Company registration number 14360737 (England and Wales)
KURST STUDIOS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KURST STUDIOS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KURST STUDIOS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
4
2,274
Current assets
Debtors
5
271,065
Cash at bank and in hand
44,083
315,148
Creditors: amounts falling due within one year
6
(173,338)
Net current assets
141,810
Net assets
144,084
Capital and reserves
Called up share capital
2
Profit and loss reserves
144,082
Total equity
144,084
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr David Eserin
Mr Charles Brian
Director
Director
Company registration number 14360737 (England and Wales)
KURST STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Kurst Studios Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 141 Ormside Street, London, England, SE15 1TF.
1.1
Reporting period
These financial statements are for a period of over one year. This is due to this being the first year of accounts beginning at the incorporation date of 16th September 2022 to the 30th September 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
KURST STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
5
KURST STUDIOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 16 September 2022
Additions
2,839
At 30 September 2023
2,839
Depreciation and impairment
At 16 September 2022
Depreciation charged in the period
565
At 30 September 2023
565
Carrying amount
At 30 September 2023
2,274
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
113,521
Other debtors
157,544
271,065
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
88,973
Corporation tax
39,112
Other taxation and social security
9,046
Other creditors
36,207
173,338