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Registered number: 04775285
The Studio By Innovations Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04775285
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 13,218 17,437
Tangible Assets 5 46,462 51,849
59,680 69,286
CURRENT ASSETS
Stocks 25,000 25,000
Debtors 6 6,371 3,219
Cash at bank and in hand 20,149 81,580
51,520 109,799
Creditors: Amounts Falling Due Within One Year 7 (176,249 ) (191,656 )
NET CURRENT ASSETS (LIABILITIES) (124,729 ) (81,857 )
TOTAL ASSETS LESS CURRENT LIABILITIES (65,049 ) (12,571 )
Creditors: Amounts Falling Due After More Than One Year 8 (49,718 ) (61,491 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,828 ) (9,851 )
NET LIABILITIES (123,595 ) (83,913 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (123,597 ) (83,915 )
SHAREHOLDERS' FUNDS (123,595) (83,913)
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J G Cosgrove
Director
31 January 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Studio By Innovations Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of kitchen furniture is recognised when significant risks and rewards of ownership of the goods have transgerred to the buyer, the amount of turnover can be measured reliably it is probable that the economic benefits associated with the transaction can be measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty two years.
2.4. Tangible Fixed Assets and Depreciation
Depreciaiton is provided at the following annyal rates in order to write off each asset over its estimated useful life.
Plant & Machinery - 33% on reducing balance
Motor Vehicles - 25% on reducing balance
Fixtures & Fittings - 15% on reducing balance
Computer Equipment - 33% on reducing balance
Tangible fixed assets are stated at cost less accumulated depreciaiton. Cost includes costs directly attributable to making the asset capable of operating as intended.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciatied over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.
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2.7. 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 assesments in periods different from those in which they aare 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.
2.8. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2.9. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 112,500
As at 31 May 2024 112,500
Amortisation
As at 1 June 2023 95,063
Provided during the period 4,219
As at 31 May 2024 99,282
Net Book Value
As at 31 May 2024 13,218
As at 1 June 2023 17,437
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 8,636 52,652 125,187 13,754 200,229
Additions - 5,600 870 451 6,921
As at 31 May 2024 8,636 58,252 126,057 14,205 207,150
Depreciation
As at 1 June 2023 7,779 30,440 99,049 11,112 148,380
Provided during the period 283 6,953 4,051 1,021 12,308
As at 31 May 2024 8,062 37,393 103,100 12,133 160,688
Net Book Value
As at 31 May 2024 574 20,859 22,957 2,072 46,462
As at 1 June 2023 857 22,212 26,138 2,642 51,849
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,920 -
Prepayments and accrued income 905 3,219
Corporation tax recoverable assets 1,546 -
6,371 3,219
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,217 5,048
Trade creditors 18,737 19,058
Bank loans and overdrafts 5,556 5,556
Corporation tax - 1,546
Other taxes and social security 5,114 2,116
VAT 31,812 35,219
Net wages 634 -
Other creditors 297 711
Accruals and deferred income 68,644 102,143
Director's loan account 39,238 20,259
176,249 191,656
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,940 28,157
Bank loans 27,778 33,334
49,718 61,491
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9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary A shares of £ 1.00 each 1 1
1 Ordinary B shares of £ 1.00 each 1 1
2 2
10. Going Concern
As at 31 May 2024 the company had net liabilities of £123,595. The director will continue to support the company for the forseeable future and is confident the company will return to a solvent position.
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