Acorah Software Products - Accounts Production 16.1.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 06900186 Mr Ian Hemingway Mr Julian Paphitis Mr Jonathan Shayler iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06900186 2023-06-30 06900186 2024-06-30 06900186 2023-07-01 2024-06-30 06900186 frs-core:CurrentFinancialInstruments 2024-06-30 06900186 frs-core:ComputerEquipment 2024-06-30 06900186 frs-core:ComputerEquipment 2023-07-01 2024-06-30 06900186 frs-core:ComputerEquipment 2023-06-30 06900186 frs-core:FurnitureFittings 2024-06-30 06900186 frs-core:FurnitureFittings 2023-07-01 2024-06-30 06900186 frs-core:FurnitureFittings 2023-06-30 06900186 frs-core:MotorVehicles 2024-06-30 06900186 frs-core:MotorVehicles 2023-07-01 2024-06-30 06900186 frs-core:MotorVehicles 2023-06-30 06900186 frs-core:PlantMachinery 2024-06-30 06900186 frs-core:PlantMachinery 2023-07-01 2024-06-30 06900186 frs-core:PlantMachinery 2023-06-30 06900186 frs-core:ShareCapital 2024-06-30 06900186 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 06900186 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06900186 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 06900186 frs-bus:SmallEntities 2023-07-01 2024-06-30 06900186 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 06900186 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 06900186 frs-bus:Director1 2023-07-01 2024-06-30 06900186 frs-bus:Director2 2023-07-01 2024-06-30 06900186 frs-bus:Director3 2023-07-01 2024-06-30 06900186 frs-countries:EnglandWales 2023-07-01 2024-06-30 06900186 2022-06-30 06900186 2023-06-30 06900186 2022-07-01 2023-06-30 06900186 frs-core:CurrentFinancialInstruments 2023-06-30 06900186 frs-core:ShareCapital 2023-06-30 06900186 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 06900186
Studio 1 Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr Ian Hemingway
Mr Julian Paphitis
Mr Jonathan Shayler
Company Number 06900186
Registered Office Vitec Service Centre Building 105
Dunsfold Park
Cranleigh
GU6 8TB
Accountants IWN Accountancy Limited
The Echo Building
18 Albert Road
Bournemouth
BH1 1BZ
Page 1
Page 2
Balance Sheet
Registered number: 06900186
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,286 41,124
32,286 41,124
CURRENT ASSETS
Stocks 5 115,000 193,000
Debtors 6 41,336 35,504
Cash at bank and in hand 105,212 123,059
261,548 351,563
Creditors: Amounts Falling Due Within One Year 7 (145,545 ) (127,365 )
NET CURRENT ASSETS (LIABILITIES) 116,003 224,198
TOTAL ASSETS LESS CURRENT LIABILITIES 148,289 265,322
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (8,071 ) (7,813 )
NET ASSETS 140,218 257,509
CAPITAL AND RESERVES
Called up share capital 9 3 3
Profit and Loss Account 140,215 257,506
SHAREHOLDERS' FUNDS 140,218 257,509
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Ian Hemingway
Director
20/02/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Studio 1 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06900186 . The registered office is Vitec Service Centre Building 105, Dunsfold Park, Cranleigh, GU6 8TB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33.33% Reducing Balance
2.4. 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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 23,454 17,995 25,709 6,653 73,811
Additions 403 - - - 403
As at 30 June 2024 23,857 17,995 25,709 6,653 74,214
Depreciation
As at 1 July 2023 8,362 1,874 19,505 2,946 32,687
Provided during the period 3,045 4,030 931 1,235 9,241
As at 30 June 2024 11,407 5,904 20,436 4,181 41,928
Net Book Value
As at 30 June 2024 12,450 12,091 5,273 2,472 32,286
As at 1 July 2023 15,092 16,121 6,204 3,707 41,124
5. Stocks
2024 2023
£ £
Stock 115,000 193,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,329 19,507
Other debtors 20,007 15,997
41,336 35,504
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Page 6
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 107,002 83,102
Other creditors 7,767 10,407
Taxation and social security 30,776 33,856
145,545 127,365
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 8,071 7,813
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
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