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Company Registration No. 12920049 (England and Wales)
Lancaster Studios Limited Unaudited accounts for the year ended 31 December 2023
Lancaster Studios Limited Unaudited accounts Contents
Page
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Lancaster Studios Limited Company Information for the year ended 31 December 2023
Director
Peter Charnley
Company Number
12920049 (England and Wales)
Registered Office
Hare House 732 Whittingham Lane Preston PR3 2JJ
Accountants
The Tax Farm Hare House 732 Whittingham Lane Preston PR3 2JJ
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Lancaster Studios Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,500 
3,000 
Investment property
1,330,000 
1,405,000 
1,331,500 
1,408,000 
Current assets
Debtors
17,499 
115 
Cash at bank and in hand
170,453 
37,286 
187,952 
37,401 
Creditors: amounts falling due within one year
(89,167)
(31,373)
Net current assets
98,785 
6,028 
Total assets less current liabilities
1,430,285 
1,414,028 
Creditors: amounts falling due after more than one year
(1,338,000)
(1,338,000)
Provisions for liabilities
Deferred tax
- 
(871)
Net assets
92,285 
75,157 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
92,185 
75,057 
Shareholders' funds
92,285 
75,157 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 August 2024 and were signed on its behalf by
Peter Charnley Director Company Registration No. 12920049
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Lancaster Studios Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Lancaster Studios Limited is a private company, limited by shares, registered in England and Wales, registration number 12920049. The registered office is Hare House, 732 Whittingham Lane, Preston, PR3 2JJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover
Turnover represents amounts receivable for rents and goods and services net of VAT and trade discounts.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing Balance
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Lancaster Studios Limited Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 January 2023
6,000 
At 31 December 2023
6,000 
Depreciation
At 1 January 2023
3,000 
Charge for the year
1,500 
At 31 December 2023
4,500 
Net book value
At 31 December 2023
1,500 
At 31 December 2022
3,000 
5
Investment property
2023 
£ 
Fair value at 1 January 2023
1,405,000 
Net loss from fair value adjustments
(75,000)
At 31 December 2023
1,330,000 
The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors at the year end.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Deferred tax asset
16,732 
Other debtors
767 
115 
17,499 
115 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
23,380 
13,611 
Accruals
1,600 
- 
Deferred income
64,187 
17,762 
89,167 
31,373 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Amounts owed to group undertakings and other participating interests
1,098,000 
1,098,000 
Other creditors
240,000 
240,000 
1,338,000 
1,338,000 
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Lancaster Studios Limited Notes to the Accounts for the year ended 31 December 2023
9
Deferred taxation
2023 
2022 
£ 
£ 
Revaluation of investment property
(16,732)
871 
2023 
2022 
£ 
£ 
Provision at start of year
871 
871 
Credited to the profit and loss account
(17,603)
- 
Provision at end of year
(16,732)
871 
10
Controlling party
Lancaster Studios Limited is a wholly own subsidiary of 60 Church Street Limited.
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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