The Studio By Innovations Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04775285 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 31 August 2014 to 31 August 2015

for

The Studio By Innovations Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J G Cosgrove

REGISTERED OFFICE:

506 Werrington Road

Ash Bank

Stoke on Trent

ST2 9DN

REGISTERED NUMBER:

04775285 (England and Wales)

FIXED ASSETS

Intangible assets

2

56,812

62,437

Tangible assets

3

294,723

314,017

351,535

376,454

CURRENT ASSETS

Stocks

29,118

17,609

Debtors

523

15,240

Cash at bank

6,070

-

35,711

32,849

CREDITORS

Amounts falling due within one year

4

221,188

241,590

NET CURRENT LIABILITIES

(185,477

)

(208,741

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

166,058

167,713

CREDITORS

Amounts falling due after more than
one year

4

(111,739

)

(125,688

)

PROVISIONS FOR LIABILITIES

(15,200

)

-

NET ASSETS

39,119

42,025

CAPITAL AND RESERVES

Called up share capital

5

2

Revaluation reserve

34,896

35,727

Profit and loss account

4,221

6,296

SHAREHOLDERS' FUNDS

39,119

42,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 May 2016 and were signed by:

J G Cosgrove - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the director considers appropriate having regard to the

company's current and expected performance.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised

when the goods are physically delivered to the customer. Turnover from the supply of services

represents the value of services provided under contracts, to the extent that there is a right to

consideration, and is recorded at the value of the consideration due. Where a contract has only

been partially completed at the balance sheet date turnover represents the value of the service

provided to date based on a proportion of the total contract value.

Where payments are received from customers in advance of services provided, the amounts are

recorded as Deferred Income and included as part of Creditors due within one year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

33% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making

due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance

sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

Those held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 31 August 2014

and 31 August 2015

112,500

AMORTISATION

At 31 August 2014

50,063

Amortisation for period

5,625

At 31 August 2015

55,688

NET BOOK VALUE

At 31 August 2015

56,812

At 30 August 2014

62,437

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 31 August 2014

471,155

Additions

17,000

Disposals

(17,000

)

At 31 August 2015

471,155

DEPRECIATION

At 31 August 2014

157,138

Charge for period

23,561

Eliminated on disposal

(4,267

)

At 31 August 2015

176,432

NET BOOK VALUE

At 31 August 2015

294,723

At 30 August 2014

314,017

4.

CREDITORS

Creditors include an amount of £ 128,978 (2014 - £ 143,290 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

Repayable by instalments

61,655

72,539

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

1

Ordinary A

£1

1

Ordinary B

£1

1

2

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 31 August 2015

and 30 August 2014:

2015

2014

£

J G Cosgrove

Balance outstanding at start of period

12,239

2,318

Amounts advanced

9,159

48,321

Amounts repaid

(21,398

)

(38,400

)

Balance outstanding at end of period

-

12,239

The advances were unsecured and repayable on demand. Interest has been charged at 3.25% per

annum.