back to PAUL KAYE STUDIO LIMITED detail Paul Kaye Studio Limited Small abridged accounts
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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Paul Kaye Studio Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 00992972
Paul Kaye Studio Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
31 December 2016
Paul Kaye Studio Limited
Abridged Financial Statements
Year ended 31 December 2016
Contents
Page
Abridged statement of financial position
1
Statement of changes in equity
3
Notes to the abridged financial statements
4
Paul Kaye Studio Limited
Abridged Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Fixed assets
Tangible assets
5
1,695
1,994
Current assets
Debtors
165,994
165,526
Cash at bank and in hand
2,220
4,418
---------
---------
168,214
169,944
Creditors: amounts falling due within one year
84,808
84,666
---------
---------
Net current assets
83,406
85,278
--------
--------
Total assets less current liabilities
85,101
87,272
--------
--------
Net assets
85,101
87,272
--------
--------
Capital and reserves
Called up share capital
6,000
6,000
Profit and loss account
79,101
81,272
--------
--------
Members funds
85,101
87,272
--------
--------
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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 December 2016 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 .
Paul Kaye Studio Limited
Abridged Statement of Financial Position (continued)
31 December 2016
These abridged financial statements were approved by the board of directors and authorised for issue on 18 September 2017 , and are signed on behalf of the board by:
Mr M J Freedman
Director
Company registration number: 00992972
Paul Kaye Studio Limited
Statement of Changes in Equity
Year ended 31 December 2016
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2015
6,000
83,490
89,490
Loss for the year
( 2,218)
( 2,218)
-------
--------
--------
Total comprehensive income for the year
( 2,218)
( 2,218)
At 31 December 2015
6,000
81,272
87,272
Loss for the year
( 2,171)
( 2,171)
-------
--------
--------
Total comprehensive income for the year
( 2,171)
( 2,171)
-------
--------
--------
At 31 December 2016
6,000
79,101
85,101
-------
--------
--------
Paul Kaye Studio Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Pebworth Road, Harrow, Middlesex, HA1 3UD, United Kingdom.
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 financial statements have been preparedon the historical cost basis including fianancial asstes and liabilities measured at fair value through profit and loss.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2015: 3 ).
5. Tangible assets
£
Cost
At 1 January 2016 and 31 December 2016
283,783
---------
Depreciation
At 1 January 2016
281,789
Charge for the year
299
---------
At 31 December 2016
282,088
---------
Carrying amount
At 31 December 2016
1,695
---------
At 31 December 2015
1,994
---------
6. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
2016
2015
£
£
Included in debtors (note )
25,984
25,516
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2016
2015
£
£
Unused tax losses
( 25,984)
( 25,516)
--------
--------
7. Related party transactions
At the year end the company was owed £138,000 (2015 £138,000) by Artplan Limited, a company in which M J Freedman has an interest and is a director, in respect of management charges accrued in a prior year. At the year end the company owed £61,694 (2015 £61,694) to Artplan Limited. At the year end the company owed £16,951 (2015 £16,951) to Neathaven Properties Limited, a company in which M J Freedman has an interest and is a director.
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 January 2015.
Reconciliation of equity
1 January 2015
31 December 2015
As previously stated
Effect of transition
FRS 102 (as restated)
As previously stated
Effect of transition
FRS 102 (as restated)
£
£
£
£
£
£
Fixed assets
2,347
2,347
1,994
1,994
Current assets
141,152
25,050
166,202
169,478
466
169,944
Creditors: amounts falling due within one year
( 79,059)
( 79,059)
( 84,666)
( 84,666)
---------
--------
---------
---------
----
---------
Net current assets
62,093
25,050
87,143
84,812
466
85,278
---------
--------
---------
---------
----
---------
Total assets less current liabilities
64,440
25,050
89,490
86,806
466
87,272
---------
--------
---------
---------
----
---------
Net assets
64,440
25,050
89,490
86,806
466
87,272
---------
--------
---------
---------
----
---------
---------
--------
---------
---------
----
---------
Capital and reserves
64,440
25,050
89,490
86,806
466
87,272
---------
--------
---------
---------
----
---------
The impact of the transition to FRS 102 is as follows: - Increase in the current assets and reserves of £25,050 comprised the increase in deferred tax relating to unused tax losses at 1 January 2015. - Increase in the current assets and reserves of £466 and the decrease in the loss for the financial year ended 31 December 2015 comprised the increase in deferred tax relating to unused tax losses for the year.