Running Ground Studios Ltd 11194810 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of media production activities. Digita Accounts Production Advanced 6.30.9574.0 true true 11194810 2022-03-01 2023-02-28 11194810 2023-02-28 11194810 core:CurrentFinancialInstruments 2023-02-28 11194810 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11194810 bus:SmallEntities 2022-03-01 2023-02-28 11194810 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11194810 bus:FullAccounts 2022-03-01 2023-02-28 11194810 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11194810 bus:RegisteredOffice 2022-03-01 2023-02-28 11194810 bus:Director1 2022-03-01 2023-02-28 11194810 bus:Director2 2022-03-01 2023-02-28 11194810 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11194810 countries:AllCountries 2022-03-01 2023-02-28 11194810 2021-03-01 2022-02-28 11194810 2022-02-28 11194810 core:CurrentFinancialInstruments 2022-02-28 11194810 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 11194810

Running Ground Studios Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Running Ground Studios Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Running Ground Studios Ltd

Company Information

Directors

Mr B Canny

Mr L Garrigan

Registered office

96 Hibbert Road
London
E17 8HF

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House 2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Running Ground Studios Ltd

(Registration number: 11194810)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

1,350

-

Debtors

5

-

1,794

Cash at bank and in hand

 

267

1,053

 

1,617

2,847

Creditors: Amounts falling due within one year

6

(5,364)

(4,200)

Net liabilities

 

(3,747)

(1,353)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(3,749)

(1,355)

Shareholders' deficit

 

(3,747)

(1,353)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Mr B Canny
Director

.........................................
Mr L Garrigan
Director

 

Running Ground Studios Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
96 Hibbert Road
London
E17 8HF
United Kingdom

These financial statements were authorised for issue by the Board on 23 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis on the grounds that the directors continue to provide sufficient finance.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

 

Running Ground Studios Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Stocks

2023
£

2022
£

Other inventories

1,350

-

5

Debtors

2023
£

2022
£

Prepayments

-

1,794

-

1,794

 

Running Ground Studios Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to related parties

4,557

3,393

Accruals and deferred income

 

600

600

Other creditors

 

207

207

 

5,364

4,200