Registered number
09916101
Layers Studio Limited
Filleted Accounts
31 October 2024
Layers Studio Limited
Registered number: 09916101
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,520 6,331
Current assets
Work in progress - 5,804
Debtors 4 38,895 24,967
Cash at bank and in hand 3,466 4,624
42,361 35,395
Creditors: amounts falling due within one year 5 (115,769) (66,578)
Net current liabilities (73,408) (31,183)
Total assets less current liabilities (67,888) (24,852)
Creditors: amounts falling due after more than one year 6 (8,125) (15,625)
Net liabilities (76,013) (40,477)
Capital and reserves
Called up share capital 100 100
Profit and loss account (76,113) (40,577)
Shareholders' funds (76,013) (40,477)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J G Hanson
Director
Approved by the board on 22 April 2025
Layers Studio Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The company is currently insolvent but continues to trade with the support of its investor. The Directors are actively seeking more profitable projects and have reviewed both staffing and trading costs.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at the following rates:
Computer equipment 15% reducing balance
Work in progress
Work in progress is measured at expected selling price.
Debtors
Short term debtors are measured at transaction price (which is the invoice price).
Creditors
Short term creditors are measured at transaction price (which is the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 8
3 Tangible fixed assets
Computer equipment
£
Cost
At 1 November 2023 11,922
Additions 155
At 31 October 2024 12,077
Depreciation
At 1 November 2023 5,591
Charge for the year 966
At 31 October 2024 6,557
Net book value
At 31 October 2024 5,520
At 31 October 2023 6,331
4 Debtors 2024 2023
£ £
Trade debtors 28,195 15,817
Other debtors 10,700 9,150
38,895 24,967
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,500 7,500
Trade creditors 17,311 6,101
Taxation and social security costs 48,997 22,338
Other creditors 41,961 30,639
115,769 66,578
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,125 15,625
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J G Hanson
Directors loan account 201 (8,652) 9,662 1,211
P M Harrison
Directors loan account 35 (6,875) 7,187 347
236 (15,527) 16,849 1,558
8 Related party transactions
MA Utilities Limited, who is a wholly owned subsiduary of Imperator Group Limited, was repaid nothing during the year by Layers Studio Ltd. The loan is interest free and repayable upon demand. The amount owing at 31 October 2024 is £30,403.00.
Imperator Group Limited loaned the company £10,000 during the year .Nothing was repaid during the year by Layers Studio Ltd. The loan is interest free and repayable upon demand. The amount owing at 31 October 2024 is £10,000.
Biblio Ltd, who is ultimatley under the same control, was loaned £1,150 and repaid nothing during the year. The loan is interest free and repayable upon demand. The sum of £10,700 remains owed to Layers Studio Ltd as at 31 October 2024.
9 Controlling party
The company is controlled by its Directors.
10 Other information
Layers Studio Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 High Street
Stanley
Co Durham
DH9 0DQ
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