Those Beyond Studios Limited
Unaudited Financial Statements
For the year ended 31 August 2023
Pages for Filing with Registrar
Company Registration No. 13557508 (England and Wales)
Those Beyond Studios Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Those Beyond Studios Limited
Balance Sheet
As at 31 August 2023
Page 1
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
784,612
124,000
Tangible assets
4
14,467
11,918
799,079
135,918
Current assets
Debtors
5
111,541
121,137
Cash at bank and in hand
1,884,119
33,086
1,995,660
154,223
Creditors: amounts falling due within one year
6
(6,695,419)
(1,951,537)
Net current liabilities
(4,699,759)
(1,797,314)
Net liabilities
(3,900,680)
(1,661,396)
Capital and reserves
Called up share capital
7
2
2
Share premium account
149,999
149,999
Profit and loss reserves
(4,050,681)
(1,811,397)
Total equity
(3,900,680)
(1,661,396)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Those Beyond Studios Limited
Balance Sheet (Continued)
As at 31 August 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 15 April 2024
M Warrick
Director
Company Registration No. 13557508
Those Beyond Studios Limited
Statement of Changes in Equity
For the year ended 31 August 2023
Page 3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 August 2022:
Balance at 10 August 2021
-
0
-
0
-
0
-
Period ended 31 August 2022:
Loss and total comprehensive income for the period
-
-
(1,811,397)
(1,811,397)
Issue of share capital
7
2
149,999
-
150,001
Balance at 31 August 2022
2
149,999
(1,811,397)
(1,661,396)
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(2,239,284)
(2,239,284)
Balance at 31 August 2023
2
149,999
(4,050,681)
(3,900,680)
Those Beyond Studios Limited
Notes to the Financial Statements
For the year ended 31 August 2023
Page 4
1
Accounting policies
Company information

Those Beyond Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Queen Street, Bath, Somerset, BA1 1HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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.

1.2
Going concern

During the year ended 31 August 2023 the company generated a net loss of £2,239,284 (2022: £1,811,397) and at the balance sheet date had net liabilities of £3,900,680 (2022: £1,661,396), including cash and cash equivalents of £1,884,119 (2022: £33,086). The company continues to rely on intercompany funding provided by the parent company, together with careful treasury management of cash and cash equivalents, and so 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 and for a period of at least twelve months following the approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
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 when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Those Beyond Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
Page 5
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Computer software
20% straight line
Digital assets
Please refer to note 1.11
Game development
No amortisation charged as the asset is not yet in use
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.

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:

Computer equipment
33.33% 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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
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.

1.8
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.

Those Beyond Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
Page 6
1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11

Cryptocurrency and digital assets

The company has held cryptocurrency as consideration for the sale of digital assets generated by the company. The company recognises crypto assets or tokens as an intangible asset under FRS102, as they are identifiable non-monetary assets without physical substance. The company recognises these assets when all the recognition criteria of intangible assets are met, including:

 

The cryptocurrency or digital assets have been treated as indefinite life intangible assets as based on the current cryptocurrency market there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows for the entity. Since crypto assets are indefinite life intangible assets they are not amortised. The useful life of the crypto assets and tokens are reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for these assets.

 

The company has chosen to apply the revaluation model for cryptocurrency or digital assets where there is an active market. Under this model the crypto tokens and assets are revalued each reporting period based on the active market cost price at that date and discounted in price until they are actively available to trade. Where cryptocurrency or digital assets are not directly free for sale at year end, the year end market price has been discounted up to the date of availability. The revaluation gains received under this model are accumulated in the reserves and released into the profit and loss once the gain is realised.

 

Cryptocurrency or digital assets which do not have an active market are measured using the cost model, under which they are held at cost less any accumulated impairment. The value of these assets is determined directly by reference to the standalone selling price of the services rendered. As these tokens were rewarded as part of a pre-market offering, they will be held at their fair value without subsequent amortisation.

 

At the end of each reporting period the company is required to assess whether there is any indication an asset may be impaired, if there is an indication that an asset may be impaired then the company will calculate the asset's recoverable amounts, which is the higher of the fair value less costs of disposal and the value in use. If the recoverable amount of a crypto token or asset is below the carrying amount an impairment loss will be recognised.

Those Beyond Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 7
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
6
3
Intangible fixed assets
Computer software
Digital assets
Game development
Total
£
£
£
£
Cost
At 1 September 2022
150,000
-
0
-
0
150,000
Additions
-
224,915
690,612
915,527
At 31 August 2023
150,000
224,915
690,612
1,065,527
Amortisation and impairment
At 1 September 2022
26,000
-
0
-
0
26,000
Amortisation charged for the year
30,000
-
0
-
0
30,000
Impairment losses
-
0
224,915
-
0
224,915
At 31 August 2023
56,000
224,915
-
0
280,915
Carrying amount
At 31 August 2023
94,000
-
0
690,612
784,612
At 31 August 2022
124,000
-
0
-
0
124,000
Those Beyond Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
14,168
Additions
9,518
At 31 August 2023
23,686
Depreciation and impairment
At 1 September 2022
2,250
Depreciation charged in the year
6,969
At 31 August 2023
9,219
Carrying amount
At 31 August 2023
14,467
At 31 August 2022
11,918
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
71,559
107,488
Prepayments and accrued income
39,982
13,649
111,541
121,137
6
Creditors: amounts falling due within one year
2023
2022
As restated
£
£
Trade creditors
32,720
115,492
Amounts owed to group undertakings
6,630,590
1,796,369
Taxation and social security
21,228
28,084
Other creditors
5,881
6,592
Accruals and deferred income
5,000
5,000
6,695,419
1,951,537
Those Beyond Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 9
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
72,000
149,842
9
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

 

10
Control

The company's immediate parent company is Those Beyond Limited, registered in England & Wales.

 

There is no single ultimate controlling party.

11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Aug 2022
£
£
£
Current assets
Bank and cash
4,868,073
(4,834,987)
33,086
Creditors due within one year
Amounts owed to group undertakings
(6,631,356)
4,834,987
(1,796,369)
Capital and reserves
Total equity
(1,661,396)
-
(1,661,396)
Those Beyond Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
11
Prior period adjustment
(Continued)
Page 10
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 August 2022
£
£
£
Loss for the financial period
(1,811,397)
-
(1,811,397)
2023-08-312022-09-01false15 April 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityM Warrick135575082022-09-012023-08-31135575082023-08-31135575082022-08-3113557508core:IntangibleAssetsOtherThanGoodwill2023-08-3113557508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-08-3113557508core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-08-3113557508core:IntangibleAssetsOtherThanGoodwill2022-08-3113557508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-08-3113557508core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-08-3113557508core:OtherPropertyPlantEquipment2023-08-3113557508core:OtherPropertyPlantEquipment2022-08-3113557508core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3113557508core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3113557508core:ShareCapital2023-08-3113557508core:ShareCapital2022-08-3113557508core:SharePremium2023-08-3113557508core:SharePremium2022-08-3113557508core:RetainedEarningsAccumulatedLosses2023-08-3113557508core:RetainedEarningsAccumulatedLosses2022-08-3113557508core:ShareCapital2021-08-0913557508core:SharePremium2021-08-0913557508core:RetainedEarningsAccumulatedLosses2021-08-0913557508bus:Director12022-09-012023-08-3113557508core:RetainedEarningsAccumulatedLosses2021-08-102022-08-31135575082021-08-102022-08-3113557508core:RetainedEarningsAccumulatedLosses2022-09-012023-08-3113557508core:ShareCapital2021-08-102022-08-3113557508core:SharePremium2021-08-102022-08-3113557508core:IntangibleAssetsOtherThanGoodwill2022-09-012023-08-3113557508core:ComputerSoftware2022-09-012023-08-3113557508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-09-012023-08-3113557508core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-09-012023-08-3113557508core:ComputerEquipment2022-09-012023-08-3113557508core:IntangibleAssetsOtherThanGoodwill2022-08-3113557508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-08-3113557508core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-08-31135575082022-08-3113557508core:OtherPropertyPlantEquipment2022-08-3113557508core:OtherPropertyPlantEquipment2022-09-012023-08-3113557508core:CurrentFinancialInstruments2023-08-3113557508core:CurrentFinancialInstruments2022-08-3113557508bus:PrivateLimitedCompanyLtd2022-09-012023-08-3113557508bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3113557508bus:FRS1022022-09-012023-08-3113557508bus:AuditExemptWithAccountantsReport2022-09-012023-08-3113557508bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP