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MATT WINGFIELD STUDIO LIMITED

Registered Number
06543686
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

MATT WINGFIELD STUDIO LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

WINGFIELD, Kate Sarah
WINGFIELD, Matthew Craig

Company Secretary

WINGFIELD, Kate Sarah

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

06543686 (England and Wales)
MATT WINGFIELD STUDIO LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets53,1703,320
3,1703,320
Current assets
Debtors679,31891,090
Cash at bank and on hand22
79,32091,092
Creditors amounts falling due within one year7(73,571)(80,312)
Net current assets (liabilities)5,74910,780
Total assets less current liabilities8,91914,100
Creditors amounts falling due after one year8(8,054)(12,054)
Provisions for liabilities9(793)(830)
Net assets721,216
Capital and reserves
Called up share capital22
Profit and loss account701,214
Shareholders' funds721,216
The financial statements were approved and authorised for issue by the Board of Directors on 24 June 2025, and are signed on its behalf by:
WINGFIELD, Matthew Craig
Director
Registered Company No. 06543686
MATT WINGFIELD STUDIO LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Fixtures and fittings25-
Office Equipment-3
2.Average number of employees

20242023
Average number of employees during the year22
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 January 2418,10018,100
At 31 December 2418,10018,100
Amortisation and impairment
At 01 January 2418,10018,100
At 31 December 2418,10018,100
Net book value
At 31 December 24--
At 31 December 23--
5.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 245,0421,46510,25016,757
Additions--1,3241,324
At 31 December 245,0421,46511,57418,081
Depreciation and impairment
At 01 January 243,6581,2298,55013,437
Charge for year208591,2071,474
At 31 December 243,8661,2889,75714,911
Net book value
At 31 December 241,1761771,8173,170
At 31 December 231,3842361,7003,320
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables12,17212,172
Other debtors67,14678,378
Prepayments and accrued income-540
Total79,31891,090
7.Creditors: amounts due within one year

2024

2023

££
Taxation and social security71,08178,061
Other creditors1,6971,698
Accrued liabilities and deferred income793553
Total73,57180,312
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,05412,054
Total8,05412,054
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)793830
Total793830
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
WINGFIELD, Matthew Craig38,24552,72658,03632,935
WINGFIELD, Kate Sarah38,85552,11558,03632,934
77,100104,841116,07265,869
The overdrawn amount was repaid on 31 August 2025. Interest has been charged on the overdrawn amount at the official HM Revenue & Customs rate.
11.Controlling party
The company was controlled by its directors, M C Wingfield and Mrs. K S Wingfield, throughout the period.