THIRD STREET STUDIOS LIMITED

Company Registration Number:
NI628133 (Northern Ireland)

Unaudited abridged accounts for the year ended 28 March 2023

Period of accounts

Start date: 30 March 2022

End date: 28 March 2023

THIRD STREET STUDIOS LIMITED

Contents of the Financial Statements

for the Period Ended 28 March 2023

Balance sheet
Notes

THIRD STREET STUDIOS LIMITED

Balance sheet

As at 28 March 2023


Notes

2023

15 months to 29 March 2022


£

£
Fixed assets
Tangible assets: 3 10,071 20,539
Investments: 4 0 130
Total fixed assets: 10,071 20,669
Current assets
Debtors:   384,050 2,442,200
Cash at bank and in hand: 1,696,040 1,588,391
Total current assets: 2,080,090 4,030,591
Creditors: amounts falling due within one year:   (486,642) (126,156)
Net current assets (liabilities): 1,593,448 3,904,435
Total assets less current liabilities: 1,603,519 3,925,104
Provision for liabilities: (2,518) (4,872)
Total net assets (liabilities): 1,601,001 3,920,232
Capital and reserves
Called up share capital: 11 11
Profit and loss account: 1,600,990 3,920,221
Shareholders funds: 1,601,001 3,920,232

The notes form part of these financial statements

THIRD STREET STUDIOS LIMITED

Balance sheet statements

For the year ending 28 March 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 March 2024
and signed on behalf of the board by:

Name: Mr Stephen Nolan
Status: Director

The notes form part of these financial statements

THIRD STREET STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 28 March 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognitionTurnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible assetsTangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Fixtures & fittings-25% straight line

Valuation and information policy

InvestmentsFixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Other accounting policies

ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Defined contribution plansContributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

THIRD STREET STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 28 March 2023

2. Employees

2023 15 months to 29 March 2022
Average number of employees during the period 4 3

THIRD STREET STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 28 March 2023

3. Tangible Assets

Total
Cost £
At 30 March 2022 58,275
At 28 March 2023 58,275
Depreciation
At 30 March 2022 37,736
Charge for year 10,468
At 28 March 2023 48,204
Net book value
At 28 March 2023 10,071
At 29 March 2022 20,539

THIRD STREET STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 28 March 2023

4. Fixed investments

Shares in group undertakingsCostAt 30 March 2022 £130Disposals £(130) --------------At 28 March 2023 £– ==============ImpairmentAt 30 March 2022 and 28 March 2023 £–==============Carrying amountAt 28 March 2023 £–==============At 29 March 2022 £130==============

THIRD STREET STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 28 March 2023

5. Loans to directors

During the year the director repaid net loans of £944,897 to the company (2022: £136,369). The amount owing to the director at the year end was £57,221 (2022: £887,676 owing to the company).