Studio 912 Limited 09737940 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is property investment and development. Digita Accounts Production Advanced 6.30.9574.0 true true true 09737940 2024-04-01 2025-03-31 09737940 2025-03-31 09737940 core:RetainedEarningsAccumulatedLosses 2025-03-31 09737940 core:ShareCapital 2025-03-31 09737940 core:CurrentFinancialInstruments 2025-03-31 09737940 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 09737940 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 09737940 bus:SmallEntities 2024-04-01 2025-03-31 09737940 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 09737940 bus:FilletedAccounts 2024-04-01 2025-03-31 09737940 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 09737940 bus:Director1 2024-04-01 2025-03-31 09737940 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 09737940 core:FurnitureFittings 2024-04-01 2025-03-31 09737940 core:InvestmentPropertyIncludedWithinPPE 2024-04-01 2025-03-31 09737940 1 2024-04-01 2025-03-31 09737940 countries:AllCountries 2024-04-01 2025-03-31 09737940 2024-03-31 09737940 2023-04-01 2024-03-31 09737940 2024-03-31 09737940 core:RetainedEarningsAccumulatedLosses 2024-03-31 09737940 core:ShareCapital 2024-03-31 09737940 core:CurrentFinancialInstruments 2024-03-31 09737940 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09737940 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 09737940

Studio 912 Limited

Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Studio 912 Limited

(Registration number: 09737940)

Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Investment property

3

38,808,999

35,928,123

Current assets

 

Debtors

4

1,651,295

1,689,103

Cash at bank and in hand

 

566,855

4,023,076

 

2,218,150

5,712,179

Creditors: Amounts falling due within one year

5

(320,985)

(2,963,660)

Net current assets

 

1,897,165

2,748,519

Total assets less current liabilities

 

40,706,164

38,676,642

Creditors: Amounts falling due after more than one year

5

(40,031,831)

(39,545,811)

Net assets/(liabilities)

 

674,333

(869,169)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

674,233

(869,269)

Shareholders' funds/(deficit)

 

674,333

(869,169)

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................

A J B Smith

Director

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

Accounting policies

Statutory information

Studio 912 Limited is a private company, limited by shares, domiciled in England and Wales, company number 09737940. The registered office is at Pegasus House, 463a Glossop Road, Sheffield, S10 2QD.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors and the continued support of the shareholders, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover represents rental income from occupied investment properties.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment properties

Not depreciated

Fixtures and fittings

25% straight line

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard FRS102 - Section 1A, as follows:

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 6).

3

Investment properties

2025
£

At 1 April 2024

35,928,123

Additions

1,526,247

Fair value adjustments

1,354,629

At 31 March 2025

38,808,999

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

3

Investment properties (continued)

The investment properties were revalued on 31 March 2025 by the directors who are internal to the company. The basis of this valuation was existing use basis. This class of assets has a current value of £38,808,999 (2024 - £35,928,123) and a carrying amount at historical cost of £41,500,553 (2024 - £39,947,307). The depreciation on this historical cost is £Nil.

4

Debtors

2025
£

2024
£

Trade debtors

9,630

21,390

Amounts owed by related parties

1,631,948

1,625,578

Prepayments

9,717

8,313

Other debtors

-

33,822

 

1,651,295

1,689,103

5

Creditors

2025
£

2024
£

Due within one year

Bank loans and overdrafts

-

2,486,020

Taxation and social security

50,501

173,211

Other creditors

12,750

12,750

Accruals

257,734

291,679

320,985

2,963,660

Creditors: amounts falling due after more than one year

2025
£

2024
£

Due after one year

Bank loans

19,184,539

16,698,519

Amounts due to parent undertakings

20,847,292

22,847,292

40,031,831

39,545,811

The bank borrowings are secured by a charge over the assets of the Company.

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Related party transactions

Summary of transactions with other related parties

Other debtors include an amount of £ 82,320 (2024 - £125,578) due from Daleside Estates Limited, an amount of £1,517,962 (2024 - £1,500,000) due from Me Space Limited and an amount of £10,769 due from SOFF 452 Limited, associated companies, which are interest free.

The amount due to the parent undertaking, Chelsea Estates Limited, of £ 20,847,292 (2024 - £22,847,292) included in creditors due after one year is interest free.

 

Studio 912 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7

Parent and ultimate parent undertaking

The ultimate parent is Chelsea Estates Limited, incorporated in Guernsey.