Simon Ashby Studios Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04461450 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FOR

SIMON ASHBY STUDIOS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S J Ashby

SECRETARY:

M Cawley

REGISTERED OFFICE:

Ground Floor

St Paul's House

23 Park Square

Leeds

West Yorkshire

LS1 2ND

REGISTERED NUMBER:

04461450 (England and Wales)

ACCOUNTANTS:

Sedulo Leeds Limited

St Paul's House

23 Park Square

Leeds

West Yorkshire

LS1 2ND

FIXED ASSETS

Intangible assets

4

2,500

5,000

Tangible assets

5

5,613

5,743

8,113

10,743

CURRENT ASSETS

Debtors

6

183,436

137,455

Cash at bank and in hand

3,160

4,314

186,596

141,769

CREDITORS

Amounts falling due within one year

7

128,816

148,910

NET CURRENT ASSETS/(LIABILITIES)

57,780

(7,141

)

TOTAL ASSETS LESS CURRENT LIABILITIES

65,893

3,602

CREDITORS

Amounts falling due after more than one year

8

(40,328

)

-

PROVISIONS FOR LIABILITIES

(1,031

)

(1,031

)

NET ASSETS

24,534

2,571

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

24,532

2,569

SHAREHOLDERS' FUNDS

24,534

2,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 September 2022 and were signed by:

S J Ashby - Director

1.	STATUTORY INFORMATION

Simon Ashby Studios Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company in the year under review was that of textile design and consultancy.

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.

In common with virtually every other business in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Director believes he has taken all possible steps to protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Director is of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

For these reasons the director continues to adopt the going concern basis of preparation for the financial statements.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Website development

-

33% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2020

and 30 June 2021

50,000

AMORTISATION

At 1 July 2020

45,000

Charge for year

2,500

At 30 June 2021

47,500

NET BOOK VALUE

At 30 June 2021

2,500

At 30 June 2020

5,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Website

and

Computer

development

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2020

2,882

21,989

138,597

163,468

Additions

-

-

1,806

1,806

At 30 June 2021

2,882

21,989

140,403

165,274

DEPRECIATION

At 1 July 2020

2,874

19,622

135,229

157,725

Charge for year

3

355

1,578

1,936

At 30 June 2021

2,877

19,977

136,807

159,661

NET BOOK VALUE

At 30 June 2021

5

2,012

3,596

5,613

At 30 June 2020

8

2,367

3,368

5,743

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

48,424

25,210

Other debtors

135,012

112,245

183,436

137,455

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts

33,712

2,582

Trade creditors

836

7,148

Taxation and social security

65,767

67,578

Other creditors

28,501

71,602

128,816

148,910

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans

40,328

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.6.21

30.6.20

£

£

Within one year

12,825

12,825

Between one and five years

14,934

27,759

27,759

40,584

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Bank overdrafts

24,040

2,582

Bank loans

50,000

-

74,040

2,582

The bank borrowings are secured by a Debenture including Fixed Charges over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertakings both present and future of the company.

The Other creditors are secured by a first charge over the trade debts of the company.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

30.6.21

30.6.20

£

£

S J Ashby

Balance outstanding at start of year

90,175

38,051

Amounts advanced

41,786

69,454

Amounts repaid

(30,000

)

(17,330

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

101,961

90,175

Advances to the director are interest free with no set terms of repayment and is disclosed within 'Other debtors' at note 8 above. Interest is charged at the rate of 2.5% p.a. on net advances by the company to the directors.

12.	RELATED PARTY DISCLOSURES

S J Ashby has given a personal guarantee to the company's bankers to a maximum value of £5,000.