Registered number
01891696
The Red House Studio Limited
Filleted Accounts
31 March 2024
The Red House Studio Limited
Registered number: 01891696
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 859,681 874,248
Investments 4 330,172 129,268
1,189,853 1,003,516
Current assets
Debtors 5 2,265 1,497
Cash at bank 443,252 804,529
445,517 806,026
Creditors: amounts falling due within one year 6 (61,196) (100,392)
Net current assets 384,321 705,634
Net assets 1,574,174 1,709,150
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,574,074 1,709,050
Shareholders' funds 1,574,174 1,709,150
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R T Argent
Director
Approved by the board on 30 January 2025
The Red House Studio Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land & buildings Not depreciated
Short leasehold buildings Not depreciated
Furniture & equipment 15% reducing balance
Motor vehicle 25% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Leasehold property Furniture & equipment Freehold property Motor vehicle Total
£ £ £ £ £
Cost
At 1 April 2023 269,755 581,058 579,463 57,390 1,487,666
Additions - 6,550 - - 6,550
At 31 March 2024 269,755 587,608 579,463 57,390 1,494,216
Depreciation
At 1 April 2023 93,058 487,181 - 33,179 613,418
Charge for the year - 15,064 - 6,053 21,117
At 31 March 2024 93,058 502,245 - 39,232 634,535
Net book value
At 31 March 2024 176,697 85,363 579,463 18,158 859,681
At 31 March 2023 176,697 93,877 579,463 24,211 874,248
4 Investments
Listed Other
investments investments Total
£ £ £
Cost
At 1 April 2023 84,058 45,210 129,268
Additions 234,823 - 234,823
Disposals (33,919) - (33,919)
At 31 March 2024 284,962 45,210 330,172
5 Debtors 2024 2023
£ £
Trade debtors 2,265 1,497
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,427 6,317
Value added tax & PAYE 19,691 30,823
Corporation tax - 37,674
Accruals 6,000 5,500
Other creditors 32,078 20,078
61,196 100,392
7 Other information
The Red House Studio Limited is a private company limited by shares and incorporated in England. Its registered office is The Grange, Steep, Petersfield, GU32 2DB
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