General Information
Foreverstar Studios Ltd is a private company, limited by shares, registered in England and Wales, registration number 11202179, registration address Leroy House, Unit E1, , Leroy House, 436 Essex Road,, London, England, N13QP.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
|
| 2. |
Average number of employees
Average number of employees during the year was 4 (2022 : 4).
|
| 3. |
Intangible fixed assets
| Cost |
Other |
|
Total |
| |
£ |
|
£ |
| At 01 March 2022 |
- |
|
- |
| Additions |
2,000 |
|
2,000 |
| Disposals |
- |
|
- |
| At 28 February 2023 |
2,000 |
|
2,000 |
| Amortisation |
| At 01 March 2022 |
- |
|
- |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 28 February 2023 |
- |
|
- |
| Net book values |
| At 28 February 2023 |
2,000 |
|
2,000 |
| At 28 February 2022 |
- |
|
- |
|
| 4. |
Stocks
|
2023
£ |
|
2022
£ |
| Stocks |
54,022 |
|
0 |
|
54,022 |
|
0 |
|
| 5. |
Debtors: amounts falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Debtors |
26,808 |
|
0 |
| Prepayments & Accrued Income |
5,640 |
|
0 |
| Directors' Current Accounts |
5,567 |
|
0 |
| VAT |
23,591 |
|
24,927 |
|
61,606 |
|
24,927 |
|
| 6. |
Creditors: amount falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Creditors |
172,584 |
|
0 |
| Income in Advance |
75,167 |
|
0 |
| Bank Loans & Overdrafts |
11,000 |
|
11,000 |
| PAYE & Social Security |
17,099 |
|
1,890 |
| Other Creditors |
222 |
|
327 |
| Wages & Salaries Control Account |
1,849 |
|
0 |
| Directors' Current Accounts |
0 |
|
24,263 |
|
277,921 |
|
37,480 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2023
£ |
|
2022
£ |
| Bank Loans & Overdrafts |
18,262 |
|
29,208 |
|
18,262 |
|
29,208 |
|
3
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