Paul Morrison Studio Limited

Paul Morrison Studio Limited

PAUL MORRISON STUDIO LIMITED - Company Information

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Company Registration No. 09403673 (England and Wales)
Paul Morrison Studio Limited Unaudited accounts for the year ended 31 January 2023
Paul Morrison Studio Limited Unaudited accounts Contents
Page
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Paul Morrison Studio Limited Company Information for the year ended 31 January 2023
Director
P Morrison
Company Number
09403673 (England and Wales)
Registered Office
The Georgian House 189 Stanmore Hill Stanmore Middlesex HA7 3HD
Accountants
Charterwells Suite 8, 2nd Floor 43-45 High Road Bushey Heath WD23 1EE
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Paul Morrison Studio Limited Statement of financial position as at 31 January 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
2,610 
4,079 
Current assets
Debtors
5
104,475 
98,819 
Cash at bank and in hand
464,945 
243,862 
569,420 
342,681 
Creditors: amounts falling due within one year
6
(77,276)
(28,131)
Net current assets
492,144 
314,550 
Net assets
494,754 
318,629 
Capital and reserves
Called up share capital
7
1 
1 
Profit and loss account
494,753 
318,628 
Shareholders' funds
494,754 
318,629 
For the year ending 31 January 2023 the company was entitled to exemption from audit 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 October 2023 and were signed on its behalf by
P Morrison Director Company Registration No. 09403673
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Paul Morrison Studio Limited Notes to the Accounts for the year ended 31 January 2023
1
Statutory information
Paul Morrison Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 09403673. The registered office is The Georgian House, 189 Stanmore Hill, Stanmore, Middlesex, HA7 3HD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ sterling.
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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Paul Morrison Studio Limited Notes to the Accounts for the year ended 31 January 2023
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 February 2022
5,311 
9,183 
14,494 
Additions
1,108 
680 
1,788 
At 31 January 2023
6,419 
9,863 
16,282 
Depreciation
At 1 February 2022
4,355 
6,060 
10,415 
Charge for the year
1,284 
1,973 
3,257 
At 31 January 2023
5,639 
8,033 
13,672 
Net book value
At 31 January 2023
780 
1,830 
2,610 
At 31 January 2022
956 
3,123 
4,079 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
22,677 
17,021 
Accrued income and prepayments
1,334 
1,334 
Other debtors
464 
464 
24,475 
18,819 
Amounts falling due after more than one year
Other debtors
80,000 
80,000 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
53,069 
69,811 
Loans from directors
22,022 
(42,435)
Accruals
2,185 
755 
77,276 
28,131 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
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Paul Morrison Studio Limited Notes to the Accounts for the year ended 31 January 2023
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
P Morrison
Director's Loan
42,435 
- 
42,435 
- 
42,435 
- 
42,435 
- 
The loan above is interest free and repayable on demand. The loan above has been fully repaid back to the company within 9 months after the year end.
9
Transactions with related parties
Within other debtors is a loan of £80,000 (2021: £0) to Oak Tree Assets Ltd, which is a related party as it is a company in which Paul Morrison is a shareholder and director.
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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