REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
SHOP STUDIO LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
SHOP STUDIO LTD |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SHOP STUDIO LTD |
COMPANY INFORMATION |
for the Year Ended 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
BALANCE SHEET - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Shop Studio Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
Turnover in respect of services spanning a reporting date is recognised as the related services are performed or provided, in accordance with the specific terms of the contract with each customer, including estimates of amounts not invoiced (included as accrued income within debtors) and amounts invoiced in advance of the stage of completion (included as deferred income within creditors). |
Depreciation |
Fixtures and fittings | - |
Computer equipment | - |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
The directors have reviewed the going concern status of the business for the foreseeable future as best they can and fully expect that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
Pension costs and other post-retirement benefits |
The company makes contributions to defined contribution pension schemes and these are charged to profit or loss as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 APRIL 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
VAT | 14,475 | 12,954 |
Other creditors |
Directors' current accounts | 2,198 | 2,198 |
Accruals and deferred income |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | (235 | ) | (234 | ) |
13,808 | 12,386 |
SHOP STUDIO LTD (REGISTERED NUMBER: 08497259) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 APRIL 2024 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Accelerated capital allowances | 1,423 |
Other timing differences | (1 | ) |
Balance at 30 April 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1.00 | 40 | 40 |
Ordinary B | £1.00 | 50 | 50 |
Ordinary C | £1.00 | 10 | 10 |
100 | 100 |
10. | RELATED PARTY DISCLOSURES |
At 30 April 2024 the company owed £1,400 (2023 - £1,400) to N Harris and owed £798 (2023 - £798) to T Hodgkinson in respect of funds advanced to the company. The balances are unsecured, repayable on demand and do not attract any interest charges. |
11. | ULTIMATE CONTROLLING PARTY |
There is no one ultimate controlling party of the company. |