Company registration number 13328829 (England and Wales)
LONDON STUDIO GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
LONDON STUDIO GROUP LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LONDON STUDIO GROUP LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONDON STUDIO GROUP LTD FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Studio Group Ltd for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of London Studio Group Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of London Studio Group Ltd and state those matters that we have agreed to state to the board of directors of London Studio Group Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Studio Group Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that London Studio Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of London Studio Group Ltd. You consider that London Studio Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of London Studio Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
30 July 2024
2024-07-30
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
LONDON STUDIO GROUP LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
911,903
973,169
Current assets
Debtors
4
614,266
949,646
Cash at bank and in hand
33,841
72,287
648,107
1,021,933
Creditors: amounts falling due within one year
5
(567,540)
(870,838)
Net current assets
80,567
151,095
Total assets less current liabilities
992,470
1,124,264
Creditors: amounts falling due after more than one year
6
(11,802)
-
0
Provisions for liabilities
(91,700)
(122,900)
Net assets
888,968
1,001,364
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
888,965
1,001,361
Total equity
888,968
1,001,364

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

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

LONDON STUDIO GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr A P Revell
Director
Company registration number 13328829 (England and Wales)
LONDON STUDIO GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

London Studio Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £1.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

1.2
Reporting period

The prior year financial statements represented the period from 1 May 2022 to 31 October 2022. The accounting reference date was changed to 31 October 2022 to bring it in line with connected companies. The current period financial statements are presented for the year to 31 October 2023. Therefore, the comparative amounts presented in these financial statements are not entirely comparable.

1.3
Turnover

Revenue is recognised on the receipts received or receivable for rental of commercial properties provided in the normal course of business, and is shown net of related taxes.

1.4
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:

Leasehold land and buildings
10% straight line per annum
Plant and equipment
5% straight line per annum
Motor vehicles
33.33% straight line per annum

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.

1.5
Cash and cash equivalents

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

1.6
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.

Basic financial assets

Basic financial assets, which include trade receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

LONDON STUDIO GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons employed by the company (excluding directors) during the year was 0 (2022 - 0).

LONDON STUDIO GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
751,342
319,728
-
0
1,071,070
Additions
9,789
1,145
24,494
35,428
At 31 October 2023
761,131
320,873
24,494
1,106,498
Depreciation and impairment
At 1 November 2022
79,563
18,338
-
0
97,901
Depreciation charged in the year
75,758
16,854
4,082
96,694
At 31 October 2023
155,321
35,192
4,082
194,595
Carrying amount
At 31 October 2023
605,810
285,681
20,412
911,903
At 31 October 2022
671,779
301,390
-
0
973,169
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,107
210,169
Other debtors
312,842
227,810
335,949
437,979
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
278,317
511,667
Total debtors
614,266
949,646
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
203,276
88,484
Taxation and social security
157,264
238,552
Other creditors
207,000
543,802
567,540
870,838
LONDON STUDIO GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 7 -

Net obligations under hire purchase contracts due within one year of £7,002 (2022 - £Nil) are included within other creditors and are secured against the relevant assets to which they relate.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
11,802
-
0

Net obligations under hire purchase contracts due after one year of £11,802 (2022 - £Nil) are included within other creditors and are secured against the relevant assets to which they relate.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3

The ordinary shares are voting and carry the right to dividends subject to their being sufficient profits available for distribution.

8
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
1,073,251
1,368,092
Between two and five years
777,500
3,878,602
In over five years
-
0
-
0
1,850,751
5,246,694
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
426,150
2,006,000
Between two and five years
-
0
-
0
In over five years
-
0
-
0
426,150
2,006,000
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