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Company Registration No. 04836281 (England and Wales)
Parallax Studios Limited Unaudited accounts for the year ended 31 July 2022
Parallax Studios Limited Unaudited accounts Contents
Page
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Parallax Studios Limited Company Information for the year ended 31 July 2022
Directors
Paul Sinclair Elizabeth Mary Anne Sinclair
Secretary
Mrs E M A Sinclair
Company Number
04836281 (England and Wales)
Registered Office
1 Norcott Road London N16 7BJ
Accountants
abacus azure 85-87 Bayham Street Camden London NW1 0AG
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Parallax Studios Limited Statement of financial position as at 31 July 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
41,637 
16,342 
Current assets
Inventories
38,533 
46,469 
Debtors
61,423 
9,987 
Cash at bank and in hand
999,699 
827,772 
1,099,655 
884,228 
Creditors: amounts falling due within one year
(177,115)
(135,672)
Net current assets
922,540 
748,556 
Total assets less current liabilities
964,177 
764,898 
Provisions for liabilities
Deferred tax
(1,884)
(1,574)
Net assets
962,293 
763,324 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
962,193 
763,224 
Shareholders' funds
962,293 
763,324 
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by
Paul Sinclair Director Company Registration No. 04836281
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Parallax Studios Limited Notes to the Accounts for the year ended 31 July 2022
1
Statutory information
Parallax Studios Limited is a private company, limited by shares, registered in England and Wales, registration number 04836281. The registered office is 1 Norcott Road, , London, N16 7BJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred taxation
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.
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Parallax Studios Limited Notes to the Accounts for the year ended 31 July 2022
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2021
35,064 
33,606 
68,670 
Additions
26,443 
3,428 
29,871 
At 31 July 2022
61,507 
37,034 
98,541 
Depreciation
At 1 August 2021
24,970 
27,358 
52,328 
Charge for the year
2,570 
2,006 
4,576 
At 31 July 2022
27,540 
29,364 
56,904 
Net book value
At 31 July 2022
33,967 
7,670 
41,637 
At 31 July 2021
10,094 
6,248 
16,342 
5
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
VAT
23,201 
3,610 
Trade debtors
38,222 
6,377 
61,423 
9,987 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
- 
(1,119)
Trade creditors
46,671 
19,307 
Taxes and social security
68,225 
53,188 
Loans from directors
62,219 
64,296 
177,115 
135,672 
7
Average number of employees
During the year the average number of employees was 2 (2021: 2).
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