Think Studio Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: NI063660

Think Studio Ltd

Filleted Unaudited Financial Statements

31 March 2019

Think Studio Ltd

Financial Statements

Year ended 31 March 2019

Contents	Page

Report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Think Studio Ltd

Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Think Studio Ltd

Year ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Think Studio Ltd for the year ended 31 March 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of Think Studio Ltd in accordance with the terms of our engagement letter dated 12 November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Think Studio Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Think Studio Ltd and its director for our work or for this report.

It is your duty to ensure that Think Studio Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Think Studio Ltd. You consider that Think 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 financial statements of Think 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 financial statements.

BMK ACCOUNTING LIMITED Chartered accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

9 December 2019

Think Studio Ltd

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		4,577	5,791

Current assets

Stocks	6	13,907	727
Debtors	7	21,965	32,921
Cash at bank and in hand		8,001	2,831
		--------	--------
		43,873	36,479

Creditors: amounts falling due within one year	8	38,864		29,588
		--------		--------
Net current assets			5,009	6,891
			-------	--------
Total assets less current liabilities			9,586	12,682
			-------	--------
Net assets			9,586	12,682
			-------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	9,585	12,681
	-------	--------
Shareholder funds	9,586	12,682
	-------	--------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Think Studio Ltd

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 6 December 2019 , and are signed on behalf of the board by:

Mrs C O'Brien
Director

Company registration number: NI063660

Think Studio Ltd

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, Antrim, BT9 5FJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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	-	20% straight line
Equipment	-	20% reducing balance

Stocks

Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2018 and 31 March 2019	4,806	21,378	26,184
	-------	--------	--------
Depreciation
At 1 April 2018	4,391	16,002	20,393
Charge for the year	139	1,075	1,214
	-------	--------	--------
At 31 March 2019	4,530	17,077	21,607
	-------	--------	--------
Carrying amount
At 31 March 2019	276	4,301	4,577
	-------	--------	--------
At 31 March 2018	415	5,376	5,791
	-------	--------	--------

6. Stocks

	2019	2018
	£	£
Work in progress	13,907	727
	--------	----

7. Debtors

	2019	2018
	£	£
Trade debtors	21,965	32,921
	--------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	527
Trade creditors	28,056	19,556
Corporation tax	5,096	6,048
Social security and other taxes	1,730	1,450
Other creditors	3,982	2,007
	--------	--------
	38,864	29,588
	--------	--------

9. Related party transactions

There were no transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102.

10. Control

The company was under the control of Mrs C O'Brien throughout the current and previous year. Mrs O'Brien is the managing director and sole shareholder.