Registered number
NI673225
One L Studios Ltd
Report and Unaudited Accounts
31 October 2023
One L Studios Ltd
Company Information
Directors
Daniel Quick
David Elliott
Michael Foster
Shane Todd
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Starling Bank Limited
5th Floor London Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
Registered office
10 High Street
Holywood
Co. Antrim
BT18 9AZ
Registered number
NI673225
One L Studios Ltd
Registered number: NI673225
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 348 992
Current assets
Debtors 4 2,291 3,697
Cash at bank and in hand 13,005 8,158
15,296 11,855
Creditors: amounts falling due within one year 5 (5,218) (2,358)
Net current assets 10,078 9,497
Total assets less current liabilities 10,426 10,489
Provisions for liabilities 6 (66) -
Net assets 10,360 10,489
Capital and reserves
Called up, issued and fully paid share capital 100 100
Profit and loss account 10,260 10,389
Shareholders' funds 8 10,360 10,489
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 under section 444 of the Companies Act 2006.
The notes on pages 6 to 9 form an integral part of the accounts.
Daniel Quick
Director
Approved by the board on 27 March 2024
One L Studios Ltd
Notes to the Accounts
for the year ended 31 October 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.
The financial statements are presented in UK Sterling pounds (£)
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 rendering of services. 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 5 years straight line
Computer equipment 3 years straight line
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Provisions
Provisions (i.e. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery Equipment Total
£ £ £
Cost
At 1 November 2022 200 1,812 2,012
At 31 October 2023 200 1,812 2,012
Depreciation
At 1 November 2022 63 957 1,020
Charge for the year 40 604 644
At 31 October 2023 103 1,561 1,664
Net book value
At 31 October 2023 97 251 348
At 31 October 2022 137 855 992
4 Debtors 2023 2022
£ £
Trade debtors 2,278 2,947
Other debtors 13 750
2,291 3,697
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 379
Taxes and social security costs 402 1,764
Other creditors 4,816 215
5,218 2,358
6 Provision for liabilities
Deferred Taxation
£
At 1 November 2022 -
Charged to the profit and loss 66
At 31 October 2023 66
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances (66) -
(66) -
7 Directors' advances, credits and guarantees
During the year there were no transactions with the directors. The balance owed to the directors at the year end remained £165.

The balances are interest free and repayable on demand.
8 Statement of changes in equity
The shareholders funds represents cumulative profits or losses, net of dividends paid, deferred tax adjustments and other adjustments.
9 Other information
One L Studios Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
10 High Street
Holywood
Co. Antrim
BT18 9AZ
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