Company registration number 06095990 (England and Wales)
PRODUCTION STUDIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PRODUCTION STUDIO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PRODUCTION STUDIO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,195,122
3,283,427
Current assets
Debtors
4
154,163
527,458
Cash at bank and in hand
201,824
97,846
355,987
625,304
Creditors: amounts falling due within one year
5
(269,430)
(300,556)
Net current assets
86,557
324,748
Total assets less current liabilities
3,281,679
3,608,175
Creditors: amounts falling due after more than one year
6
(1,517,283)
(1,971,050)
Provisions for liabilities
(8,111)
(10,032)
Net assets
1,756,285
1,627,093
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,756,185
1,626,993
Total equity
1,756,285
1,627,093
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 March 2023 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.
The members have 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.
PRODUCTION STUDIO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 October 2023
Mr S Sundsbo
Director
Company registration number 06095990 (England and Wales)
PRODUCTION STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Production Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.
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 amounts 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Fixtures and fittings
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PRODUCTION STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
PRODUCTION STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
3,397,394
101,785
3,499,179
Depreciation and impairment
At 1 April 2022
166,766
48,986
215,752
Depreciation charged in the year
67,948
20,357
88,305
At 31 March 2023
234,714
69,343
304,057
Carrying amount
At 31 March 2023
3,162,680
32,442
3,195,122
At 31 March 2022
3,230,628
52,799
3,283,427
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
114,445
459,110
Corporation tax recoverable
13,696
Other debtors
39,718
54,652
154,163
527,458
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
65,690
73,298
Corporation tax
50,555
128,325
Other taxation and social security
61,815
46,566
Other creditors
91,370
52,367
269,430
300,556
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,517,283
1,971,050
PRODUCTION STUDIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year sales of £359,243 (2022 - £359,243) were made to Solve Sundsbo Limited, a company of which S Sundsbo is the sole director and ultimate controlling party. At the year end Solve Sundsbo Limited owed trade debts of £546,126 to Production Studio Limited.
Purchases made from this company in the year amounted to £159,410 (2022 - £117,865). At the year end
Production Studio Limited owed trade debts of £49,847 to Solve Sundsbo Limited. Non trade debts of £2,023,770were due from Production Studio Limited to Solve Sundsbo Limited. Interest is charged at 2.0% per annum on this debt.