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COMPANY REGISTRATION NUMBER: 06714052
THE BATHROOM STUDIO (NE) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2024
THE BATHROOM STUDIO (NE) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
THE BATHROOM STUDIO (NE) LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
57,742
74,096
CURRENT ASSETS
Stocks
6
106,017
111,533
Debtors
7
206,359
219,780
Cash at bank and in hand
37
37
----------
----------
312,413
331,350
CREDITORS: amounts falling due within one year
8
275,701
323,226
----------
----------
NET CURRENT ASSETS
36,712
8,124
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
94,454
82,220
CREDITORS: amounts falling due after more than one year
9
62,045
73,139
PROVISIONS
Taxation including deferred tax
8,615
1,739
---------
---------
NET ASSETS
23,794
7,342
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
23,694
7,242
---------
-------
SHAREHOLDERS FUNDS
23,794
7,342
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE BATHROOM STUDIO (NE) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mrs M. Shanks
Director
Company registration number: 06714052
THE BATHROOM STUDIO (NE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4D, Airport Industrial Estate, Kingston Park, Tyne and Wear, NE3 2EF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% straight line
Fixtures and Fittings
-
25% straight line
Motor Vehicles
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum hire purchase payments, which is determined at the inception of the hire purchase term. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding hire purchase liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st October 2023
25,000
35,842
84,060
144,902
Additions
965
965
---------
---------
---------
----------
At 30th September 2024
25,000
36,807
84,060
145,867
---------
---------
---------
----------
Depreciation
At 1st October 2023
25,000
34,627
11,179
70,806
Charge for the year
507
16,812
17,319
---------
---------
---------
----------
At 30th September 2024
25,000
35,134
27,991
88,125
---------
---------
---------
----------
Carrying amount
At 30th September 2024
1,673
56,069
57,742
---------
---------
---------
----------
At 30th September 2023
1,215
72,881
74,096
---------
---------
---------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th September 2024
56,069
---------
At 30th September 2023
72,881
---------
6. STOCKS
2024
2023
£
£
Stock
106,017
111,533
----------
----------
7. DEBTORS
2024
2023
£
£
Trade debtors
7,449
3,170
Prepayments
12,205
12,226
Corporation tax repayable
4,431
11
Directors loan account
141,602
159,281
Section 455 tax recoverable
40,672
45,092
----------
----------
206,359
219,780
----------
----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
38,631
16,598
Trade creditors
126,260
159,809
Accruals
43,749
34,155
Social security and other taxes
53,815
99,418
Obligations under finance leases and hire purchase contracts
13,246
13,246
----------
----------
275,701
323,226
----------
----------
The hire purchase contracts, included within creditors: amounts falling due within one year, are secured against the assets that are funded in this way.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
20,425
18,274
Obligations under finance leases and hire purchase contracts
41,620
54,865
---------
---------
62,045
73,139
---------
---------
The hire purchase contracts, included within creditors: amounts falling due after more than one year, are secured against the assets funded in this way.
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
8,615
1,739
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
14,435
18,524
Unused tax losses
( 5,820)
( 16,785)
---------
---------
8,615
1,739
---------
---------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs M. Shanks
159,281
114,730
( 132,409)
141,602
----------
----------
----------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs M. Shanks
153,152
120,611
( 114,482)
159,281
----------
----------
----------
----------
13. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.