IRIS Accounts Production v24.2.0.383 10212733 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh102127332022-12-31102127332023-12-31102127332023-01-012023-12-31102127332021-12-31102127332022-01-012022-12-31102127332022-12-3110212733ns15:EnglandWales2023-01-012023-12-3110212733ns14:PoundSterling2023-01-012023-12-3110212733ns10:Director12023-01-012023-12-3110212733ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110212733ns10:SmallEntities2023-01-012023-12-3110212733ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3110212733ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110212733ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110212733ns10:FullAccounts2023-01-012023-12-311021273312023-01-012023-12-3110212733ns10:Director52023-01-012023-12-3110212733ns10:RegisteredOffice2023-01-012023-12-3110212733ns5:CurrentFinancialInstruments2023-12-3110212733ns5:CurrentFinancialInstruments2022-12-3110212733ns5:Non-currentFinancialInstruments2023-12-3110212733ns5:Non-currentFinancialInstruments2022-12-3110212733ns5:ShareCapital2023-12-3110212733ns5:ShareCapital2022-12-3110212733ns5:RetainedEarningsAccumulatedLosses2023-12-3110212733ns5:RetainedEarningsAccumulatedLosses2022-12-3110212733ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110212733ns5:PlantMachinery2023-01-012023-12-3110212733ns5:IntangibleAssetsOtherThanGoodwill2022-12-3110212733ns5:IntangibleAssetsOtherThanGoodwill2023-12-3110212733ns5:IntangibleAssetsOtherThanGoodwill2022-12-3110212733ns5:PlantMachinery2022-12-3110212733ns5:PlantMachinery2023-12-3110212733ns5:PlantMachinery2022-12-3110212733ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110212733ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110212733ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3110212733ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3110212733ns5:WithinOneYear2023-12-3110212733ns5:WithinOneYear2022-12-3110212733ns5:BetweenOneFiveYears2023-12-3110212733ns5:BetweenOneFiveYears2022-12-3110212733ns5:AllPeriods2023-12-3110212733ns5:AllPeriods2022-12-3110212733ns5:Secured2023-12-3110212733ns5:Secured2022-12-31
REGISTERED NUMBER: 10212733 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

R3STORE STUDIOS LIMITED

R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R3STORE STUDIOS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr D P Monahan
Mr J N Ollenburger





REGISTERED OFFICE: Unit 2 Mereside Park
Shield Rd
Ashford
Middlesex
TW15 1BL





REGISTERED NUMBER: 10212733 (England and Wales)






R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - 12,664
Tangible assets 5 232,878 230,200
232,878 242,864

CURRENT ASSETS
Debtors 6 93,775 119,741
Cash at bank and in hand 48,198 142,659
141,973 262,400
CREDITORS
Amounts falling due within one year 7 151,768 330,463
NET CURRENT LIABILITIES (9,795 ) (68,063 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

223,083

174,801

CREDITORS
Amounts falling due after more than one
year

8

-

(69,030

)

PROVISIONS FOR LIABILITIES (58,220 ) -
NET ASSETS 164,863 105,771

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 162,863 103,771
164,863 105,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mr D P Monahan - Director


R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

R3store Studios Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10212733 and registered office address is Unit 2 Mereside Park, Shield Road, Ashford, Middlesex, TW15 1BL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred respect of the transaction can be measured reliably.


Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Film Archives - 5 years
Website Development - 5 years

R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which includes trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and preference shares classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Equity Instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the balance sheet date, the company had net current liabilities of £9,795 (2022: £68,063). The accounts have been prepared on a going concern basis as the company's directors have confirmed that they will continue to provide the necessary financial support to enable the company to meet its forecast liabilities as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 January 2023
and 31 December 2023 108,910
AMORTISATION
At 1 January 2023 96,246
Charge for year 12,664
At 31 December 2023 108,910
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 12,664

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023 556,750
Additions 48,960
At 31 December 2023 605,710
DEPRECIATION
At 1 January 2023 326,550
Charge for year 46,282
At 31 December 2023 372,832
NET BOOK VALUE
At 31 December 2023 232,878
At 31 December 2022 230,200

R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 92,245 116,319
Other debtors 1,530 3,422
93,775 119,741

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 65,000 15,970
Hire purchase contracts (see note 9) - 4,681
Trade creditors 35,092 18,795
Amounts owed to group undertakings 25,000 262,768
Taxation and social security 22,107 19,361
Other creditors 4,569 8,888
151,768 330,463

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans - 69,030

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year - 4,681

Non-cancellable
operating leases
2023 2022
£ £
Within one year 43,588 41,512
Between one and five years 22,326 65,914
65,914 107,426

R3STORE STUDIOS LIMITED (REGISTERED NUMBER: 10212733)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 65,000 85,000

The bank loan is secured over the assets of the Company by way of fixed and floating charges.