Company registration number 12479091 (England and Wales)
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 8
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
31 December 2022
30 April 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,179,194
11,711,623
Current assets
Debtors
5
2,729,863
6,724,020
Cash at bank and in hand
853,789
695,692
3,583,652
7,419,712
Creditors: amounts falling due within one year
6
(12,767,978)
(13,536,197)
Net current liabilities
(9,184,326)
(6,116,485)
Total assets less current liabilities
6,994,868
5,595,138
Creditors: amounts falling due after more than one year
7
(6,291,667)
(6,041,667)
Net assets/(liabilities)
703,201
(446,529)
Capital and reserves
Called up share capital
8
19,381
16,048
Share premium account
4,047,669
3,051,000
Profit and loss reserves
(3,363,849)
(3,513,577)
Total equity
703,201
(446,529)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2023 and are signed on its behalf by:
Mr G Roberts
Director
Company Registration No. 12479091
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2021
14,501
3,051,000
(1,359,497)
1,706,004
Period ended 30 April 2022:
Loss and total comprehensive income for the period
-
-
(2,154,080)
(2,154,080)
Issue of share capital
8
1,547
-
1,547
Balance at 30 April 2022
16,048
3,051,000
(3,513,577)
(446,529)
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
-
149,728
149,728
Issue of share capital
8
3,333
996,669
-
1,000,002
Balance at 31 December 2022
19,381
4,047,669
(3,363,849)
703,201
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Garden Campus Ltd t/a Garden Studios is a private company limited by shares incorporated in England and Wales. The registered office is 21 Waxlow Road, London, England, NW10 7NU.
1.1
Reporting period
These accounts are shorter than one year due to the company shortening their year end from 30 April 2023 to 31 December 2022. This was completed in order to bring the year end in line with other related parties. Therefore, the period is not directly comparable to the prior year or future years, for that reason.
1.2
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.
1.3
Going concern
The positive EBITDA position in the 8 month period to 31 December 2022 suitably strengthened the business following on from its start-up period in the prior year. The year to 31 December 2023 continued strong, however results against budget were impacted by the industry fall out resulting from the writers' and actors' strikes which began in late Spring 2023. The reduced utilisation of the company's facilities has meant that the company anticipates potential future cashflow pressure in the period extending 12 months beyond the date of the signing of the financial statements. Forecasts and the future funding strategy have been re-calibrated, reflecting the end of the strikes in early Autumn 2023, but at suitably cautious utilisations levels, while the industry continues to recover. true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion.
1.5
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.
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold land and buildings
10%-20% straight line
Leasehold improvements
10% straight line
Fixtures and fittings
20% straight line
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.
1.6
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2022
Number
Number
Total
27
18
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
12,202,997
238,232
12,441,229
Additions
4,965,852
40,659
5,006,511
At 31 December 2022
17,168,849
278,891
17,447,740
Depreciation and impairment
At 1 May 2022
686,299
43,307
729,606
Depreciation charged in the period
503,147
35,793
538,940
At 31 December 2022
1,189,446
79,100
1,268,546
Carrying amount
At 31 December 2022
15,979,403
199,791
16,179,194
At 30 April 2022
11,516,698
194,925
11,711,623
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
5
Debtors
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
56,745
127,955
Other debtors
1,417,855
5,454,487
1,474,600
5,582,442
2022
2022
Amounts falling due after more than one year:
£
£
Other debtors
1,255,263
1,141,578
Total debtors
2,729,863
6,724,020
6
Creditors: amounts falling due within one year
2022
2022
£
£
Trade creditors
844,589
1,739,536
Taxation and social security
160,990
24,708
Other creditors
11,762,399
11,771,953
12,767,978
13,536,197
7
Creditors: amounts falling due after more than one year
2022
2022
£
£
Other creditors
6,291,667
6,041,667
8
Called up share capital
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,783,418
1,450,084
17,834
14,501
Growth shares of 1p each
154,703
154,703
1,547
1,547
1,938,121
1,604,787
19,381
16,048
On 5 December 2022, 333,334 Ordinary 1p shares were issued for a value of £3 each.
GARDEN CAMPUS LTD T/A GARDEN STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jolene Upshall FCA
Statutory Auditor:
Mercer & Hole LLP
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2022
£
£
40,013,636
34,643,608
11
Parent company
The company is an 86.5% (2021 - 83.7%) subsidiary of Cheetah International Investments Ltd, a company incorporated in the British Virgin Isles.