Company No:
Contents
| Director | F Alcalde |
| Registered office | 18 Highwood Crescent |
| Horsham | |
| England | |
| RH12 1EN | |
| United Kingdom |
| Company number | 13592885 (England and Wales) |
| Accountant | Kreston Reeves LLP |
| Springfield House | |
| Springfield Road | |
| Horsham | |
| West Sussex | |
| RH12 2RG |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
|
|
|
| Tangible assets | 4 |
|
|
|
| Investments | 5 |
|
|
|
| 711,699 | 261,262 | |||
| Current assets | ||||
| Debtors | 6 |
|
|
|
| Cash at bank and in hand | 7 |
|
|
|
| 263,340 | 160,620 | |||
| Creditors: amounts falling due within one year | 8 | (
|
(
|
|
| Net current assets | 126,263 | 73,755 | ||
| Total assets less current liabilities | 837,962 | 335,017 | ||
| Provision for liabilities | 9 | (
|
(
|
|
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Revaluation reserve |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of One Man Studio Limited (registered number:
|
F Alcalde
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
One Man Studio Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The company's registered number is 13592885. The address of the Company's registered office is 18 Highwood Crescent, Horsham, England, RH12 1EN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Other intangible assets | not amortised |
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Cryptocurrencies which are included as other intangible assets are held under a business model with the intention to "hold to collect". The associated cash flows are accounted for as intangible assets with an indefinite life. These assets are initially recognised on the balance sheet at historical cost and then subsequently revalued at fair value. This is due to the Cryptocurrencies can be reliably measured on an active market. At each reporting date, impairment and amortisation is considered too.
| Vehicles |
|
| Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
|
|
| Other intangible assets | Total | ||
| £ | £ | ||
| Cost/Valuation | |||
| At 01 September 2023 |
|
|
|
| Additions |
|
|
|
| Revaluations |
|
|
|
| At 31 August 2024 |
|
|
|
| Accumulated amortisation | |||
| At 01 September 2023 |
|
|
|
| At 31 August 2024 |
|
|
|
| Net book value | |||
| At 31 August 2024 |
|
|
|
| At 31 August 2023 |
|
|
| Vehicles | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 September 2023 |
|
|
|
||
| Additions |
|
|
|
||
| At 31 August 2024 |
|
|
|
||
| Accumulated depreciation | |||||
| At 01 September 2023 |
|
|
|
||
| Charge for the financial year |
|
|
|
||
| At 31 August 2024 |
|
|
|
||
| Net book value | |||||
| At 31 August 2024 |
|
|
|
||
| At 31 August 2023 |
|
|
|
| Listed investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 September 2023 |
|
|
|
| Additions |
|
|
|
| Movement in fair value |
|
|
|
| At 31 August 2024 |
|
|
|
| Carrying value at 31 August 2024 |
|
|
|
| Carrying value at 31 August 2023 |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Accruals |
|
|
|
| Corporation tax |
|
|
|
| Other taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
|
|
| Credited/(charged) to the Profit and Loss Account |
|
(
|
|
| Charged to the Statement of Comprehensive Income | (
|
|
|
| At the end of financial year | (
|
(
|
The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances | (
|
(
|
|
| Revaluation of intangible assets | (
|
|
|
| (
|
(
|
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Loan to director | 130,820 | 18,183 |
During the year, the company has provided a loan to the director with interest charged at 2.25%. The loan has been repaid within 9 months from the end of the year.