Company registration number 03241995 (England and Wales)
THE PREMISES STUDIOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
THE PREMISES STUDIOS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
THE PREMISES STUDIOS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr V. Broughton
Mr A. Holland
Mr P. Story
Mr D. Clark
Mr N. Goody
Mr S. Mills
Secretary
Mr V. Broughton
Company number
03241995
Registered office
32 Shipton Street
London
United Kingdom
E2 7RU
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
THE PREMISES STUDIOS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
643,274
668,650
Current assets
Debtors
4
67,578
41,619
Cash at bank and in hand
114,118
110,745
181,696
152,364
Creditors: amounts falling due within one year
5
(144,804)
(104,268)
Net current assets
36,892
48,096
Total assets less current liabilities
680,166
716,746
Creditors: amounts falling due after more than one year
6
(348,425)
(386,866)
Provisions for liabilities
7
(18,423)
(20,433)
Net assets
313,318
309,447
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
313,316
309,445
Total equity
313,318
309,447
THE PREMISES STUDIOS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -

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 year ended 29 February 2024 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 year 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 25 September 2024 and are signed on its behalf by:
Mr D. Clark
Director
Company Registration No. 03241995
The notes on pages 4 to 9 form part of these financial statements
THE PREMISES STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

The Premises Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32 Shipton Street, London, United Kingdom, E2 7RU.

1.1
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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts invoiced during the year for goods and services, net of VAT.

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:

Freehold property
2% straight line
Studio equipment
15% reducing balance
Computer and office equipment
between 3 to 5 years 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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

THE PREMISES STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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 of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 include debtors and cash and bank balances, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and other loans that are classified 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE PREMISES STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
Current tax

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.

Deferred tax

Deferred taxation is provided in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
15
THE PREMISES STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
789,709
280,351
1,070,060
Additions
-
0
765
765
Revaluation
(4,786)
-
0
(4,786)
Transfers
(28,490)
28,490
-
0
At 29 February 2024
756,433
309,606
1,066,039
Depreciation and impairment
At 1 March 2023
151,720
249,690
401,410
Depreciation charged in the year
15,794
5,561
21,355
Transfers
(3,050)
3,050
-
0
At 29 February 2024
164,464
258,301
422,765
Carrying amount
At 29 February 2024
591,969
51,305
643,274
At 28 February 2023
637,989
30,661
668,650
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,722
9,163
Other debtors
29,856
32,456
67,578
41,619
THE PREMISES STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
37,847
36,934
Trade creditors
1,455
18,695
Corporation tax
17,785
13,300
Other taxation and social security
31,592
14,897
Other creditors
56,125
20,442
144,804
104,268
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
329,107
367,548
Other creditors
19,318
19,318
348,425
386,866
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
18,449
20,487
Retirement benefit obligations
(26)
(54)
18,423
20,433
THE PREMISES STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
7
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 March 2023
20,433
Credit to profit or loss
(2,010)
Liability at 29 February 2024
18,423
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Related party transactions

The company maintains a loan account with a charity, which a close family member of one of the directors is a trustee. During the year, services were provided to the charity totalling £Nil (2023 - £Nil) and rent was charged by the charity to the company totalling £37,620 (2023 - £46,215). At the balance sheet date, the amount owed by the charity to the company was £26,486 (2023 - £26,486).

10
Directors' transactions

The company maintains a loan account with some of the directors. One of the directors had a loan balance of £5,900 brought forward from last year. Repayments were made in the year totalling £2,600. At the balance sheet date the director owed the company £3,300. No interest has been charged on this loan.

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