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REGISTERED NUMBER: 08499808 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

STUDIO MEGASTAR LTD

STUDIO MEGASTAR LTD (REGISTERED NUMBER: 08499808)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STUDIO MEGASTAR LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mrs K L Johnston
M S Johnston





REGISTERED OFFICE: Unit 1.7 & 1.8 The Arches Industrial
Estate
Coventry
West Midlands
CV1 3JQ





REGISTERED NUMBER: 08499808 (England and Wales)





ACCOUNTANTS: Armstrongs
Chartered Accountants and Tax Advisers
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

STUDIO MEGASTAR LTD (REGISTERED NUMBER: 08499808)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,689 20,860
Investments 5 - 10,000
41,689 30,860

CURRENT ASSETS
Debtors 6 12,810 6,948
Cash at bank 1,573 36,813
14,383 43,761
CREDITORS
Amounts falling due within one year 7 12,317 55,581
NET CURRENT ASSETS/(LIABILITIES) 2,066 (11,820 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,755

19,040

CREDITORS
Amounts falling due after more than one
year

8

(6,666

)

(11,667

)

PROVISIONS FOR LIABILITIES (7,921 ) (3,963 )
NET ASSETS 29,168 3,410

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 29,068 3,310
SHAREHOLDERS' FUNDS 29,168 3,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STUDIO MEGASTAR LTD (REGISTERED NUMBER: 08499808)

BALANCE SHEET - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by:





M S Johnston - Director


STUDIO MEGASTAR LTD (REGISTERED NUMBER: 08499808)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Studio Megastar Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 5 ) .

STUDIO MEGASTAR LTD (REGISTERED NUMBER: 08499808)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 February 2023 94,553 5,749 100,302
Additions 25,000 - 25,000
At 31 January 2024 119,553 5,749 125,302
DEPRECIATION
At 1 February 2023 77,725 1,717 79,442
Charge for year 3,365 806 4,171
At 31 January 2024 81,090 2,523 83,613
NET BOOK VALUE
At 31 January 2024 38,463 3,226 41,689
At 31 January 2023 16,828 4,032 20,860

5. FIXED ASSET INVESTMENTS
Loans to
associates
£   
At 1 February 2023 10,000
Other movement (10,000 )
At 31 January 2024 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 62
Directors' current accounts 5,370 -
Tax 3,940 -
Prepayments 3,500 6,886
12,810 6,948

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 1,051 -
Corporation tax - 6,655
Social security and other taxes 106 3
Other creditors - 36,289
VAT 2,938 3,631
Directors' current accounts - 781
Accrued expenses 3,222 3,222
12,317 55,581

STUDIO MEGASTAR LTD (REGISTERED NUMBER: 08499808)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 5,000 5,000
Bank loans - 2-5 years 1,666 6,667
6,666 11,667

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
P Entwistle
Balance outstanding at start of year (781 ) 9,173
Amounts repaid 781 (9,954 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (781 )

Mrs K L Johnston
Balance outstanding at start of year - -
Amounts advanced 2,685 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,685 -

M S Johnston
Balance outstanding at start of year - -
Amounts advanced 2,685 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,685 -

The above loan is interest free and has no set repayment terms.