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REGISTERED NUMBER: 10159619 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

2p Studio Ltd

2p Studio Ltd (Registered number: 10159619)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


2p Studio Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr E A Pritchett
Mrs Y Pritchett





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





REGISTERED NUMBER: 10159619 (England and Wales)

2p Studio Ltd (Registered number: 10159619)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 27,684 32,131

CURRENT ASSETS
Debtors 6 12,070 12,544
Cash at bank 170,295 159,831
182,365 172,375
CREDITORS
Amounts falling due within one year 7 72,670 76,470
NET CURRENT ASSETS 109,695 95,905
TOTAL ASSETS LESS CURRENT
LIABILITIES

137,379

128,036

CREDITORS
Amounts falling due after more than one
year

8

(3,409

)

(6,859

)

PROVISIONS FOR LIABILITIES (5,260 ) (7,075 )
NET ASSETS 128,710 114,102

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 128,610 114,002
128,710 114,102

2p Studio Ltd (Registered number: 10159619)

Balance Sheet - continued
31 May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:




Mr E A Pritchett - Director



Mrs Y Pritchett - Director


2p Studio Ltd (Registered number: 10159619)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

2p Studio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 10% on cost

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

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.


2p Studio Ltd (Registered number: 10159619)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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 depreciated over their estimated useful lives or the lease term, whichever is the 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.

Pension costs and other post-retirement benefits
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 47,836
Additions 332
At 31 May 2024 48,168
DEPRECIATION
At 1 June 2023 15,705
Charge for year 4,779
At 31 May 2024 20,484
NET BOOK VALUE
At 31 May 2024 27,684
At 31 May 2023 32,131

2p Studio Ltd (Registered number: 10159619)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 44,490
DEPRECIATION
At 1 June 2023 13,347
Charge for year 4,449
At 31 May 2024 17,796
NET BOOK VALUE
At 31 May 2024 26,694
At 31 May 2023 31,143

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,131 12,348
Other debtors 939 196
12,070 12,544

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,070 2,994
Hire purchase contracts 377 4,411
Taxation and social security 19,700 11,416
Other creditors 49,523 57,649
72,670 76,470

Included within other creditors disclosed above is a balance of £220 (2023 - £220) in relation to accrued expenses and a balance of £49,303 (2023 - £57,429) in relation to amounts payable to the directors.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 3,409 6,482
Hire purchase contracts - 377
3,409 6,859