Lawrence Studios Limited
Registered number: 09948640
Statement of Financial Position
as at 31 December 2024
Notes 31/12/24 31/1/24
£ £
Fixed assets
Tangible assets 3 18,243 27,748
Financial assets 75 51
18,318 27,799
Current assets
Debtors 4 80,161 64,829
Cash at bank and in hand 2,201 3,287
82,362 68,116
Creditors: amounts falling due within one year 5 (40,984) (23,639)
Net current assets 41,378 44,477
Total assets less current liabilities 59,696 72,276
Creditors: amounts falling due after more than one year 6 (4,915) (9,074)
Provisions for liabilities (3,466) (5,272)
Net assets 51,315 57,930
Capital and reserves
Called up share capital 100 100
Profit and loss account 51,215 57,830
Shareholders' funds 51,315 57,930
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 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 Lawrence
Director
Approved by the board on 3 June 2025
Lawrence Studios Limited
Notes to the Accounts
for the period from 1 February 2024 to 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees and directors 31/12/24 31/1/24
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2024 764 37,915 38,679
At 31 December 2024 764 37,915 38,679
Depreciation
At 1 February 2024 662 10,269 10,931
Charge for the period 26 9,479 9,505
At 31 December 2024 688 19,748 20,436
Net book value
At 31 December 2024 76 18,167 18,243
At 31 January 2024 102 27,646 27,748
4 Debtors 31/12/24 31/1/24
£ £
Other debtors 80,161 64,829
5 Creditors: amounts falling due within one year 31/12/24 31/1/24
£ £
Obligations under finance lease and hire purchase contracts 4,537 4,537
Accruals 1,572 2,560
Corporation tax 7,025 13,673
Other taxes and social security costs - 123
Other creditors 27,850 2,746
40,984 23,639
6 Creditors: amounts falling due after one year 31/12/24 31/1/24
£ £
Obligations under finance lease and hire purchase contracts 4,915 9,074
7 Other information
Lawrence Studios Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
Lawrence Studios Limited 09948640 false 2024-02-01 2024-12-31 2024-12-31 VT Final Accounts April 2025 J Lawrence No description of principal activity 09948640 2023-02-01 2024-01-31 09948640 core:WithinOneYear 2024-01-31 09948640 core:AfterOneYear 2024-01-31 09948640 core:ShareCapital 2024-01-31 09948640 core:RetainedEarningsAccumulatedLosses 2024-01-31 09948640 2024-02-01 2024-12-31 09948640 bus:PrivateLimitedCompanyLtd 2024-02-01 2024-12-31 09948640 bus:AuditExemptWithAccountantsReport 2024-02-01 2024-12-31 09948640 bus:Director40 2024-02-01 2024-12-31 09948640 1 2024-02-01 2024-12-31 09948640 2 2024-02-01 2024-12-31 09948640 core:PlantMachinery 2024-02-01 2024-12-31 09948640 core:Vehicles 2024-02-01 2024-12-31 09948640 countries:England 2024-02-01 2024-12-31 09948640 bus:FRS102 2024-02-01 2024-12-31 09948640 bus:FilletedAccounts 2024-02-01 2024-12-31 09948640 2024-12-31 09948640 core:WithinOneYear 2024-12-31 09948640 core:AfterOneYear 2024-12-31 09948640 core:ShareCapital 2024-12-31 09948640 core:RetainedEarningsAccumulatedLosses 2024-12-31 09948640 core:PlantMachinery 2024-12-31 09948640 core:Vehicles 2024-12-31 09948640 2024-01-31 09948640 core:PlantMachinery 2024-01-31 09948640 core:Vehicles 2024-01-31 iso4217:GBP xbrli:pure