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REGISTERED NUMBER: 03824450 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

THE STUDIO PEOPLE LTD

THE STUDIO PEOPLE LTD (REGISTERED NUMBER: 03824450)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

THE STUDIO PEOPLE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: J M Keeling
Miss J L Owen
M Sandells
C D Smout





REGISTERED OFFICE: Shortwave A
Back Lane
Criggion
Powys
SY5 9BE





REGISTERED NUMBER: 03824450 (England and Wales)





ACCOUNTANTS: D.R.E. & Co. Limited
Chartered Accountants
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

THE STUDIO PEOPLE LTD (REGISTERED NUMBER: 03824450)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 7,903 11,854
Tangible assets 6 123,510 157,775
131,413 169,629

CURRENT ASSETS
Stocks 367,000 367,000
Debtors 7 918,103 920,948
Cash at bank 312,714 535,606
1,597,817 1,823,554
CREDITORS
Amounts falling due within one year 8 3,101,808 2,766,951
NET CURRENT LIABILITIES (1,503,991 ) (943,397 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,372,578

)

(773,768

)

CREDITORS
Amounts falling due after more than one
year

9

36,722

55,771
NET LIABILITIES (1,409,300 ) (829,539 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,409,400 ) (829,639 )
(1,409,300 ) (829,539 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE STUDIO PEOPLE LTD (REGISTERED NUMBER: 03824450)

BALANCE SHEET - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





J M Keeling - Director


THE STUDIO PEOPLE LTD (REGISTERED NUMBER: 03824450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

The Studio People Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Going Concern
The financial statements have been prepared on a going concern basis as the directors are of the opinion that the Company will be able to pay its liabilities as and when they fall due.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software 33 1/3% on straight line basis

Intangible assets comprises of purchased computer software.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life on the following bases:

Leasehold property improvements Various rates
Plant and machinery 20% on reducing balance
Fixtures, fittings & equipment 20% on reducing balance
Computer equipment 25% on reducing balance
Motor vehicles 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


THE STUDIO PEOPLE LTD (REGISTERED NUMBER: 03824450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 26 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023
and 31 August 2024 17,070
AMORTISATION
At 1 September 2023 5,216
Charge for year 3,951
At 31 August 2024 9,167
NET BOOK VALUE
At 31 August 2024 7,903
At 31 August 2023 11,854

THE STUDIO PEOPLE LTD (REGISTERED NUMBER: 03824450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 10,763 468,140 478,903
Additions - 8,901 8,901
Disposals - (17,558 ) (17,558 )
At 31 August 2024 10,763 459,483 470,246
DEPRECIATION
At 1 September 2023 10,763 310,365 321,128
Charge for year - 37,613 37,613
Eliminated on disposal - (12,005 ) (12,005 )
At 31 August 2024 10,763 335,973 346,736
NET BOOK VALUE
At 31 August 2024 - 123,510 123,510
At 31 August 2023 - 157,775 157,775

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 458,795 359,390
Other debtors 459,308 561,558
918,103 920,948

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts (see note 10) 19,050 19,050
Trade creditors 297,470 185,568
Amounts owed to group undertakings 150,932 150,932
Taxation and social security 2,630,356 2,405,197
Other creditors 4,000 6,204
3,101,808 2,766,951

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts (see note 10) 36,722 55,771

THE STUDIO PEOPLE LTD (REGISTERED NUMBER: 03824450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 19,050 19,050
Between one and five years 36,722 55,771
55,772 74,821

Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 74,552 6,326
Between one and five years 222,559 12,253
297,111 18,579

11. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Loan 150,932 150,932

A loan included in creditors is secured by a way of a fixed and floating charge. The floating charge covers all the property or undertaking of the company and a negative pledge.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE STUDIO PEOPLE LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Studio People Ltd for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Studio People Ltd, 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 The Studio People Ltd and state those matters that we have agreed to state to the Board of Directors of The Studio People Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Studio People Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Studio People Ltd 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 loss of The Studio People Ltd. You consider that The Studio People Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Studio People Ltd. 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.






D.R.E. & Co. Limited
Chartered Accountants
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG


27 May 2025