Onions Studio Ltd 08704356 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is graphic design Digita Accounts Production Advanced 6.30.9574.0 true 08704356 2023-10-01 2024-09-30 08704356 2024-09-30 08704356 bus:Director1 1 2024-09-30 08704356 bus:OrdinaryShareClass1 2024-09-30 08704356 bus:OrdinaryShareClass2 2024-09-30 08704356 core:CurrentFinancialInstruments 2024-09-30 08704356 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 08704356 core:Non-currentFinancialInstruments 2024-09-30 08704356 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 08704356 core:FurnitureFittingsToolsEquipment 2024-09-30 08704356 bus:SmallEntities 2023-10-01 2024-09-30 08704356 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 08704356 bus:FilletedAccounts 2023-10-01 2024-09-30 08704356 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 08704356 bus:RegisteredOffice 2023-10-01 2024-09-30 08704356 bus:Director1 2023-10-01 2024-09-30 08704356 bus:Director1 1 2023-10-01 2024-09-30 08704356 bus:Director2 2023-10-01 2024-09-30 08704356 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 08704356 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 08704356 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08704356 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 08704356 core:PlantMachinery 2023-10-01 2024-09-30 08704356 countries:AllCountries 2023-10-01 2024-09-30 08704356 2023-09-30 08704356 bus:Director1 1 2023-09-30 08704356 core:FurnitureFittingsToolsEquipment 2023-09-30 08704356 2022-10-01 2023-09-30 08704356 2023-09-30 08704356 bus:OrdinaryShareClass1 2023-09-30 08704356 bus:OrdinaryShareClass2 2023-09-30 08704356 core:CurrentFinancialInstruments 2023-09-30 08704356 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 08704356 core:Non-currentFinancialInstruments 2023-09-30 08704356 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 08704356 core:FurnitureFittingsToolsEquipment 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08704356

Onions Studio Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Onions Studio Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Onions Studio Ltd

Company Information

Directors

Mr K King

Mrs V Onions

Registered office

2 Western Street
Barnsley
South Yorkshire
S70 2BP

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Onions Studio Ltd

(Registration number: 08704356)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

3,479

4,475

Current assets

 

Debtors

4,062

-

Cash at bank and in hand

 

206,977

165,473

 

211,039

165,473

Creditors: Amounts falling due within one year

4

(120,880)

(95,062)

Net current assets

 

90,159

70,411

Total assets less current liabilities

 

93,638

74,886

Creditors: Amounts falling due after more than one year

4

(35,497)

(47,329)

Provisions for liabilities

(637)

(850)

Net assets

 

57,504

26,707

Capital and reserves

 

Called up share capital

5

20

20

Retained earnings

57,484

26,687

Shareholders' funds

 

57,504

26,707

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr K King
Director

 

Onions Studio Ltd

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

1

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Onions Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

Plant and machinery etc

25% on cost

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Onions Studio Ltd

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

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

9,023

9,023

Additions

508

508

At 30 September 2024

9,531

9,531

Depreciation

At 1 October 2023

4,548

4,548

Charge for the year

1,504

1,504

At 30 September 2024

6,052

6,052

Carrying amount

At 30 September 2024

3,479

3,479

At 30 September 2023

4,475

4,475

4

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

6

6,761

-

Trade creditors

 

158

240

Taxation and social security

 

2,049

2,644

Other creditors

 

111,912

92,178

 

120,880

95,062

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

35,497

47,329

 

Onions Studio Ltd

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

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

Ordinary A of £1 each

10

10

10

10

20

20

20

20

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

35,497

47,329

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,761

-

7

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Other payments made to company by director
£

At 30 September 2024
£

Mr K King

No interest is charged on the loan and there is no fixed date of repayment.

67,996

7,765

75,761