Silverfin false false 29/02/2024 01/03/2023 29/02/2024 D Imrie 23/03/2023 P Sant 23/03/2023 29 July 2024 The principal activity of the company is the development of software to ensure efficiency in royalty processing in the music industry.

The company was incorporated on 23 March 2023 and commenced trading on the same date.
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Company No: 14753067 (England and Wales)

STUDIOSYNC LIMITED

Unaudited Financial Statements
For the financial period ended 29 February 2024
Pages for filing with the registrar

STUDIOSYNC LIMITED

Unaudited Financial Statements

For the financial period ended 29 February 2024

Contents

STUDIOSYNC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
STUDIOSYNC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
2024
£
Current assets
Debtors 3 365,191
Cash at bank and in hand 1,682
366,873
Creditors: amounts falling due within one year 4 ( 475,752)
Net current liabilities (108,879)
Total assets less current liabilities (108,879)
Net liabilities ( 108,879)
Capital and reserves
Called-up share capital 5 1
Profit and loss account ( 108,880 )
Total shareholder's deficit ( 108,879)

For the financial period ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of StudioSync Limited (registered number: 14753067) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Imrie
Director

29 July 2024

STUDIOSYNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 29 February 2024
STUDIOSYNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

StudioSync Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 1 Montem Terrace 35a Arterberry Road, London, SW20 8AG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period started on the 23rd of March 2023 and ended on the 29th of February 2024. Therefore, the current reporting period is less than 12 months.

Foreign currency

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of thetransaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2024
Number
Monthly average number of persons employed by the company during the period, including directors 2

3. Debtors

2024
£
Trade debtors 196,000
Amounts owed by group undertakings 1
VAT recoverable 74,782
Corporation tax 94,408
365,191

4. Creditors: amounts falling due within one year

2024
£
Trade creditors 528
Amounts owed to group undertakings 466,756
Amounts owed to directors 545
Accruals 7,923
475,752

5. Called-up share capital

2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1

On incorporation, 100 Ordinary shares of £0.01 were issued at par.

6. Related party transactions

Other related party transactions

2024
£
Included in other creditors is amounts owed to companies under common control 466,756

7. Ultimate controlling party

The company's parent company is Stage Limited, a company incorporated in England and Wales and having its registered office at 35 Ballards Lane, London N3 1XW.

There is no single ultimate controlling party.