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
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
Parallax Studios Limited
Statement of financial position
as at 31 July 2022
Tangible assets
41,637
16,342
Cash at bank and in hand
999,699
827,772
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
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
Parallax Studios Limited
Notes to the Accounts
for the year ended 31 July 2022
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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.
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 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.
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
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
At 31 July 2022
33,967
7,670
41,637
At 31 July 2021
10,094
6,248
16,342
Amounts falling due within one year
Trade debtors
38,222
6,377
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
7
Average number of employees
During the year the average number of employees was 2 (2021: 2).