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Registered number: 09913508
Powerstation Studios Limited
Financial Statements
For The Year Ended 31 December 2023
Outsourced ACC Ltd
High Street Centre, 137-139 High Street
Beckenham
Kent
BR3 1AG
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09913508
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 11,326 19,717
11,326 19,717
CURRENT ASSETS
Debtors 6 383,473 199,320
Cash at bank and in hand 7,309 148,599
390,782 347,919
Creditors: Amounts Falling Due Within One Year 7 (384,764 ) (408,281 )
NET CURRENT ASSETS (LIABILITIES) 6,018 (60,362 )
TOTAL ASSETS LESS CURRENT LIABILITIES 17,344 (40,645 )
Creditors: Amounts Falling Due After More Than One Year 8 (149,075 ) (105,419 )
NET LIABILITIES (131,731 ) (146,064 )
CAPITAL AND RESERVES
Called up share capital 9 500 500
Share premium account 50,000 50,000
Profit and Loss Account (182,231 ) (196,564 )
SHAREHOLDERS' FUNDS (131,731) (146,064)
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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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Dave Collins
Director
30th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Powerstation Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09913508 . The registered office is 137 139 High Street, Beckenham, London, BR3 1AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings & Equipments 33.33% Straight line method
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 13)
15 13
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4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 18,495
As at 31 December 2023 18,495
Amortisation
As at 1 January 2023 18,495
As at 31 December 2023 18,495
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Fixtures & Fittings & Equipments
£
Cost
As at 1 January 2023 48,584
Additions 3,392
As at 31 December 2023 51,976
Depreciation
As at 1 January 2023 28,867
Provided during the period 11,783
As at 31 December 2023 40,650
Net Book Value
As at 31 December 2023 11,326
As at 1 January 2023 19,717
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 316,615 137,969
Other debtors 66,858 61,351
383,473 199,320
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 139,733 104,518
Other creditors 181,295 217,717
Taxation and social security 63,736 86,046
384,764 408,281
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 33,588 38,045
Other creditors 115,487 67,374
149,075 105,419
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 500 500
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr David Collins 3,012 44,011 7,270 - 39,753
The above loan is unsecured, interest free and repayable on demand.
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