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Statement of Consent to Prepare Abridged Financial Statements
All of the members of STUDIO ABLE LTD have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 08456113
STUDIO ABLE LTD
Filleted Unaudited Abridged Financial Statements
31 March 2017
STUDIO ABLE LTD
Abridged Financial Statements
Year ended 31 March 2017
Contents
Page
Officers and professional advisers
1
Directors' report
2
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
3
Abridged statement of financial position
4
Notes to the abridged financial statements
6
STUDIO ABLE LTD
Officers and Professional Advisers
The board of directors
Mrs L Kavanagh Taylor
Mr H Taylor
Registered office
22 Regent Place
Jewellery Quarter
Birmingham
West Midlands
B1 3NJ
Accountants
Free Spirit (UK) Limited
Accountants
107 High Mount Street
Hednesford
Cannock
Staffs
WS12 4BN
Bankers
HSBC
168 Warstone Lane
Birmingham
B18 6NP
STUDIO ABLE LTD
Directors' Report
Year ended 31 March 2017
The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .
Directors
The directors who served the company during the year were as follows:
Mrs L Kavanagh Taylor
Mr H Taylor
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 May 2017 and signed on behalf of the board by:
Mrs L Kavanagh Taylor
Mr H Taylor
Director
Company Secretary
Registered office:
22 Regent Place
Jewellery Quarter
Birmingham
West Midlands
B1 3NJ
STUDIO ABLE LTD
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of STUDIO ABLE LTD
Year ended 31 March 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 March 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Free Spirit (UK) Limited Accountants
107 High Mount Street Hednesford Cannock Staffs WS12 4BN
10 May 2017
STUDIO ABLE LTD
Abridged Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
3,473
3,022
Current assets
Debtors
16,645
9,443
Cash at bank and in hand
87,810
36,713
---------
--------
104,455
46,156
Creditors: amounts falling due within one year
92,218
41,411
---------
--------
Net current assets
12,237
4,745
--------
-------
Total assets less current liabilities
15,710
7,767
--------
-------
Net assets
15,710
7,767
--------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
15,708
7,765
--------
-------
Members funds
15,710
7,767
--------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
STUDIO ABLE LTD
Abridged Statement of Financial Position (continued)
31 March 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 10 May 2017 , and are signed on behalf of the board by:
Mrs L Kavanagh Taylor
Director
Company registration number: 08456113
STUDIO ABLE LTD
Notes to the Abridged Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Regent Place, Jewellery Quarter, Birmingham, B1 3NJ, West Midlands.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
33% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2 ).
5. Tangible assets
£
Cost
At 1 April 2016
6,379
Additions
1,957
-------
At 31 March 2017
8,336
-------
Depreciation
At 1 April 2016
3,357
Charge for the year
1,506
-------
At 31 March 2017
4,863
-------
Carrying amount
At 31 March 2017
3,473
-------
At 31 March 2016
3,022
-------
6. Directors' advances, credits and guarantees
All movements on directors' advances,credits and guarantees, were as would be expected under normal market conditions, not material in terms of risk or benefits arising and would therefore not influence the users of these accounts when assessing the financial position of the company. (Section 410A)
7. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.
8. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.

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