2023-05-152024-05-312024-05-31false14868283STUDIO PAYNE 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STUDIO PAYNE LTD

Registered Number
14868283
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

STUDIO PAYNE LTD
Company Information
for the period from 15 May 2023 to 31 May 2024

Director

Josh Payne

Registered Address

Unit 3 Upp Hall Farm
Salmons Lane
Colchester
CO6 1RY

Registered Number

14868283 (England and Wales)
STUDIO PAYNE LTD
Balance Sheet as at
31 May 2024

Notes

2024

£

£

Fixed assets
Intangible assets35,395
Tangible assets43,303
8,698
Current assets
Debtors56,000
Cash at bank and on hand15,170
21,170
Creditors amounts falling due within one year6(17,438)
Net current assets (liabilities)3,732
Total assets less current liabilities12,430
Net assets12,430
Capital and reserves
Called up share capital100
Profit and loss account12,330
Shareholders' funds12,430
The financial statements were approved and authorised for issue by the Director on 12 February 2025, and are signed on its behalf by:
Josh Payne
Director
Registered Company No. 14868283
STUDIO PAYNE LTD
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings5
Office Equipment3
Trade and other debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

2024
Average number of employees during the year1
3.Intangible assets

Total

£
Cost or valuation
Additions6,000
At 31 May 246,000
Amortisation and impairment
Charge for year605
At 31 May 24605
Net book value
At 31 May 245,395
At 14 May 23-
4.Tangible fixed assets

Total

£
Cost or valuation
Additions4,394
At 31 May 244,394
Depreciation and impairment
Charge for year1,091
At 31 May 241,091
Net book value
At 31 May 243,303
At 14 May 23-
5.Debtors: amounts due within one year

2024

£
Trade debtors / trade receivables6,000
Total6,000
6.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables625
Taxation and social security8,660
Other creditors6,654
Accrued liabilities and deferred income1,499
Total17,438
7.Share capital
The company has issued share capital of 100 ordinary shares of £1 each, which were issued on formation of the company.