STUDIO B DESIGN LTD

STUDIO B DESIGN LTD - Company Information

2021-07-012022-06-302022-06-30false12052369STUDIO B DESIGN 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STUDIO B DESIGN LTD

Registered Number
12052369
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2022

STUDIO B DESIGN LTD

Company Information
for the year from 1 July 2021 to 30 June 2022


Directors	CLARKE, Kyle Mcleod


Registered Address	6a Boyces Avenue
	Bristol
	BS8 4AA


Registered Number	12052369 (England and Wales)

STUDIO B DESIGN LTD

Statement of Financial Position
30 June 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Intangible assets	6		19,988		29,982
Tangible assets	7		34,852		29,227
			54,840		59,209
Current assets
Stocks	8	27,047		29,718
Debtors	9	111,698		33,016
Cash at bank and on hand		31,011		89,208
		169,756		151,942
Creditors amounts falling due within one year	10	(94,943)		(89,784)
Net current assets (liabilities)			74,813		62,158
Total assets less current liabilities			129,653		121,367
Creditors amounts falling due after one year	11		(34,022)		(50,000)
Net assets			95,631		71,367
Capital and reserves
Called up share capital			2		2
Profit and loss account			95,629		71,365
Shareholders' funds			95,631		71,367

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Director on 17 March 2023, and are signed on its behalf by:

CLARKE, Kyle Mcleod
Director
Registered Company No. 12052369

STUDIO B DESIGN LTD

Notes to the Financial Statements
for the year ended 30 June 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Principal activities
	The principal activity of the company during the year was that of interior design, and a grocery shop.

4.	Accounting policies

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Shop fit out - over 5 years Office equipment - over 2 or 3 years

	Intangible assets policy
	Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets policy

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.  Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.  Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.  Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

5.	Employee information


		2022		2021
	Average number of employees during the year	11		5

6.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 July 21	49,969	49,969
At 30 June 22	49,969	49,969
Amortisation and impairment
At 01 July 21	19,987	19,987
Charge for year	9,994	9,994
At 30 June 22	29,981	29,981
Net book value
At 30 June 22	19,988	19,988
At 30 June 21	29,982	29,982

7.	Property, plant and equipment

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 July 21	33,355	1,577	34,932
Additions	1,450	15,318	16,768
At 30 June 22	34,805	16,895	51,700
Depreciation and impairment
At 01 July 21	4,375	1,330	5,705
Charge for year	7,311	3,832	11,143
At 30 June 22	11,686	5,162	16,848
Net book value
At 30 June 22	23,119	11,733	34,852
At 30 June 21	28,980	247	29,227

8.	Stocks

	2022	2021
	£	£
Other stocks	27,047	29,718
Total	27,047	29,718

9.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	80,562	16,295
Other debtors	23,634	16,298
Prepayments and accrued income	7,502	423
Total	111,698	33,016


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

10.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	56,580	31,988
Bank borrowings and overdrafts	9,667	-
Taxation and social security	20,346	53,437
Other creditors	1,024	2,980
Accrued liabilities and deferred income	7,326	1,379
Total	94,943	89,784


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

11.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	34,022	50,000
Total	34,022	50,000