Atlas Production Studio Ltd |
Registered number: |
11958987 |
Balance Sheet |
as at 30 April 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
51,704 |
|
|
58,585 |
|
Current assets |
Cash at bank and in hand |
|
|
2,848 |
|
|
7,394 |
|
Creditors: amounts falling due within one year |
4 |
|
(10,561) |
|
|
(17,224) |
|
Net current liabilities |
|
|
|
(7,713) |
|
|
(9,830) |
|
Total assets less current liabilities |
|
|
|
43,991 |
|
|
48,755 |
|
Creditors: amounts falling due after more than one year |
5 |
|
|
(22,839) |
|
|
(28,951) |
|
Provisions for liabilities |
|
|
|
(8,308) |
|
|
(11,000) |
|
|
Net assets |
|
|
|
12,844 |
|
|
8,804 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Profit and loss account |
|
|
|
12,843 |
|
|
8,803 |
|
Shareholder's funds |
|
|
|
12,844 |
|
|
8,804 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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|
|
|
James Campbell |
Director |
Approved by the board on 30 July 2024 |
|
Atlas Production Studio Ltd |
Notes to the Accounts |
for the year ended 30 April 2024 |
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|
1 |
Accounting policies |
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|
Basis of preparation |
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The accounts have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), and with the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Atlas Production Studio Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
169 Handley Road |
|
New Whittington |
|
Chesterfield |
|
Derbyshire |
|
S43 2EP |
|
|
The financial statements are prepared in Sterling (£) which is the functional currency of the company. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Motor vehicles |
25% reducing balance |
|
Fixtures, fittings, tools and equipment |
25% reducing balance |
|
|
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the profit and loss account. |
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Financial instruments |
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The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs. |
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|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. 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. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Equipment, fixtures & fittings |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 May 2023 |
81,707 |
|
22,495 |
|
104,202 |
|
Additions |
10,326 |
|
- |
|
10,326 |
|
At 30 April 2024 |
92,033 |
|
22,495 |
|
114,528 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2023 |
39,992 |
|
5,625 |
|
45,617 |
|
Charge for the year |
12,989 |
|
4,218 |
|
17,207 |
|
At 30 April 2024 |
52,981 |
|
9,843 |
|
62,824 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2024 |
39,052 |
|
12,652 |
|
51,704 |
|
At 30 April 2023 |
41,715 |
|
16,870 |
|
58,585 |
|
|
4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
2,398 |
|
2,325 |
|
Obligations under finance lease and hire purchase contracts |
3,719 |
|
3,719 |
|
Trade creditors |
- |
|
1,839 |
|
Taxation and social security costs |
3,509 |
|
1,587 |
|
Other creditors |
935 |
|
7,754 |
|
|
|
|
|
|
10,561 |
|
17,224 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
14,782 |
|
17,175 |
|
Obligations under hire purchase contracts |
8,057 |
|
11,776 |
|
|
|
|
|
|
22,839 |
|
28,951 |
|
|
|
|
|
|
|
|
|
|
6 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Obligations under hire purchase contracts |
11,776 |
|
15,495 |
|
Secured bank loans |
17,175 |
|
19,515 |
|
|
|
|
|
|
|
|
|
|
The obligations under hire purchase contracts are secured upon the asset to which they relate. The company took advantage of the Bounce Back Loan Scheme (BBLS), the government guarantees 100% of the loan. |
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|
7 |
Controlling party |
|
The company is controlled by the director by virtue of his majority shareholding. |