REGISTERED NUMBER: 14009054 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

TIMOTHY GRAVES STUDIO LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T P Graves

Mrs J C Graves

REGISTERED OFFICE:

Unit 1

New Lane

Staverton

Devon

TQ9 6AQ

REGISTERED NUMBER:

14009054 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

BANKERS:

The Co-operative Bank PLC

P.O. Box 250

Skelmersdale

WN86 WT

FIXED ASSETS

Tangible assets

4

2,618

4,040

CURRENT ASSETS

Stocks

5

28,000

22,500

Debtors

6

4,324

34,569

Cash at bank

18,869

53,972

51,193

111,041

CREDITORS

Amounts falling due within one year

7

36,630

95,391

NET CURRENT ASSETS

14,563

15,650

TOTAL ASSETS LESS CURRENT LIABILITIES

17,181

19,690

PROVISIONS FOR LIABILITIES

497

768

NET ASSETS

16,684

18,922

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

16,682

18,920

SHAREHOLDERS' FUNDS

16,684

18,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2026 and were signed on its behalf by:

Mr T P Graves - Director

Mrs J C Graves - Director

1.	STATUTORY INFORMATION

Timothy Graves Studio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2025 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2025

and 31 March 2026

2,878

4,509

7,387

DEPRECIATION

At 1 April 2025

1,406

1,941

3,347

Charge for year

295

1,127

1,422

At 31 March 2026

1,701

3,068

4,769

NET BOOK VALUE

At 31 March 2026

1,177

1,441

2,618

At 31 March 2025

1,472

2,568

4,040

5.

STOCKS

2026

2025

£

£

Stocks

8,000

7,500

Work-in-progress

20,000

15,000

28,000

22,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

-

28,554

Other debtors

-

1,313

Prepayments

4,324

4,702

4,324

34,569

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

786

479

Tax

5,193

6,012

VAT

378

18,410

Other creditors

6,435

15,924

Directors' current accounts

20,770

52,158

Accrued expenses

3,068

2,408

36,630

95,391

8.	OTHER FINANCIAL COMMITMENTS

At 31 March 2026, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £46,250 (2025: £61,250).

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2026 and 31 March 2025:

2026

2025

£

£

Mr T P Graves and Mrs J C Graves

Balance outstanding at start of year

(52,158

)

(56,333

)

Amounts advanced

69,388

58,175

Amounts repaid

(38,000

)

(54,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(20,770

)

(52,158

)

Loans are unsecured, interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £23,000 (2025 - £23,000) were paid to the directors .