Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity2falsetrue 05208265 2022-04-01 2023-03-31 05208265 2021-04-01 2022-03-31 05208265 2023-03-31 05208265 2022-03-31 05208265 2021-04-01 05208265 c:Director2 2022-04-01 2023-03-31 05208265 d:OfficeEquipment 2022-04-01 2023-03-31 05208265 d:OfficeEquipment 2023-03-31 05208265 d:OfficeEquipment 2022-03-31 05208265 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05208265 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 05208265 d:OtherPropertyPlantEquipment 2023-03-31 05208265 d:OtherPropertyPlantEquipment 2022-03-31 05208265 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05208265 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05208265 d:CurrentFinancialInstruments 2023-03-31 05208265 d:CurrentFinancialInstruments 2022-03-31 05208265 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05208265 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05208265 d:ShareCapital 2022-04-01 2023-03-31 05208265 d:ShareCapital 2023-03-31 05208265 d:ShareCapital 2021-04-01 2022-03-31 05208265 d:ShareCapital 2022-03-31 05208265 d:ShareCapital 2021-04-01 05208265 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05208265 d:RetainedEarningsAccumulatedLosses 2023-03-31 05208265 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 05208265 d:RetainedEarningsAccumulatedLosses 2022-03-31 05208265 d:RetainedEarningsAccumulatedLosses 2021-04-01 05208265 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05208265 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05208265 c:FRS102 2022-04-01 2023-03-31 05208265 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05208265 c:FullAccounts 2022-04-01 2023-03-31 05208265 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05208265 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05208265










THE OBSERVATORY STUDIOS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
THE OBSERVATORY STUDIOS LIMITED
REGISTERED NUMBER: 05208265

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,945
318

  
1,945
318

Current assets
  

Debtors: amounts falling due within one year
 5 
58,548
37,182

Cash at bank and in hand
 6 
12,670
19,187

  
71,218
56,369

Creditors: amounts falling due within one year
 7 
(42,273)
(30,521)

Net current assets
  
 
 
28,945
 
 
25,848

Total assets less current liabilities
  
30,890
26,166

Provisions for liabilities
  

Deferred tax
 8 
(486)
(60)

  
 
 
(486)
 
 
(60)

Net assets
  
30,404
26,106


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
30,304
26,006

  
30,404
26,106


Page 1

 
THE OBSERVATORY STUDIOS LIMITED
REGISTERED NUMBER: 05208265
    
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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income and retained earnings 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 on 18 November 2023.




M L Cellier
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
THE OBSERVATORY STUDIOS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
26,006
26,106


Comprehensive income for the year

Profit for the year

-
43,298
43,298


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
43,298
43,298

Dividends: Equity capital
-
(39,000)
(39,000)


Total transactions with owners
-
(39,000)
(39,000)


At 31 March 2023
100
30,304
30,404


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
THE OBSERVATORY STUDIOS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
100
22,373
22,473


Comprehensive income for the year

Profit for the year

-
27,633
27,633


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
27,633
27,633

Dividends: Equity capital
-
(24,000)
(24,000)


Total transactions with owners
-
(24,000)
(24,000)


At 31 March 2022
100
26,006
26,106


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
THE OBSERVATORY STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Observatory Studios Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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 a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Page 5

 
THE OBSERVATORY STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Office equipment
-
20%
on cost
Production equipment
-
20%
on cost

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 6

 
THE OBSERVATORY STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

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.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 7

 
THE OBSERVATORY STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.13

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employee
2
2

Page 8

 
THE OBSERVATORY STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2022
18,771
42,622
61,393


Additions
-
2,195
2,195



At 31 March 2023

18,771
44,817
63,588



Depreciation


At 1 April 2022
18,453
42,622
61,075


Charge for the year on owned assets
318
250
568



At 31 March 2023

18,771
42,872
61,643



Net book value



At 31 March 2023
-
1,945
1,945



At 31 March 2022
318
-
318


5.


Debtors

2023
2022
£
£


Trade debtors
33,015
36,773

Other debtors
24,664
-

Prepayments and accrued income
869
409

58,548
37,182



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,670
19,187

12,670
19,187


Page 9

 
THE OBSERVATORY STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
21,230
5,401

Corporation tax
10,049
7,259

Other taxation and social security
8,371
9,903

Other creditors
723
1,365

Accruals and deferred income
1,900
6,593

42,273
30,521



8.


Deferred taxation




2023


£






At beginning of year
(60)


Charged to profit or loss
(426)



At end of year
(486)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(486)
(60)

(486)
(60)

 
Page 10