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Registered number: 07217406
Stitch Editing Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
EAM London Limited
Chartered Tax Accountants
215-221 Borough High Street
London
SE1 1JA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07217406
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 149,140 200,249
149,140 200,249
CURRENT ASSETS
Debtors 5 1,080,598 915,210
Cash at bank and in hand 382,697 421,098
1,463,295 1,336,308
Creditors: Amounts Falling Due Within One Year 6 (960,065 ) (898,749 )
NET CURRENT ASSETS (LIABILITIES) 503,230 437,559
TOTAL ASSETS LESS CURRENT LIABILITIES 652,370 637,808
Creditors: Amounts Falling Due After More Than One Year 7 (49,477 ) (138,295 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (37,231 ) (47,387 )
NET ASSETS 565,662 452,126
CAPITAL AND RESERVES
Called up share capital 9 4 4
Capital redemption reserve (313,696 ) (313,696 )
Profit and Loss Account 879,354 765,818
SHAREHOLDERS' FUNDS 565,662 452,126
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For the year ending 31 December 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 Leo King
Director
24/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Stitch Editing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07217406 . The registered office is 14 Newburgh Street, London, W1F 7RT.
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:
Leasehold 20% straight line
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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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 year 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.
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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 25)
25 25
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 325,459 89,782 218,961 634,202
Additions - 5,336 7,272 12,608
As at 31 December 2024 325,459 95,118 226,233 646,810
Depreciation
As at 1 January 2024 170,270 87,518 176,165 433,953
Provided during the period 39,784 2,698 21,235 63,717
As at 31 December 2024 210,054 90,216 197,400 497,670
Net Book Value
As at 31 December 2024 115,405 4,902 28,833 149,140
As at 1 January 2024 155,189 2,264 42,796 200,249
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 350,630 206,331
Prepayments and accrued income 90,582 88,359
Other debtors 850 1,984
442,062 296,674
Due after more than one year
Other debtors 638,536 618,536
1,080,598 915,210
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 65,451 78,571
Trade creditors 20,174 16,236
Bank loans and overdrafts 28,467 28,467
Corporation tax 182,220 95,476
Other taxes and social security (PAYE) 50,217 46,562
VAT 81,808 92,059
Other creditors (Pensions Payable ER & EE) 8,933 19,143
Accruals and deferred income 442,395 436,508
Homespun Ltd 80,400 85,727
960,065 898,749
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 65,486
Bank loans 49,477 72,809
49,477 138,295
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 65,451 78,571
Later than one year and not later than five years - 65,486
65,451 144,057
65,451 144,057
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
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