AHLUWALIA STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 30 April 2024
AHLUWALIA STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ahluwalia Studio Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, 2 Cray Road, Sidcup, Kent, DA14 5DA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Ahluwalia Studio Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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

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.

Taxation

Current 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 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Employees

Period from
01.01.2023 to
30.04.2024
Year ended
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 8 8

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 24,252 24,252
Additions 1,625 1,625
At 30 April 2024 25,877 25,877
Accumulated depreciation
At 01 January 2023 8,282 8,282
Charge for the financial period 5,729 5,729
At 30 April 2024 14,011 14,011
Net book value
At 30 April 2024 11,866 11,866
At 31 December 2022 15,970 15,970

4. Stocks

30.04.2024 31.12.2022
£ £
Stocks 115,673 62,838

5. Debtors

30.04.2024 31.12.2022
£ £
Trade debtors 11,814 159,899
Deferred tax asset 106,000 0
Other debtors 16,730 337,462
134,544 497,361

6. Creditors: amounts falling due within one year

30.04.2024 31.12.2022
£ £
Bank overdrafts 66,957 0
Trade creditors 61,484 269,911
Corporation tax 1,865 11,583
Other taxation and social security 28,951 7,207
Other creditors 43,173 268,981
202,430 557,682

7. Financial commitments

Commitments

30.04.2024 31.12.2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 26,000

The commitments above are in respect of operating leases for property.

8. Related party transactions

Transactions with owners holding a participating interest in the entity

30.04.2024 31.12.2022
£ £
Amounts due from other related parties 0 237,500

Loans due to other related parties are unsecured, interest free and are repayable on demand.

Transactions with the entity's directors

30.04.2024 31.12.2022
£ £
Director's loan accounts 0 (17,899)

During the year the company made advances of £nil and repayments of £17,899. The loan from the director to the company is unsecured, interest free and repayable on demand.