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COMPANY REGISTRATION NUMBER: 11953457
Naama Studios Limited
Filleted Unaudited Financial Statements
31 December 2023
Naama Studios Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Naama Studios Limited
Officers and Professional Advisers
The board of directors
B Garbett
D P Pressburg
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Naama Studios Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Naama Studios Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Naama Studios Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,408,433
1,612,221
Current assets
Stocks
3,133
27,230
Debtors
6
130,510
55,110
Cash at bank and in hand
1,042,256
229,312
------------
---------
1,175,899
311,652
Creditors: amounts falling due within one year
7
6,898,586
5,569,426
------------
------------
Net current liabilities
5,722,687
5,257,774
------------
------------
Total assets less current liabilities
( 4,314,254)
( 3,645,553)
------------
------------
Net liabilities
( 4,314,254)
( 3,645,553)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 4,314,354)
( 3,645,653)
------------
------------
Shareholders deficit
( 4,314,254)
( 3,645,553)
------------
------------
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 comprehensive income 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 .
Naama 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 12 September 2024 , and are signed on behalf of the board by:
B Garbett
Director
Company registration number: 11953457
Naama 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 727-729 High Road, London, N12 0BP.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In our opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which we believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular we believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Lab equipment
-
20% straight line
Hardware - Device
-
20% straight line
Computer equipment
-
25% straight line
Office equipment
-
25% straight line
Retail fit-out
-
25% straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 13 ).
5. Tangible assets
Lab equipment
Hardware - Device
Computer equipment
Office Equipment
Retail fit-out
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
1,541,386
548,962
14,519
17,311
598,136
2,720,314
Additions
43,214
224,086
3,051
14,106
1,762
286,219
------------
---------
--------
--------
---------
------------
At 31 Dec 2023
1,584,600
773,048
17,570
31,417
599,898
3,006,533
------------
---------
--------
--------
---------
------------
Depreciation
At 1 Jan 2023
546,969
181,279
7,168
7,845
364,832
1,108,093
Charge for the year
175,180
154,643
4,129
6,191
149,864
490,007
------------
---------
--------
--------
---------
------------
At 31 Dec 2023
722,149
335,922
11,297
14,036
514,696
1,598,100
------------
---------
--------
--------
---------
------------
Carrying amount
At 31 Dec 2023
862,451
437,126
6,273
17,381
85,202
1,408,433
------------
---------
--------
--------
---------
------------
At 31 Dec 2022
994,417
367,683
7,351
9,466
233,304
1,612,221
------------
---------
--------
--------
---------
------------
6. Debtors
2023
2022
£
£
Other debtors
130,510
55,110
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,088
6,932
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,226,473
5,268,098
Social security and other taxes
91,400
8,895
Deferred income
557,096
262,665
Other creditors
16,529
22,836
------------
------------
6,898,586
5,569,426
------------
------------
The company has provided security by way of a fixed and floating charge over all of the property and undertakings of the company in favour of Kreos Capital Vi (UK) Limited .
8. Controlling party
The immediate parent company is Lightsense Technologies Limited by virtue of owning the entire issued share capital of the company.