Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-31 2023-03-31 2 2 2022-04-01 false CONSULTING true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12334342 2022-04-01 2023-03-31 12334342 2021-04-01 2022-03-31 12334342 2023-03-31 12334342 2022-03-31 12334342 c:Director1 2022-04-01 2023-03-31 12334342 d:MotorVehicles 2022-04-01 2023-03-31 12334342 d:MotorVehicles 2023-03-31 12334342 d:MotorVehicles 2022-03-31 12334342 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12334342 d:OfficeEquipment 2022-04-01 2023-03-31 12334342 d:OfficeEquipment 2023-03-31 12334342 d:OfficeEquipment 2022-03-31 12334342 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12334342 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12334342 d:CurrentFinancialInstruments 2023-03-31 12334342 d:CurrentFinancialInstruments 2022-03-31 12334342 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12334342 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12334342 d:ShareCapital 2023-03-31 12334342 d:ShareCapital 2022-03-31 12334342 d:RetainedEarningsAccumulatedLosses 2023-03-31 12334342 d:RetainedEarningsAccumulatedLosses 2022-03-31 12334342 c:FRS102 2022-04-01 2023-03-31 12334342 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12334342 c:FullAccounts 2022-04-01 2023-03-31 12334342 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12334342 2 2022-04-01 2023-03-31 12334342 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 12334342 PRODUCT STUDIO LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
PRODUCT STUDIO LTD REGISTERED NUMBER: 12334342 BALANCE SHEET AS AT 31 MARCH 2023
|  | 2023 |  | 2022
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 14,637 |  | 30,847
Investments | 5 |  | 1,001,570 |  | 659,110
|  |  | 1,016,207 |  | 689,957
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 468,143 |  | 289,989 |
Bank and cash balances |  | 119,675 |  | 182,420 |
|  | 587,818 |  | 472,409 |
Creditors: amounts falling due within one year | 7 | (331,746) |  | (341,748) |
Net current assets |  |  | 256,072 |  | 130,661
Total assets less current liabilities |  |  | 1,272,279 |  | 820,618
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (3,634) |  | (7,687) |
|  |  | (3,634) |  | (7,687)
Net assets |  |  | 1,268,645 |  | 812,931
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Profit and loss account |  |  | 1,268,643 |  | 812,929
|  |  | 1,268,645 |  | 812,931
Page 1
PRODUCT STUDIO LTD REGISTERED NUMBER: 12334342 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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:
E A Boase
Director
Date: 26 September 2023
The notes on pages 3 to 9 form part of these financial statements. Page 2
PRODUCT STUDIO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. | General information
Product Studio Ltd is a private company, limited by shares, incorporated in England and Wales. The registered office address is Scatterford, Newland, Coleford, England, GL16 8NG. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006. The financial statements have been prepared on a going concern basis. 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.
| 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: Rendering of services Revenue from the provision of training conferences and seminars is recognised when the training is provided.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
PRODUCT STUDIO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | 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. Page 4
PRODUCT STUDIO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2.Accounting policies (continued)
| 2.7 | 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. 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:
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Office equipment | - | 33% |
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.
| 2.8 | Valuation of investments
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Investments in listed corporate bonds are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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 5
PRODUCT STUDIO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2.Accounting policies (continued)
| 2.12 | 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.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2022 -2).
Page 6
PRODUCT STUDIO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
4. | Tangible fixed assets
|  | Motor vehicles | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2022 | 57,340 | 6,173 | 63,513
| Additions | - | 257 | 257
| At 31 March 2023 | 57,340 | 6,430 | 63,770
| Depreciation |  |  |
| At 1 April 2022 | 28,639 | 4,027 | 32,666
| Charge for the year on owned assets | 14,324 | 2,143 | 16,467
| At 31 March 2023 | 42,963 | 6,170 | 49,133
| Net book value |  |  |
| At 31 March 2023 | 14,377 | 260 | 14,637
| At 31 March 2022 | 28,701 | 2,146 | 30,847
Page 7
PRODUCT STUDIO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. | Fixed asset investments
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 April 2022 | 659,110
| Additions | 397,927
| Revaluations | (55,467)
| At 31 March 2023 | 1,001,570
6. | Debtors
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Trade debtors | 460,092 | 282,084
| Other debtors | - | 1,500
| Prepayments and accrued income | 8,051 | 6,405
|  | 468,143 | 289,989
Page 8
PRODUCT STUDIO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Trade creditors | 3,149 | -
| Corporation tax | 220,920 | 214,112
| Other taxation and social security | 88,760 | 60,936
| Accruals and deferred income | 18,917 | 66,700
|  | 331,746 | 341,748
|  |  |  |  | 2023 | 2022
|  |  |  |  | £ | £
| Other taxation and social security |  |
| PAYE/NI control | 879 | -
| VAT control | 87,881 | 60,936
|  | 88,760 | 60,936
8. | Prior year restatements
During preparation of the financial statements, it was identified that £2,887 of investment income had been included within turnover in the prior year. This has been reclassified to investment income accordingly. This reclassification has had no impact on profit for the year ended 31 March 2022 or reserves as at 31 March 2022 and is purely presentational.
9. | Related party transactions
| The company paid dividends to the directors during the period of £437,000 (2022 - £333,000).
Page 9