REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
4J STUDIOS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
4J STUDIOS LIMITED |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
4J STUDIOS LIMITED |
Company Information |
for the Year Ended 31 October 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 9 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Balance Sheet - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | Statutory information |
4J Studios Limited is a |
The company's trading address is 30, Reform Street, Dundee DD1 1RJ. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below. |
(i) Impairment of associate |
This requires management to assess the underlying value of investments in associates, including reviewing future projections of the associate. |
(ii) Fair value of unlisted investments |
Unlisted investments where the company does not have significant influence are held at fair value, as required by FRS 102. As there are is no observable market data for these investments management are required to assess the fair value by using alternative methods. These methods include reviewing business plans and estimating future returns from the investments. |
(iii) Recoverability of loans to related parties |
The company has lent money to related parties, when assessing the recoverability of these loans management have to review the current financial position and expected future performance of the related parties, whilst also assessing the value, if any, of any assets pledged as security. |
Turnover |
Turnover represents royalties receivable and development services provided during the year. Income is recognised when games are sold. |
Tangible fixed assets |
Leasehold improvements | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Investments in associates |
Investments in associate undertakings are recognised at cost less any provision for impairment. |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, 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. |
Other financial assets, including investments in equity instruments are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss. Fair value is based on quoted market prices in an active market. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loan notes that are classified as debt, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | Accounting policies - continued |
Cash and cash equivalents |
Cash and cash equivalents comprise bank balances, cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less which are available on demand. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Dividends |
Dividends and other distributions to company's shareholder are recognised as a liability in the financial statements in the period in which the dividends and the other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures |
Freehold | Leasehold | and |
property | improvements | fittings |
£ | £ | £ |
Cost |
At 1 November 2022 |
Additions |
Reclassification/transfer | ( |
) |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | Tangible fixed assets - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 November 2022 |
Additions |
Reclassification/transfer |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
6. | Fixed asset investments |
Interest |
in | Other |
associate | investments | Totals |
£ | £ | £ |
Cost |
At 1 November 2022 | 6,998,560 |
Additions | 190,996 |
At 31 October 2023 | 7,189,556 |
Provisions |
Provision for year | 290,370 | - | 290,370 |
At 31 October 2023 | 290,370 | - | 290,370 |
Net book value |
At 31 October 2023 | 6,899,186 |
At 31 October 2022 | 6,998,560 |
7. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | Debtors - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | Current asset investments |
2023 | 2022 |
£ | £ |
Listed investments | 12,812,048 | 14,729,061 |
Fair value of listed investments is determined by stock market prices. |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
11. | Reserves |
Fair |
value |
reserve |
£ |
At 1 November 2022 |
Fair value transfer | (1,531,778 | ) |
At 31 October 2023 |
Fair value reserve relates to gains, net of deferred tax, on investments which are carried at fair value through profit or loss. |
12. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
4J STUDIOS LIMITED (REGISTERED NUMBER: SC446877) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
13. | Other financial commitments |
As part of the company's investment portfolio the company has entered into a Limited Partnership Agreement, the company has committed to provide a certain amount of capital as part of the agreement. At 31 October 2023 the amount of unfunded commitments was £523,052 (2022 - £825,727). |
14. | Directors' advances, credits and guarantees |
As at 31 October 2023 the amount due from the directors was £5,356,622 (2022 - £3,458,478). During the year the directors had advances of £4,492,104 ( 2022 - £3,172,822) and made repayments of - £2,593,959 (2022 - £9,309,482).Interest of £117,872 (2022 - £76,103) has been charged. |
These loans are repayable on demand and interest is charged at 2.25%. |