ACCOUNTS - Final Accounts preparation

DAVID COLLINS STUDIO LIMITED - Company Information

Caseware UK (AP4) 2019.0.227 2019.0.227 2019-12-312019-12-31502019-01-01falseInterior design56truetrue 05677585 2019-01-01 2019-12-31 05677585 2018-01-01 2018-12-31 05677585 2019-12-31 05677585 2018-12-31 05677585 1 2019-01-01 2019-12-31 05677585 d:Director1 2019-01-01 2019-12-31 05677585 c:Buildings c:LongLeaseholdAssets 2019-01-01 2019-12-31 05677585 c:Buildings c:LongLeaseholdAssets 2019-12-31 05677585 c:Buildings c:LongLeaseholdAssets 2018-12-31 05677585 c:LandBuildings 2019-12-31 05677585 c:LandBuildings 2018-12-31 05677585 c:FurnitureFittings 2019-01-01 2019-12-31 05677585 c:FurnitureFittings 2019-12-31 05677585 c:FurnitureFittings 2018-12-31 05677585 c:FurnitureFittings c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 05677585 c:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 05677585 c:Goodwill 2019-01-01 2019-12-31 05677585 c:Goodwill 2019-12-31 05677585 c:Goodwill 2018-12-31 05677585 c:CurrentFinancialInstruments 2019-12-31 05677585 c:CurrentFinancialInstruments 2018-12-31 05677585 c:CurrentFinancialInstruments c:WithinOneYear 2019-12-31 05677585 c:CurrentFinancialInstruments c:WithinOneYear 2018-12-31 05677585 c:ShareCapital 2019-12-31 05677585 c:ShareCapital 2018-12-31 05677585 c:CapitalRedemptionReserve 2019-12-31 05677585 c:CapitalRedemptionReserve 2018-12-31 05677585 c:RetainedEarningsAccumulatedLosses 2019-12-31 05677585 c:RetainedEarningsAccumulatedLosses 2018-12-31 05677585 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-12-31 05677585 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-12-31 05677585 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:ListedExchangeTraded 2019-12-31 05677585 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:ListedExchangeTraded 2018-12-31 05677585 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2019-12-31 05677585 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2018-12-31 05677585 c:AcceleratedTaxDepreciationDeferredTax 2019-12-31 05677585 c:AcceleratedTaxDepreciationDeferredTax 2018-12-31 05677585 d:OrdinaryShareClass1 2019-01-01 2019-12-31 05677585 d:OrdinaryShareClass1 2019-12-31 05677585 d:OrdinaryShareClass1 2018-12-31 05677585 d:OrdinaryShareClass2 2019-01-01 2019-12-31 05677585 d:OrdinaryShareClass2 2019-12-31 05677585 d:OrdinaryShareClass2 2018-12-31 05677585 d:FRS102 2019-01-01 2019-12-31 05677585 d:Audited 2019-01-01 2019-12-31 05677585 d:FullAccounts 2019-01-01 2019-12-31 05677585 d:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 05677585 d:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 05677585 2 2019-01-01 2019-12-31 05677585 6 2019-01-01 2019-12-31 05677585 c:Goodwill c:OwnedIntangibleAssets 2019-01-01 2019-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05677585

DAVID COLLINS STUDIO LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019


DAVID COLLINS STUDIO LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAVID COLLINS STUDIO LIMITED

Opinion

We have audited the financial statements of David Collins Studio Limited (the 'Company') for the year ended 31 December 2019, which comprise the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2019 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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DAVID COLLINS STUDIO LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAVID COLLINS STUDIO LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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DAVID COLLINS STUDIO LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAVID COLLINS STUDIO LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.

Colin Edney (Senior Statutory Auditor)

for and on behalf of

Warrener Stewart

Chartered Accountants

Harwood House

43 Harwood Road

London

SW6 4QP

21 December 2020

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DAVID COLLINS STUDIO LIMITED REGISTERED NUMBER:05677585

BALANCE SHEET

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£

Fixed assets
Intangible assets	5		-		56,000
Tangible assets	6		473,883		438,168
Investments	7		100		100
			473,983		494,268
Current assets
Stocks		19,573		50,589
Debtors: amounts falling due within one year	8	2,125,831		2,746,460
Cash at bank and in hand	9	5,293,883		2,768,589
		7,439,287		5,565,638
Creditors: amounts falling due within one year	10	(4,092,734)		(3,890,808)
Net current assets			3,346,553		1,674,830
Total assets less current liabilities			3,820,536		2,169,098
Provisions for liabilities
Deferred tax	12		(20,422)		(6,049)
Net assets			3,800,114		2,163,049

Capital and reserves
Called up share capital	13	2,700	2,700
Capital redemption reserve		2,900	2,900
Profit and loss account		3,794,514	2,157,449
		3,800,114	2,163,049

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DAVID COLLINS STUDIO LIMITED REGISTERED NUMBER:05677585

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2019

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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

I N Watson

Director

Date: 21 December 2020

The notes on pages 6 to 16 form part of these financial statements.

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DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

David Collins Studio Limited is a limited liability company incorporated in England. The registered office is Harwood House, 43 Harwood Road, London, SW6 4QP and the principal place of business is The Studio, 74 Farm Lane, London, SW6 1QA.
The principal activity of the company is that of interior design.

2.Accounting policies

2.1

Basis of preparation of financial statements

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:

2.2

Foreign currency translation

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.3

Revenue

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

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.

2.9

Tangible fixed assets

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.

Page 8


DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

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:

				Leasehold Improvements	-	40 years
				Fixtures and fittings	-	4 - 8 years

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 profit or loss.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Stocks

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.

2.12

Debtors

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.

2.13

Cash and cash equivalents

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.

2.14

Creditors

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.

Page 9


DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.15

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of revision and future years if the revision affects both current and future years.
Management considers the key estimates and judgements made in the financial statements to be related
to:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Carrying value of goodwill
The fair value of goodwill depends on a number of factors including past and present performance of the Company and its positioning within the marketplace. These and other internal and external factors are regularly reviewed by management and provisions for impairment and economic lives reviewed as appropriate.

Employees

The average monthly number of employees, including directors, during the year was 56 (2018 - 50).

Page 10


DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

5.	Intangible assets

		Goodwill
		£

	At 1 January 2019	1,400,000
	Fully amortised assets	(1,400,000)
	At 31 December 2019	-

	At 1 January 2019	1,344,000
	Charge for the year on owned assets	56,000
	Fully amortised assets	(1,400,000)
	At 31 December 2019	-
	Net book value
	At 31 December 2019	-
	At 31 December 2018	56,000

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DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

6.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2019	453,007	314,700	767,707
Additions	-	105,096	105,096
At 31 December 2019	453,007	419,796	872,803
Depreciation
At 1 January 2019	124,579	204,960	329,539
Charge for the year on owned assets	11,323	58,058	69,381
At 31 December 2019	135,902	263,018	398,920
Net book value
At 31 December 2019	317,105	156,778	473,883
At 31 December 2018	328,428	109,740	438,168

The net book value of land and buildings may be further analysed as follows:
	2019	2018
	£	£

Long leasehold	317,105	328,428
	317,105	328,428

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DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

7.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2019	100
	At 31 December 2019	100

Debtors

					2019	2018
					£	£


Trade debtors	1,169,752	1,753,759
Other debtors	601,913	519,177
Prepayments and accrued income	331,555	339,456
Tax recoverable	22,611	134,068
	2,125,831	2,746,460

9.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	5,293,883	2,768,589
Less: bank overdrafts	(1,148)	-
	5,292,735	2,768,589

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DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

10.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank overdrafts	1,148	-
Trade creditors	162,638	477,776
Corporation tax	406,339	61,316
Other taxation and social security	168,840	209,874
Other creditors	681,002	1,423,280
Accruals and deferred income	2,672,767	1,718,562
	4,092,734	3,890,808

11.	Financial instruments
		2019	2018
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	5,293,883	2,768,589
Financial assets measured at amortised cost	1,794,276	2,407,004
	7,088,159	5,175,593

Financial liabilities
Financial liabilities measured at fair value through profit or loss	1,148	-
Financial liabilities measured at amortised cost	3,685,247	3,829,492
	3,686,395	3,829,492

	Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
	Financial liabilities measured at fair value through profit or loss comprise bank overdrafts.
	Other financial liabilities measured at amortised cost comprise trade creditors, taxes, other creditors and accruals and deferred income.

Page 14


DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

12.	Deferred taxation

		2019
		£

	At beginning of year (asset)	6,049
	Charged to profit or loss	14,373
	At end of year (liability)	20,422

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

Accelerated capital allowances

20,422

6,049

13.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

1,000 (2018 - 1,000) A Ordinary shares of £1.00 each	1,000	1,000
1,700 (2018 - 1,700) B Ordinary shares of £1.00 each	1,700	1,700

	2,700	2,700

14.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £140,118 (2018 - £149,858). No contributions were outstanding at the year end.

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DAVID COLLINS STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

15.	Related party transactions

		at 1 January 2019	Advances	at 31 December 2019	2018
		£	£	£	£

I N Watson - Director's loan account

(19)

8,236

8,217

(19)

During the year, rent of £165.341 (2018: £140,000) was charged to the Company by the Estate of David Collins and I Watson jointly.

16.	Post balance sheet events

Since the end of the reporting period, the Company has experienced the impact of the COVID-19 pandemic.
The immediate effect of the pandemic was for a number of projects to be put on hold thus reducing business activity. The Company's response to this was to reduce its cost base, taking advantage of various government support grants such as the Coronavirus Job Retention Scheme. This enabled the business to avoid losses and helped keep jobs open for a return to work.
Since easing of the lockdown in Summer 2020 the Company has adhered to COVID-safe working practices reducing office presence and encouraging home-working where practical.
Many of the delayed projects have now re-started with the result that the Company will report a profit for the year to 31 December 2020. This, combined with the already strong balance sheet means the impact of the pandemic will be minimal.

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