Company registration number 15078869 (England and Wales)
FRAME STUDIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
FRAME STUDIO LIMITED
COMPANY INFORMATION
Director
Mr J P R Dodd
(Appointed 17 August 2023)
Company number
15078869
Registered office
96 Kensington High Street
London
W8 4SG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Metro Bank Plc
1 Southampton Row
London
WC1B 5HA
FRAME STUDIO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
FRAME STUDIO LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FRAME STUDIO LIMITED FOR THE PERIOD ENDED 31 AUGUST 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frame Studio Limited for the period ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Frame Studio Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Frame Studio Limited and state those matters that we have agreed to state to the board of directors of Frame Studio Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frame Studio Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Frame Studio Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frame Studio Limited. You consider that Frame Studio Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Frame Studio Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
1 April 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
FRAME STUDIO LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
2024
Notes
£
£
Current assets
Debtors
3
4,648
Cash at bank and in hand
4,771
9,419
Creditors: amounts falling due within one year
4
(9,255)
Net current assets
164
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
64
Total equity
164
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
Mr J P R Dodd
Director
Company registration number 15078869 (England and Wales)
FRAME STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Frame Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 96 Kensington High Street, London, United Kingdom, W8 4SG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.4
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
FRAME STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
4,648
4
Creditors: amounts falling due within one year
2024
£
Taxation and social security
6,159
Other creditors
3,096
9,255
5
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A of £1 each
50
50
Ordinary B of £1 each
50
50
100
100
The following shares were allotted and fully paid for cash at par during the period:
50 Ordinary A of £1 each
50 Ordinary A of £1 each
6
Ultimate controlling party
There is no ultimate controlling party.
FRAME STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 5 -
7
Comparatives
This is the company's first year of trade, therefore there are no comparatives.