Company No:
Contents
Note | 30.04.2024 | 31.12.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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11,866 | 15,970 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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250,642 | 636,650 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 48,212 | 78,968 | ||
Total assets less current liabilities | 60,078 | 94,938 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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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:
M Ahluwalia
Director |
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.
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.
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.
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.
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.
Plant and machinery etc. |
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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.
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.
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.
Period from 01.01.2023 to 30.04.2024 |
Year ended 31.12.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 30 April 2024 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial period |
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At 30 April 2024 |
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Net book value | |||
At 30 April 2024 |
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At 31 December 2022 |
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30.04.2024 | 31.12.2022 | ||
£ | £ | ||
Stocks |
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30.04.2024 | 31.12.2022 | ||
£ | £ | ||
Trade debtors |
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Deferred tax asset |
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Other debtors |
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30.04.2024 | 31.12.2022 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Commitments
30.04.2024 | 31.12.2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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The commitments above are in respect of operating leases for property.
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.