Studio WH Limited - Accounts to registrar (filleted) - small 18.2
Studio WH Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2020 |
| for |
| Studio WH Limited |
| Studio WH Limited (Registered number: 10125293) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Studio WH Limited |
| Company Information |
| for the Year Ended 30 September 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The Old Grange |
| Warren Estate |
| Lordship Road |
| Writtle |
| Essex |
| CM1 3WT |
| Studio WH Limited (Registered number: 10125293) |
| Balance Sheet |
| 30 September 2020 |
| 2020 | 2019 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| Studio WH Limited (Registered number: 10125293) |
| Balance Sheet - continued |
| 30 September 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Studio WH Limited (Registered number: 10125293) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2020 |
| 1. | STATUTORY INFORMATION |
| Studio WH Limited is a |
| The company is not in a group. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| No significant judgements or estimations have been applied in the preparation of the financial statements. |
| Turnover |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
| 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 |
| Plant and machinery etc | - |
| Government grants |
| Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income. |
| Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| 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. |
| Studio WH Limited (Registered number: 10125293) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Research and development |
| In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probably future economic benefits and that its costs can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives which are around 5 years. |
| If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. |
| 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. |
| Going concern |
| The company has in common with most businesses in the sector been impacted by the effects of the Coronavirus pandemic. At the balance sheet date the company's current liabilities exceeded its current assets by £324,341 (2019: £89,906). However during the year the directors have worked hard with the company's suppliers and others to reach agreements to enable the company to continue in operational existence. This has continued since the balance sheet date and therefore these financial statements have been prepared on the going concern basis. |
| Debtors |
| Short terms debtors are measured at transaction price, less any impairment. |
| Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest rate method, less impairment. |
| Creditors |
| Short terms creditors are measured at transaction price. |
| Other financial liabilities, including bank loans are also measured at transaction price since the difference between this basis and the amortised cost basis is not material |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Studio WH Limited (Registered number: 10125293) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 October 2019 |
| Additions |
| At 30 September 2020 |
| AMORTISATION |
| At 1 October 2019 |
| Charge for year |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 October 2019 |
| and 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Trade debtors |
| Other debtors |
| Studio WH Limited (Registered number: 10125293) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 118,854 | 173,246 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 174,551 | 153,606 |
| 20,495 Ordinary shares of £1 each were allotted as fully paid |
| Studio WH Limited (Registered number: 10125293) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 11. | RELATED PARTY DISCLOSURES |
| At balance sheet date, the company owed an amount of £83,000 (2019: £83,000) to the directors. The amount is interest free and repayable on demand. |
| During the year, the company paid consultancy fees to the director's R Tucker £NIL (2019: £30,000) and B S Brinkworth £NIL (2019: £19,226). |