Registration number:
OS Studios Limited
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OS Studios Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
OS Studios Limited
Company Information
Director |
S C Burdge |
Registered office |
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Accountants |
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OS Studios Limited
Statement of Financial Position as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
307 |
307 |
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Retained earnings |
(258,219) |
(107,338) |
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Shareholders' deficit |
(257,912) |
(107,031) |
For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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S C Burdge
Director
Company registration number: 10326978
OS Studios Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of sound recording and music publishing.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a loss for the year ended 31 August 2023, and had net liabilities of £257,912 at that date.
Subsequent to 31 August 2023 further share capital was issued and allotted for an amount of £320,000 to provide working capital.
Therefore, after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the recording and publishing services provided in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
OS Studios Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property improvements |
Straight line over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
OS Studios Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets |
Property improvements |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2022 |
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Additions |
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At 31 August 2023 |
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Depreciation |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Debtors |
2023 |
2022 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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OS Studios Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Non adjusting events after the financial period |
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