Pax Studio Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC233796 (Scotland)

Pax Studio Limited

Abbreviated Unaudited Accounts

for the Year Ended 31 July 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Miss S J M Wall

SECRETARY:

Miss S J M Wall

REGISTERED OFFICE:

21 Trafalgar Street

Leith

Edinburgh

EH6 4DF

REGISTERED NUMBER:

SC233796 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

36 St Andrew Square

Edinburgh

EH2 2AD

FIXED ASSETS

Intangible assets

2

2,958

-

Tangible assets

3

144,925

143,551

147,883

143,551

CURRENT ASSETS

Debtors

78,685

62,224

Cash at bank and in hand

72,263

66,650

150,948

128,874

CREDITORS

Amounts falling due within one year

4

41,038

56,552

NET CURRENT ASSETS

109,910

72,322

TOTAL ASSETS LESS CURRENT LIABILITIES

257,793

215,873

CREDITORS

Amounts falling due after more than one year

4

(41,787

)

(45,019

)

PROVISIONS FOR LIABILITIES

(1,167

)

(822

)

NET ASSETS

214,839

170,032

CAPITAL AND RESERVES

Called up share capital

5

200

200

Profit and loss account

214,639

169,832

SHAREHOLDERS' FUNDS

214,839

170,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 8 January 2015 and were signed by:

Miss S J M Wall - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in

accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover and revenue recognition

Turnover represents net invoiced provision of services of brand development and design works,

excluding value added tax.

Revenue is recognised as services are provided to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been

amortised evenly over its estimated useful life of five years.

Website

The company owns the rights to a website that is utilised as a fundamental part of the trade of the

company. These costs will be amortised over its estimated useful life of 10 years. Operating costs

will be charged to the profit and loss account as they arise.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Nil

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

In the opinion of the director, due to the location of the freehold property and the proposed

maintenance programme, she does not consider that the value of the property will diminish.

Therefore there is no depreciation charged on the cost of the heritable property. This policy is not

in accordance with the requirements of the Companies Act 2006, but departure from the provisions

of the Act is required in order to provide a true and fair view.

Deferred 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.

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 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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

5,000

Additions

3,287

At 31 July 2014

8,287

AMORTISATION

At 1 August 2013

5,000

Amortisation for year

329

At 31 July 2014

5,329

NET BOOK VALUE

At 31 July 2014

2,958

At 31 July 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

158,032

Additions

2,595

At 31 July 2014

160,627

DEPRECIATION

At 1 August 2013

14,481

Charge for year

1,221

At 31 July 2014

15,702

NET BOOK VALUE

At 31 July 2014

144,925

At 31 July 2013

143,551

4.

CREDITORS

Creditors include an amount of £ 45,095 (2013 - £ 48,258 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

27,834

31,357

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary 'A'

£1

100

100

100

Ordinary 'B'

£1

100

100

200

200

Ordinary 'B' Shares carry neither voting rights nor right to capital on the wind up of the company.