Registered number
07149652
South London Studios Limited
Filleted Accounts
28 February 2023
South London Studios Limited
Registered number: 07149652
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 290
Current assets
Stocks - 32,851
Debtors 4 26,890 21,890
Investments held as current assets 5 90,000 90,000
116,890 144,741
Creditors: amounts falling due within one year 6 (34,932) (39,017)
Net current assets 81,958 105,724
Total assets less current liabilities 81,958 106,014
Creditors: amounts falling due after more than one year 7 (24,691) (33,439)
Net assets 57,267 72,575
Capital and reserves
Called up share capital 100 100
Profit and loss account 57,167 72,475
Shareholder's funds 57,267 72,575
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Joseph Lowe
Director
Approved by the board on 9 January 2024
South London Studios Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Short term leasehold properties are carried as stock in trade.Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The lease on the property was not renewed.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 4,577
At 28 February 2023 4,577
Depreciation
At 1 March 2022 4,287
Charge for the year 290
At 28 February 2023 4,577
Net book value
At 28 February 2023 -
At 28 February 2022 290
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 21,890 21,890
Other debtors 5,000 -
26,890 21,890
Other debtors include a loan to the Director which was repaid before 30 November 2023.
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 90,000 90,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,720 14,937
Corporation tax 14,009 14,009
Accruals 3,060 3,300
Directors loans 143 6,771
34,932 39,017
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,691 33,439
8 Directors' advances, credits and guarantees
The director has, from time to time, advanced funds to the company. Such loans are interest- free, unsecured and repayable on demand.The company is controlled by the director, Mr J Lowe who is also the only shareholder.
9 Other information
South London Studios Limited is a private company limited by shares and incorporated in England. Its registered office is:
20a Ironmonger Lane
London
EC2V 8EP
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