Luke Miller Studio Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06522163 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

Luke Miller Studio Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L C Miller

SECRETARY:

R E Webb

REGISTERED OFFICE:

18 Mursley Road

Little Horwood

Milton Keynes

MK17 0PG

REGISTERED NUMBER:

06522163 (England and Wales)

ACCOUNTANTS:

Connolly Accountants & Business Advisors LTD

Chartered Certified Accountants

The Stable Yard

Vicarage Road

Stony Stratford

Milton Keynes

Buckinghamshire

MK11 1BN

FIXED ASSETS

Intangible assets

4

-

3,500

Tangible assets

5

195,452

192,604

195,452

196,104

CURRENT ASSETS

Stocks

1,850

1,850

Debtors

6

3,986

9,507

Cash at bank

33,519

23,742

39,355

35,099

CREDITORS

Amounts falling due within one year

7

130,303

137,234

NET CURRENT LIABILITIES

(90,948

)

(102,135

)

TOTAL ASSETS LESS CURRENT LIABILITIES

104,504

93,969

PROVISIONS FOR LIABILITIES

241

576

NET ASSETS

104,263

93,393

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

104,262

93,392

104,263

93,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 30 November 2018 and were signed by:

L C Miller - Director

1.	STATUTORY INFORMATION

Luke Miller Studio Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

20% on cost

Motor vehicles

-

4 years

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

35,000

AMORTISATION

At 1 April 2017

31,500

Charge for year

3,500

At 31 March 2018

35,000

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

3,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

189,927

64,547

254,474

Additions

4,610

-

4,610

At 31 March 2018

194,537

64,547

259,084

DEPRECIATION

At 1 April 2017

205

61,665

61,870

Charge for year

297

1,465

1,762

At 31 March 2018

502

63,130

63,632

NET BOOK VALUE

At 31 March 2018

194,035

1,417

195,452

At 31 March 2017

189,722

2,882

192,604

Included in cost of freehold property is land with value of £179,680 (2017 - £179,680) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,661

9,507

Other debtors

1,325

-

3,986

9,507

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

2,134

3,151

Taxation and social security

7,897

6,754

Other creditors

120,272

127,329

130,303

137,234