Somersault Studio Limited
Unaudited Financial Statements
For the period ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 11766252 (England and Wales)
Somersault Studio Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Somersault Studio Limited
Balance Sheet
As at 31 December 2023
Page 1
Period ended 31 December 2023
Year ended 31 January 2023
Notes
£
£
£
£
Current assets
Debtors
3
21,766
10
Cash at bank and in hand
293,057
-
0
314,823
10
Creditors: amounts falling due within one year
4
(319,464)
-
0
Net current (liabilities)/assets
(4,641)
10
Capital and reserves
Called up share capital
5
10
10
Profit and loss reserves
(4,651)
-
0
Total equity
(4,641)
10

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 period ended 31 December 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 period 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.

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
R D Farmbrough
Director
Company Registration No. 11766252
Somersault Studio Limited
Notes to the Financial Statements
For the period ended 31 December 2023
Page 2
1
Accounting policies
Company information

Somersault Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

1.1
Reporting period

The entity amended the reporting period in the year, these financial statements cover the period from 31 January 2023 to 31 December 2023.

1.2
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 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.

1.3
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.

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.

1.4
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 current liabilities.

1.5
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other, or basic financial instruments measured at fair value.

1.6
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.

Somersault Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.7
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.

2
Employees

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

Period ended 31 December 2023
Year ended 31 January 2023
Number
Number
Total
3
-
0
3
Debtors
Period ended 31 December 2023
Year ended 31 January 2023
Amounts falling due within one year:
£
£
Trade debtors
19,252
-
0
Other debtors
-
10
Prepayments and accrued income
2,514
-
0
21,766
10
Somersault Studio Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 4
4
Creditors: amounts falling due within one year
Period ended 31 December 2023
Year ended 31 January 2023
£
£
Trade creditors
21,012
-
0
Taxation and social security
58,410
-
0
Other creditors
16,795
-
Accruals and deferred income
223,247
-
0
319,464
-
5
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
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