| Studio Fusion Limited |
| Registered number: |
03231583 |
| Abbreviated Balance Sheet |
| as at 31 July 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
923 |
|
|
1,231 |
|
| Current assets |
| Debtors |
|
|
2,012 |
|
|
1,888 |
| Cash at bank and in hand |
|
|
19,116 |
|
|
15,770 |
|
|
|
21,128 |
|
|
17,658 |
|
| Creditors: amounts falling due within one year |
|
|
(10,555) |
|
|
(12,655) |
|
| Net current assets |
|
|
|
10,573 |
|
|
5,003 |
|
| Net assets |
|
|
|
11,496 |
|
|
6,234 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Profit and loss account |
|
|
|
11,496 |
|
|
6,234 |
|
| Shareholders' funds |
|
|
|
11,496 |
|
|
6,234 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Penny Davis |
| Director |
| Approved by the board on 30 November 2016 |
|
| Studio Fusion Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 July 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Studio refurbishment |
over life of lease |
|
Fixtures and fittings |
25% reducing balance |
|
|
Taxation |
|
The company is a co-operative and therefore its mutual trading is non profit making. There is no provision to make for corporation tax. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 August 2015 |
18,200 |
|
At 31 July 2016 |
18,200 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2015 |
16,969 |
|
Charge for the year |
308 |
|
At 31 July 2016 |
17,277 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2016 |
923 |
|
At 31 July 2015 |
1,231 |
|
|
|
|
|
|
|
|
| 3 |
Company Limited by Guarantee |
|
|
The company does not have any share capital and is limited by guarantee. In the event of the company being wound up, the maximum amount which each member is liable to contribute is £1. |
|
| 4 |
Related party transactions |
2016 |
|
2015 |
| £ |
£ |
|
Members |
|
Commission payable to members |
|
45,189 |
|
42,648 |
|
Contributions made by members towards overheads |
27,425 |
|
27,668 |
|
Sales income collected on behalf of the members |
23,173 |
|
16,673 |
