Company registration number 9031529 (England and Wales)
FALLEN PLANET STUDIOS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
FALLEN PLANET STUDIOS LTD
COMPANY INFORMATION
Directors
A Moretti
M Paul
Secretary
M Paul
Company number
9031529
Registered office
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Business address
Crown House
10-16 Coronation Walk
Southport
PR8 1RE
FALLEN PLANET STUDIOS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FALLEN PLANET STUDIOS LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
117,200
148,645
Current assets
Work in progress
343,335
-
Debtors
4
182,558
126,822
Cash at bank and in hand
260,850
151,128
786,743
277,950
Creditors: amounts falling due within one year
5
(158,942)
(100,940)
Net current assets
627,801
177,010
Total assets less current liabilities
745,001
325,655
Creditors: amounts falling due after more than one year
6
(513,897)
(161,420)
Provisions for liabilities
(22,268)
(28,242)
Net assets
208,836
135,993
Capital and reserves
Called up share capital
336
336
Share premium account
49,980
49,980
Profit and loss reserves
158,520
85,677
Total equity
208,836
135,993
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
FALLEN PLANET STUDIOS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 March 2024 and are signed on its behalf by:
M Paul
Director
Company Registration No. 9031529
FALLEN PLANET STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Fallen Planet Studios Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hollinwood Business Centre, Albert Street, Oldham, Lancashire, OL8 3QL.
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
Going concern
Atruet the time of approving the financial statements, the company has reasonable expectation of the continued support of it's current venture capitalist funders, and therefore, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. The amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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:
Plant and equipment
25% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Redcuing balance
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.
FALLEN PLANET STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads. Provision is made for any foreseeable losses where appropriate. No element of profits in included in the valuation of working progress.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated future revenues less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.
Creditors payable after one year constitutes a commercial loan with a market rate of interest being applied. This is recognised in full.
1.8
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.
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.
FALLEN PLANET STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
226,192
Additions
6,498
At 31 May 2023
232,690
Depreciation and impairment
At 1 June 2022
77,547
Depreciation charged in the year
37,943
At 31 May 2023
115,490
Carrying amount
At 31 May 2023
117,200
At 31 May 2022
148,645
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
34,003
Other debtors
148,555
126,822
182,558
126,822
FALLEN PLANET STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
115,974
32,823
Trade creditors
15,000
Corporation tax
41,500
Other taxation and social security
9,889
2,985
Other creditors
18,079
23,632
158,942
100,940
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
429,707
60,834
Other creditors
84,190
100,586
513,897
161,420
The bank loan amounts included in creditors are secured by a fixed and floating charge over the assets of the company.
The amounts related to hire purchase agreements included in creditors are secured against motor vehicle assets held by the company.
7
Events after the reporting date
On the 5 June 2023, there was a sub-division of Ordinary and B Ordinary shares from £1 per share to £0.0001 per share and a subsequent issue of 357,144 A Ordinary shares for £0.98 per share.
On 1 December 2023, 70,580 A Ordinary shares were issued for £0.98 per share.
On 2 January 2024, 80,970 A Ordinary shares were issued for £0.98 per share.
8
Related party transactions
During the year the company operated a loan account with SGRF Network Limited, director related entity. At the balance sheet date, the amount due from SGRF Network Limited was £91,492 (2022: £97,492).
During the year the company operated a loan account with a participator. At the balance sheet date, the amount due to the company was £7,500. (2022: £7,500). The loan is repayable on demand.