Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Daniel James Lee 03/10/2015 24 April 2025 The principal activity of the Company in the year was that of sale of bathroom fittings. 09807428 2024-12-31 09807428 bus:Director1 2024-12-31 09807428 2023-12-31 09807428 core:CurrentFinancialInstruments 2024-12-31 09807428 core:CurrentFinancialInstruments 2023-12-31 09807428 core:Non-currentFinancialInstruments 2024-12-31 09807428 core:Non-currentFinancialInstruments 2023-12-31 09807428 core:ShareCapital 2024-12-31 09807428 core:ShareCapital 2023-12-31 09807428 core:SharePremium 2024-12-31 09807428 core:SharePremium 2023-12-31 09807428 core:RetainedEarningsAccumulatedLosses 2024-12-31 09807428 core:RetainedEarningsAccumulatedLosses 2023-12-31 09807428 core:LandBuildings 2023-12-31 09807428 core:OtherPropertyPlantEquipment 2023-12-31 09807428 core:LandBuildings 2024-12-31 09807428 core:OtherPropertyPlantEquipment 2024-12-31 09807428 core:CostValuation 2023-12-31 09807428 core:CostValuation 2024-12-31 09807428 bus:OrdinaryShareClass1 2024-12-31 09807428 bus:OrdinaryShareClass2 2024-12-31 09807428 core:WithinOneYear 2024-12-31 09807428 core:WithinOneYear 2023-12-31 09807428 core:BetweenOneFiveYears 2024-12-31 09807428 core:BetweenOneFiveYears 2023-12-31 09807428 core:MoreThanFiveYears 2024-12-31 09807428 core:MoreThanFiveYears 2023-12-31 09807428 2024-01-01 2024-12-31 09807428 bus:FilletedAccounts 2024-01-01 2024-12-31 09807428 bus:SmallEntities 2024-01-01 2024-12-31 09807428 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 09807428 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09807428 bus:Director1 2024-01-01 2024-12-31 09807428 core:OtherPropertyPlantEquipment core:BottomRangeValue 2024-01-01 2024-12-31 09807428 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-01-01 2024-12-31 09807428 2023-01-01 2023-12-31 09807428 core:LandBuildings 2024-01-01 2024-12-31 09807428 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 09807428 core:Subsidiary1 2024-01-01 2024-12-31 09807428 core:Subsidiary1 1 2024-01-01 2024-12-31 09807428 core:Subsidiary1 1 2023-01-01 2023-12-31 09807428 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 09807428 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 09807428 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09807428 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 09807428 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 09807428 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 09807428 (England and Wales)

STUDIO ORE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

STUDIO ORE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

STUDIO ORE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
STUDIO ORE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTOR Daniel James Lee
REGISTERED OFFICE 1 Fore Street Avenue
C/O Praxis
London
EC2Y 9DT
United Kingdom
COMPANY NUMBER 09807428 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
STUDIO ORE LIMITED

BALANCE SHEET

As at 31 December 2024
STUDIO ORE LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 83,860 725,543
Investments 4 11,083 11,083
94,943 736,626
Current assets
Stocks 5 11,600 175,000
Debtors
- due within one year 6 904,357 951,256
- due after more than one year 6 32,206 10,508
Cash at bank and in hand 371,715 35,469
1,319,878 1,172,233
Creditors: amounts falling due within one year 7 ( 511,349) ( 186,617)
Net current assets 808,529 985,616
Total assets less current liabilities 903,472 1,722,242
Creditors: amounts falling due after more than one year 8 ( 123,494) ( 1,049,781)
Net assets 779,978 672,461
Capital and reserves
Called-up share capital 9 2 2
Share premium account 2,716 2,716
Profit and loss account 777,260 669,743
Total shareholders' funds 779,978 672,461

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Studio Ore Limited (registered number: 09807428) were approved and authorised for issue by the Director on 24 April 2025. They were signed on its behalf by:

Daniel James Lee
Director
STUDIO ORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
STUDIO ORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

Studio Ore 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 address of the Company's registered office is 1 Fore Street Avenue, C/O Praxis, London, EC2Y 9DT, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 4 - 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 8

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 21,322 1,083,967 1,105,289
Additions 15,473 21,264 36,737
Disposals 0 ( 811,560) ( 811,560)
At 31 December 2024 36,795 293,671 330,466
Accumulated depreciation
At 01 January 2024 7,463 372,283 379,746
Charge for the financial year 4,835 28,786 33,621
Disposals 0 ( 166,761) ( 166,761)
At 31 December 2024 12,298 234,308 246,606
Net book value
At 31 December 2024 24,497 59,363 83,860
At 31 December 2023 13,859 711,684 725,543

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 11,083
At 31 December 2024 11,083
Carrying value at 31 December 2024 11,083
Carrying value at 31 December 2023 11,083

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2024
Ownership
31.12.2023
Held
Studio Ore SRL Italy Manufacture and sale of bathroom fittings Ordinary 100.00% 100.00% Direct

The capital and reserves and the profit of the subsidiary undertaking was as follows:

Capital and
reserves
at 2024
Profit for
the year ended
2024
£ £
Studio Ore SRL 0 0

5. Stocks

2024 2023
£ £
Stocks 11,600 175,000

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 201,399 119,613
Amounts owed by Group undertakings 684,899 799,265
Other debtors 18,059 32,378
904,357 951,256
Debtors: amounts falling due after more than one year
Other debtors 32,206 10,508

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 90,725 21,937
Taxation and social security 224,781 11,999
Obligations under finance leases and hire purchase contracts 0 21,099
Other creditors 185,843 121,582
511,349 186,617

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,167 14,167
Obligations under finance leases and hire purchase contracts 0 27,443
Other creditors 119,327 1,008,171
123,494 1,049,781

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
180 A Ordinary shares of £ 0.01 each 1.80 1.80
20 B Ordinary shares of £ 0.01 each 0.20 0.20
2.00 2.00

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 114,130 44,500
between one and five years 232,153 178,000
after five years 174,292 218,792
520,575 441,292

The Company had no material capital commitments at the year ended 31 December 2024.

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.