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Registration number: 03034305

Square One Scenic Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Square One Scenic Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Square One Scenic Limited

Company Information

Director

A Joseph

Company secretary

T Lilburn

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Square One Scenic Limited

(Registration number: 03034305)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

94,449

70,205

Current assets

 

Stocks

5

2,749

2,844

Debtors

6

535,101

400,336

Cash at bank and in hand

 

199,559

118,691

 

737,409

521,871

Creditors: Amounts falling due within one year

7

(407,144)

(166,139)

Net current assets

 

330,265

355,732

Total assets less current liabilities

 

424,714

425,937

Creditors: Amounts falling due after more than one year

7

(20,264)

(41,618)

Net assets

 

404,450

384,319

Capital and reserves

 

Called up share capital

8

100

115

Share premium reserve

-

124,985

Retained earnings

404,350

259,219

Shareholders' funds

 

404,450

384,319

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2025
 

.........................................
A Joseph
Director

 

Square One Scenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
Production House
Enterprise Way
Leighton Buzzard
Beds
LU7 4SZ

These financial statements were authorised for issue by the director on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Square One Scenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings leasehold

5% Straight line method

Plant and machinery

15% Reducing balance method

Motor Vehicles

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade 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 using the effective interest method.

 

Square One Scenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

Square One Scenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

16,065

116,340

16,200

148,605

Additions

-

-

69,000

69,000

Disposals

-

(41,435)

-

(41,435)

At 30 June 2024

16,065

74,905

85,200

176,170

Depreciation

At 1 July 2023

13,651

56,801

7,948

78,400

Charge for the year

803

9,058

11,588

21,449

Eliminated on disposal

-

(18,128)

-

(18,128)

At 30 June 2024

14,454

47,731

19,536

81,721

Carrying amount

At 30 June 2024

1,611

27,174

65,664

94,449

At 30 June 2023

2,414

59,539

8,252

70,205

Included within the net book value of land and buildings above is £1,611 (2023 - £2,414) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Closing stock

2,749

2,844

6

Debtors

Current

2024
£

2023
£

Trade debtors

478,294

314,681

Other debtors

56,807

85,655

 

535,101

400,336

 

Square One Scenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

274,736

92,909

Taxation and social security

108,094

52,176

Accruals and deferred income

4,100

4,100

Other creditors

200

200

Bank borrowings

20,014

16,754

407,144

166,139

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank borrowings

20,264

41,618

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

115

115

       
 

Square One Scenic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

33,000

30,000

Summary of transactions with other related parties


Connected companies
Included in other debtors is an amount of £51,007 (2023: £51,712 owed to) owed from Stage Support Ltd, a company under common control. During the year the company was charged an amount of £36,400 (2023: £36,400) by Stage Support Ltd for the rental of assets.The company also charged a management fee during the year of £12,000 (2023: £12,000) to Stage Support Ltd, which represented a recharge of overhead expenses.