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COMPANY REGISTRATION NUMBER: 01471172
Maidstone Studios Limited
Filleted Unaudited Financial Statements
31 December 2023
Maidstone Studios Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Maidstone Studios Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,372,682
3,948,120
Current assets
Stocks
6,755
4,587
Debtors
6
3,078,091
3,396,708
Cash at bank and in hand
173,129
195,970
------------
------------
3,257,975
3,597,265
Creditors: amounts falling due within one year
7
1,178,274
1,072,523
------------
------------
Net current assets
2,079,701
2,524,742
------------
------------
Total assets less current liabilities
6,452,383
6,472,862
Creditors: amounts falling due after more than one year
8
19,829
Provisions
Taxation including deferred tax
617,345
641,314
------------
------------
Net assets
5,815,209
5,831,548
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
5,815,207
5,831,546
------------
------------
Shareholders funds
5,815,209
5,831,548
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Maidstone Studios Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr G A Miles
Director
Company registration number: 01471172
Maidstone Studios Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vinters Park, New Cut Road, Maidstone, Kent, ME14 5NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
3% straight line
Plant and machinery
-
10% - 20% reducing balance
Fixtures and fittings
-
10% - 20% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 25 ).
5. Tangible assets
Property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
4,077,070
7,764,267
402,891
116,788
12,361,016
Additions
570,264
56,775
17,555
41,000
685,594
------------
------------
---------
---------
-------------
At 31 December 2023
4,647,334
7,821,042
420,446
157,788
13,046,610
------------
------------
---------
---------
-------------
Depreciation
At 1 January 2023
1,028,414
6,952,964
329,463
102,055
8,412,896
Charge for the year
131,808
100,193
15,298
13,733
261,032
------------
------------
---------
---------
-------------
At 31 December 2023
1,160,222
7,053,157
344,761
115,788
8,673,928
------------
------------
---------
---------
-------------
Carrying amount
At 31 December 2023
3,487,112
767,885
75,685
42,000
4,372,682
------------
------------
---------
---------
-------------
At 31 December 2022
3,048,656
811,303
73,428
14,733
3,948,120
------------
------------
---------
---------
-------------
6. Debtors
2023
2022
£
£
Trade debtors
466,183
461,875
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,640,066
2,057,744
Other debtors
971,842
877,089
------------
------------
3,078,091
3,396,708
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
115,643
123,426
Accruals and deferred income
715,519
709,564
Corporation tax
62,171
Social security and other taxes
139,157
174,676
Obligations under finance leases and hire purchase contracts
11,506
Other creditors
196,449
2,686
------------
------------
1,178,274
1,072,523
------------
------------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
19,829
--------
----
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
9. Directors' advances, credits and guarantees
At the year end the company was owed £558,354 (2022: £547,307) by a director. During the year the company made aggregate advances to a director of £Nil (2022: £Nil), a director made aggregate repayments of £Nil (2022: £Nil) and interest of £11,047 (2022: £10,828) was charged during the year on the outstanding balances.
10. Related party transactions
During the year the company paid rent of £250,000 (2022: £250,000) to a group company.
11. Controlling party
The ultimate parent company is Dovedale Associates Limited , a company registered in England & Wales. The registered address of the ultimate controlling party is: Maidstone Studios Vinters Business Park, New Cut Road, Maidstone, Kent, England, ME14 5NZ .