The Harp Studio Cyf Company accounts

COMPANY REGISTRATION NUMBER: 09350489

The Harp Studio Cyf

Unaudited Financial Statements

31 December 2024

The Harp Studio Cyf

Financial Statements

Year ended 31 December 2024

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The Harp Studio Cyf

Director's Report

Year ended 31 December 2024

The director presents her report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Director

The director who served the company during the year was as follows:

Ms B Watson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 December 2025 and signed on behalf of the board by:

Ms B Watson
Director	Company Secretary

Registered office:

45 Park Road

Bargoed

CF81 8SQ

The Harp Studio Cyf

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	328,422	252,468

Cost of sales	257,185	197,103
	---------	---------
Gross profit	71,237	55,365

Distribution costs	5,299	1,545
Administrative expenses	51,653	46,121
Other operating income	–	7
	--------	--------
Operating profit	14,285	7,706

Other interest receivable and similar income		2,033	1,074
		--------	--------
Profit before taxation	5	16,318	8,780

Tax on profit	3,214	1,603
	--------	-------
Profit for the financial year and total comprehensive income	13,104	7,177
	--------	-------

Dividends paid and payable	( 5,000)	( 5,000)

Retained earnings at the start of the year	109,183	107,006
	---------	---------
Retained earnings at the end of the year	117,287	109,183
	---------	---------

All the activities of the company are from continuing operations.

The Harp Studio Cyf

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6		801	1,067

Current assets

Stocks		78,000	140,000
Debtors	7	16,710	1,856
Cash at bank and in hand		182,760	67,393
		---------	---------
		277,470	209,249

Creditors: amounts falling due within one year	8	77,787		17,936
		---------		---------
Net current assets			199,683	191,313
			---------	---------
Total assets less current liabilities			200,484	192,380

Creditors: amounts falling due after more than one year	9	83,196	83,196
		---------	---------
Net assets		117,288	109,184
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	117,287	109,183
	---------	---------
Shareholders funds	117,288	109,184
	---------	---------

These financial statements have been prepared 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'.

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.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Harp Studio Cyf

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 December 2025 , and are signed on behalf of the board by:

Ms B Watson
Director

Company registration number: 09350489

The Harp Studio Cyf

Notes to the Financial Statements

Year ended 31 December 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 45 Park Road, Bargoed, CF81 8SQ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

		-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	266	356
	----	----

6. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	1,664	1,664
	-------	-------
Depreciation
At 1 January 2024	597	597
Charge for the year	266	266
	-------	-------
At 31 December 2024	863	863
	-------	-------
Carrying amount
At 31 December 2024	801	801
	-------	-------
At 31 December 2023	1,067	1,067
	-------	-------

7. Debtors

	2024	2023
	£	£
Trade debtors	12,388	1,856
Other debtors	4,322	–
	--------	-------
	16,710	1,856
	--------	-------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	5,000	5,000
Trade creditors	63,828	2,338
Corporation tax	3,214	1,603
Social security and other taxes	–	1,920
Other creditors	5,745	7,075
	--------	--------
	77,787	17,936
	--------	--------

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

	2024	2023
	£	£
Other creditors	83,196	83,196
	--------	--------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2024	2023
	£	£
Ms B Watson	( 83,196)	( 83,196)
	--------	--------

11. Related party transactions

The company was under the control of Ms Watson throughout the current and previous year. Ms Watson is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.