Registered number
10876972
N5 Studios Ltd
Filleted Accounts
31 July 2023
N5 Studios Ltd
Registered number: 10876972
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 300,584 303,426
Current assets
Debtors 4 28,441 7,019
Cash at bank and in hand 25,632 79,772
54,073 86,791
Creditors: amounts falling due within one year 5 (49,491) (99,933)
Net current assets/(liabilities) 4,582 (13,142)
Total assets less current liabilities 305,166 290,284
Creditors: amounts falling due after more than one year 6 (10,206) (13,754)
Net assets 294,960 276,530
Capital and reserves
Called up share capital 2 2
Profit and loss account 294,958 276,528
Shareholders' funds 294,960 276,530
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.
Georgia Glynn Smith
Director
Approved by the board on 12 February 2024
N5 Studios Ltd
Notes to the Accounts
for the year ended 31 July 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
Fixtures, fittings, tools and equipment Over 4 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.
2 Employees 2023 2022
Number Number
Average number of employees 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 296,782 20,561 317,343
Additions - 140 140
At 31 July 2023 296,782 20,701 317,483
Depreciation
At 1 August 2022 - 13,917 13,917
Charge for the year - 2,982 2,982
At 31 July 2023 - 16,899 16,899
Net book value
At 31 July 2023 296,782 3,802 300,584
At 31 July 2022 296,782 6,644 303,426
4 Debtors 2023 2022
£ £
Trade debtors 18,019 2,580
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,439 4,439
Other debtors 5,983 -
28,441 7,019
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,602 4,854
Trade creditors 2,400 19,133
Amounts owed to group undertakings and undertakings in which the company has a participating interest 8,990 9,600
Taxation and social security costs 6,153 15,713
Other creditors 28,346 50,633
49,491 99,933
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,206 13,754
7 Other information
N5 Studios Ltd is a private company limited by shares and incorporated in England. Its registered office is:
255 Poulton Road
Wallasey
Wirral
United Kingdom
CH44 4BT
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