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Registration number: 10326978

OS Studios Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

OS Studios Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

OS Studios Limited

Company Information

Director

S C Burdge

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

OS Studios Limited

Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

396,061

153,848

Current assets

 

Debtors

5

21,311

15,177

Cash at bank and in hand

 

364

36,269

 

21,675

51,446

Creditors: Amounts falling due within one year

6

(675,648)

(312,325)

Net current liabilities

 

(653,973)

(260,879)

Net liabilities

 

(257,912)

(107,031)

Capital and reserves

 

Called up share capital

307

307

Retained earnings

(258,219)

(107,338)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 23 August 2024
 

.........................................

S C Burdge

Director

Company registration number: 10326978

 

OS Studios Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of sound recording and music publishing.

2

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2022 - 0).

 

OS Studios Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

153,848

-

153,848

Additions

200,963

45,119

246,082

At 31 August 2023

354,811

45,119

399,930

Depreciation

Charge for the year

2,365

1,504

3,869

At 31 August 2023

2,365

1,504

3,869

Carrying amount

At 31 August 2023

352,446

43,615

396,061

At 31 August 2022

153,848

-

153,848

5

Debtors

2023
£

2022
£

Other debtors

21,311

15,177

21,311

15,177

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

142,688

46,755

Taxation and social security

3,596

-

Accruals and deferred income

38,300

41,400

Other creditors

491,064

224,170

675,648

312,325

 

OS Studios Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Non adjusting events after the financial period

Subsequent to 31 August 2023 the company allotted and issued further share capital for a consideration of £320,000.