Registered number
11608332
AR Lounge Limited
Report and Financial Statements
31 October 2023
AR Lounge Limited
Registered number: 11608332
Director's Report
The director presents his report and financial statements for the year ended 31 October 2023.
Principal activities
The company's principal activity during the period was that of providing video production services.
Directors
The following persons served as directors during the period :
Mr G Lama
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 7 December 2023 and signed on its behalf.
Mr G Lama
Director
AR Lounge Limited
Profit and Loss Account
for the year ended 31 October 2023
2023 2022
£ £
Turnover 3,214,286 5,686,428
Cost of sales (2,096,518) (3,939,187)
Gross profit 1,117,768 1,747,241
Administrative expenses (650,139) (1,660,696)
Operating profit 467,629 86,545
Interest receivable 18 24
Interest payable (326) -
Profit on ordinary activities before taxation 467,321 86,569
Tax on profit on ordinary activities 773 (2,432)
Profit for the financial period 468,094 84,137
AR Lounge Limited
Registered number: 11608332
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 513,034 242,042
Current assets
Stocks 47,181 28,709
Debtors 4 225,674 290,631
Cash at bank and in hand 52,081 35,552
324,936 354,892
Creditors: amounts falling due within one year 5 (97,726) (285,895)
Net current assets 227,210 68,997
Total assets less current liabilities 740,244 311,039
Creditors: amounts falling due after more than one year 6 (13,048) (51,937)
Net assets 727,196 259,102
Capital and reserves
Called up share capital 1 1
Profit and loss account 727,195 259,101
Shareholder's funds 727,196 259,102
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Lama
Director
Approved by the board on 7 December 2023
AR Lounge Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 4
3 Tangible fixed assets
Plant and Machinery Total
£ £
Cost
At 1 November 2022 345,035 345,035
Additions 361,527 361,527
At 31 October 2023 706,562 706,562
Depreciation
At 1 November 2022 102,993 102,993
Charge for the year 90,535 90,535
At 31 October 2023 193,528 193,528
Net book value
At 31 October 2023 513,034 513,034
At 31 October 2022 242,042 242,042
4 Debtors 2023 2022
£ £
Trade debtors 222,843 287,582
Other debtors 2,831 3,049
225,674 290,631
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 68,599 252,076
Corporation tax 1,659 2,432
Other taxes and social security costs 19,689 23,866
Other creditors 7,779 7,521
97,726 285,895
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 13,048 51,937
13,048 51,937
7 Other information
AR Lounge Limited is a private company limited by shares and incorporated in England. Its registered office is:
4th Floor Silverstream House
45 Fitzroy Street
London
W1T 6EB
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