Company No: 09807428 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Daniel James Lee

REGISTERED OFFICE	C/O Praxis
	1 Poultry
	London
	EC2R 8EJ
	United Kingdom

COMPANY NUMBER

09807428 (England and Wales)

ACCOUNTANT	Praxis
	1 Poultry,
	London
	EC2R 8EJ
	United Kingdom

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	798,951		117,908
		798,951		117,908
Current assets
Stocks	4	311,868		197,000
Debtors
- due within one year	5	108,717		70,649
- due after more than one year	5	10,508		10,508
Cash at bank and in hand		235,624		116,735
		666,717		394,892
Creditors
Amounts falling due within one year	6	( 166,869)		( 116,182)
Net current assets		499,848		278,710
Total assets less current liabilities		1,298,799		396,618
Creditors
Amounts falling due after more than one year	7	( 770,351)		( 114,861)
Net assets		528,448		281,757
Capital and reserves
Called-up share capital	8	2		1
Share premium account		2,716		0
Profit and loss account		525,730		281,756
Total shareholders' funds		528,448		281,757

For the financial year ending 31 October 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Studio Ore Limited (registered number: 09807428) were approved and authorised for issue by the Director on 27 July 2022. They were signed on its behalf by:

Daniel James Lee Director

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 C/O Praxis, 1 Poultry, London, EC2R 8EJ, 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.

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 Statement of Income and Retained Earnings 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred 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	4 years straight line
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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings as described below.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	9		7

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 November 2020	0		246,134		246,134
Additions	5,069		740,077		745,146
At 31 October 2021	5,069		986,211		991,280
Accumulated depreciation
At 01 November 2020	0		128,226		128,226
Charge for the financial year	412		63,691		64,103
At 31 October 2021	412		191,917		192,329
Net book value
At 31 October 2021	4,657		794,294		798,951
At 31 October 2020	0		117,908		117,908

4. Stocks

	2021		2020
	£		£
Stocks	311,868		197,000

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

5. Debtors

	2021		2020
	£		£
Debtors: amounts falling due within one year
Trade debtors	81,791		39,526
Corporation tax	15,260		15,260
Other debtors	11,666		15,863
	108,717		70,649
Debtors: amounts falling due after more than one year
Other debtors	10,508		10,508

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	10,800		5,000
Trade creditors	23,949		4,481
Other creditors	98,087		67,572
Other taxation and social security	12,934		9,159
Obligations under finance leases and hire purchase contracts	21,099		29,970
	166,869		116,182

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

	2021		2020
	£		£
Bank loans	34,530		45,000
Obligations under finance leases and hire purchase contracts	73,158		44,955
Other creditors	662,663		24,906
	770,351		114,861

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

8. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
180 A Ordinary shares of £ 0.01 each (2020: nil shares)	1.80		0
20 B Ordinary shares of £ 0.01 each (2020: nil shares)	0.20		0
nil Ordinary shares (2020: 100 shares of £ 0.01 each)	0		1.00
	2.00		1.00

9. Financial commitments

Commitments

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

	2021		2020
	£		£
- within one year	19,950		19,950
- between one and five years	19,950		39,900
	39,900		59,850

10. Events after the Balance Sheet date

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