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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
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DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
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FOR THE PERIOD ENDED 30 SEPTEMBER 2017
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Company Registration No. 10128711 (England and Wales)
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
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REGISTERED NUMBER:10128711
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BALANCE SHEET
AS AT 30 SEPTEMBER 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
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REGISTERED NUMBER:10128711
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BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S Rees
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The notes on pages 3 to 8 form part of these financial statements.
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
Studio SR Ltd is a private company limited by shares and registered in England and Wales. The company’s registered number is 10128711 and the company’s registered office is 1st Floor, 7 - 10 Chandos Street, London, W1G 9DQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
As at the balance sheet date the company had net liabilities totalling £1,588,428. The director is satisfied that the financial statement have been prepared on a going concern basis as the company has the ongoing support of the director, its principal creditor.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
2.Accounting policies (continued)
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Financial instruments (continued)
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are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of income and retained earnings in the period in which they are incurred.
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The average monthly number of employees, including directors, during the period was 4.
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
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Charge for the period on owned assets
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
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Finished goods and goods for resale
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Prepayments and accrued income
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Cash and cash equivalents
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Cash at bank and in hand is measured at fair value, which is calculated as amounts held on deposit at banks employed by the company less any impairments. No impairments to cash balances have been made in these accounts as all cash deposits are held at credible financial institutions.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Bank overdrafts are secured by a fixed and floating charge over the assets and intellectual property of the company.
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STUDIO SR LIMITED T/A LES BOYS LES GIRLS PREVIOUSLY SRSTUDIO @ 18 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
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Shares classified as equity
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Allotted, called up and fully paid
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During the period the company issued 1 Ordinary £1 share at par, the allotment was fully paid up.
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Related party transactions
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During the period the director advanced the company £1,290,957 and was repaid £170,327. As at the balance sheet date the company owed the director £1,120,630. No interest is accruing on this balance.
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