Mr Lyan Studio Ltd - Period Ending 2017-03-31

Registration number: 09466264

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

GPC Financial Management Ltd
5 Fitzhardinge Street
Marylebone
London
W1H 6ED

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

Company Information

Director

Mr Ryan Chetiyawardana

Registered office

C/o Gpc Financial Management Ltd 5 Fitzhardinge Street Marylebone London W1H 6ED

Accountants

GPC Financial Management Ltd 5 Fitzhardinge Street Marylebone London W1H 6ED

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mr Lyan Studio Ltd for the year ended 31 March 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the Board of Directors of Mr Lyan Studio Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mr Lyan Studio Ltd and state those matters that we have agreed to state to the Board of Directors of Mr Lyan Studio Ltd , as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mr Lyan Studio Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mr Lyan Studio Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mr Lyan Studio Ltd . You consider that Mr Lyan Studio Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mr Lyan Studio Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

GPC Financial Management Ltd
5 Fitzhardinge Street
Marylebone
London
W1H 6ED

27 December 2017

Page 2

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

(Registration number: 09466264)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	2,336	560
Current assets
Debtors	5	32,630	6,801
Cash at bank and in hand		13,015	13,233
		45,645	20,034
Creditors: Amounts falling due within one year	6	(30,325)	(14,366)
Net current assets		15,320	5,668
Total assets less current liabilities		17,656	6,228
Provisions for liabilities		(467)	(112)
Net assets		17,189	6,116
Capital and reserves
Called up share capital		100	100
Profit and loss account		17,089	6,016
Total equity		17,189	6,116

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

(Registration number: 09466264)
Balance Sheet as at 31 March 2017

Approved and authorised by the director on 27 December 2017
 

.........................................

Mr Ryan Chetiyawardana

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
C/o Gpc Financial Management Ltd
5 Fitzhardinge Street
Marylebone
London
W1H 6ED
England

The principal place of business is:
153 - 155 Hoxton Street
London
N1 6PJ
England

These financial statements were authorised for issue by the director on 27 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33.33% On cost
Fixtures and fittings	33.33% On cost

Page 5

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 6

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Office equipment £	Total £
Cost or valuation
At 1 April 2016	-	840	840
Additions	3,064	-	3,064
At 31 March 2017	3,064	840	3,904
Depreciation
At 1 April 2016	-	280	280
Charge for the period	1,011	277	1,288
At 31 March 2017	1,011	557	1,568
Carrying amount
At 31 March 2017	2,053	283	2,336
At 31 March 2016	-	560	560

5

Debtors

	2017 £	2016 £
Trade debtors	26,920	5,400
Other debtors	5,710	1,401
Total current trade and other debtors	32,630	6,801

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		-	4,750
Taxation and social security		3,361	2,005
Other creditors		26,964	7,611
		30,325	14,366

7	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £1,234 (2016 - £1,234).

Page 7

Mr Lyan Studio Ltd

trading as Mr Lyan Studio Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

8	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Repayments by director £	At 31 March 2017 £
Mr Ryan Chetiyawardana
	100	(10,000)	(9,901)

2016	Advances to directors £	At 31 March 2016 £
Mr Ryan Chetiyawardana
	100	100

Summary of transactions with entities with joint control or significant interest

Loans to related parties

2017	Entities with joint control or significant influence £
At start of period	5,390
Advanced	5,800
At end of period	11,190

2016	Entities with joint control or significant influence £
Advanced	5,390

Page 8