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Company Registration No. 08335996 (England and Wales)
Fellow Studio Ltd Unaudited accounts for the year ended 31 December 2024
Fellow Studio Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Fellow Studio Ltd Company Information for the year ended 31 December 2024
Directors
A R Chapman P T Crump
Company Number
08335996 (England and Wales)
Registered Office
First Floor 129 High Street Guildford Surrey GU1 3AA United Kingdom
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Fellow Studio Ltd Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Tangible assets
4
649
1,780
Current assets
Debtors
5
79,070
54,949
Cash at bank and in hand
10,215
765
89,285
55,714
Creditors: amounts falling due within one year
6
(127,190)
(119,601)
Net current liabilities
(37,905)
(63,887)
Total assets less current liabilities
(37,256)
(62,107)
Creditors: amounts falling due after more than one year
7
(1,542)
(5,242)
Net liabilities
(38,798)
(67,349)
Capital and reserves
Called up share capital
2
2
Profit and loss account
(38,800)
(67,351)
Shareholders' funds
(38,798)
(67,349)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by
A R Chapman Director Company Registration No. 08335996
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Fellow Studio Ltd Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Fellow Studio Ltd is a private company, limited by shares, registered in England and Wales, registration number 08335996. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Plant & machinery
33.33% straight line
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Fellow Studio Ltd Notes to the Accounts for the year ended 31 December 2024
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements: - Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. - Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key sources of estimation uncertainty: Tangible fixed assets (note 4) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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Fellow Studio Ltd Notes to the Accounts for the year ended 31 December 2024
4
Tangible fixed assets
Plant & machinery
£
Cost or valuation
At cost
At 1 January 2024
8,814
At 31 December 2024
8,814
Depreciation
At 1 January 2024
7,034
Charge for the year
1,131
At 31 December 2024
8,165
Net book value
At 31 December 2024
649
At 31 December 2023
1,780
5
Debtors
2024
2023
£
£
Amounts falling due within one year
VAT
-
3,367
Trade debtors
15,440
29,942
Accrued income and prepayments
6,814
10,017
Other debtors
56,816
11,623
79,070
54,949
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
44,734
46,040
VAT
2,954
-
Obligations under finance leases and hire purchase contracts
-
1,097
Trade creditors
36,549
23,425
Taxes and social security
14,227
1,652
Other creditors
4,944
15,992
Accruals
6,692
-
Deferred income
17,090
31,395
127,190
119,601
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,542
5,242
The company has entered into a coronavirus bounce back loan agreement for a facility of £18,500 which was fully drawn down in May 2020. The loan bears interest at 2.5% pa. The loan is unsecured and repayable in monthly instalments from June 2021, with the final instalment due in June 2026.
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Fellow Studio Ltd Notes to the Accounts for the year ended 31 December 2024
8
Loans to directors
Brought Forward
Advance/ credit
Repaid
Carried Forward
£
£
£
£
A R Chapman
Director's loan account
2,446
44,000
17,500
28,946
P T Crump
Director's loan account
1,370
26,500
-
27,870
3,816
70,500
17,500
56,816
9
Average number of employees
During the year the average number of employees was 8 (2023: 6).
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