Company Registration No. 03097864 (England and Wales)
STUDIOAGENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
STUDIOAGENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STUDIOAGENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
1
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
3
6,000
6,000
Current assets
Debtors
4
150
11,462
Creditors: amounts falling due within one year
5
-
(11,462)
Net current assets
150
-
Total assets less current liabilities
6,150
6,000
Capital and reserves
Called up share capital
6
150
150
Profit and loss reserves
6,000
5,850
Total equity
6,150
6,000
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 August 2019
Mr A Dukinfield
Director
Company Registration No. 03097864
STUDIOAGENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2
1
Accounting policies
Company information
Studioagent Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 3, Farfield Park, Manvers way, Rotherham, S63 5DB.
The principal activity of the company continued to be that of a holding company.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
STUDIOAGENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
3
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Fixed asset investments
2018
2017
£
£
Investments
6,000
6,000
STUDIOAGENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
3
Fixed asset investments
(Continued)
4
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
6,000
Carrying amount
At 31 December 2018
6,000
At 31 December 2017
6,000
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
150
11,462
5
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts owed to group undertakings
-
11,462
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
150 Ordinary shares of £1 each
150
150
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
-
11,462
STUDIOAGENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
7
Related party transactions
(Continued)
5
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
150
2017
Balance
Amounts owed in previous period
£
Entities over which the entity has control, joint control or significant influence
11,462
Other transactions
During the year, dividends of £160,150 (2017 - £nil) were received from S2S Electronics Limited, a wholly owned subsidiary.
During the year, dividends of £160,000 (2017 - £nil) were paid to 2S Holdings Limited, the immediate parent company.
8
Parent company
The parent company of S2S Electronics Limited is 2S Holdings Limited and its registered office is Unit 3 Farfield Park, Manvers Way, Rotherham, S63 5DB.
The ultimate parent company od S2S Electronics Limited is Chadlaw S2S Limited and its registered office is Unit 3 Farfield Park, Manvers Way, Rotherham, S63 5DB.