Registered number
04274375
RAK Studios Ltd
Filleted Accounts
30 September 2023
RAK Studios Ltd
Registered number: 04274375
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 690,928 716,708
Investments 4 100 100
691,028 716,808
Current assets
Debtors 5 104,384 153,332
Cash at bank and in hand 1,154,682 1,213,235
1,259,066 1,366,567
Creditors: amounts falling due within one year 6 (52,217) (38,632)
Net current assets 1,206,849 1,327,935
Total assets less current liabilities 1,897,877 2,044,743
Creditors: amounts falling due after more than one year 7 (371,948) (501,988)
Provisions for liabilities (18,428) (23,256)
Net assets 1,507,501 1,519,499
Capital and reserves
Called up share capital 1,000 1,000
Share premium 984,995 984,995
Profit and loss account 521,506 533,504
Shareholders' funds 1,507,501 1,519,499
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
John Lewis
Director
Approved by the board on 4 December 2023
RAK Studios Ltd
Notes to the Accounts
for the year ended 30 September 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:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 10 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 1,230,099 496,782 1,726,881
Additions - 23,777 23,777
At 30 September 2023 1,230,099 520,559 1,750,658
Depreciation
At 1 October 2022 637,836 372,337 1,010,173
Charge for the year - 49,557 49,557
At 30 September 2023 637,836 421,894 1,059,730
Net book value
At 30 September 2023 592,263 98,665 690,928
At 30 September 2022 592,263 124,445 716,708
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 October 2022 100
At 30 September 2023 100
5 Debtors 2023 2022
£ £
Trade debtors 51,871 86,880
Other debtors 52,513 66,452
104,384 153,332
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 18,918 29,480
Taxation and social security costs 15,169 -
Other creditors 18,130 9,152
52,217 38,632
7 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 371,948 501,988
8 Other information
RAK Studios Ltd is a private company limited by shares and incorporated in England. Its registered office is:
RAK Studios
42-48 Charlbert Street
St Johns Wood
London
NW8 7BU
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