Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-31falseStudio rental2023-09-0188falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12843013 2023-09-01 2024-08-31 12843013 2022-09-01 2023-08-31 12843013 2024-08-31 12843013 2023-08-31 12843013 c:Director1 2023-09-01 2024-08-31 12843013 d:Buildings d:ShortLeaseholdAssets 2023-09-01 2024-08-31 12843013 d:Buildings d:ShortLeaseholdAssets 2024-08-31 12843013 d:Buildings d:ShortLeaseholdAssets 2023-08-31 12843013 d:FurnitureFittings 2023-09-01 2024-08-31 12843013 d:FurnitureFittings 2024-08-31 12843013 d:FurnitureFittings 2023-08-31 12843013 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 12843013 d:OfficeEquipment 2023-09-01 2024-08-31 12843013 d:OfficeEquipment 2024-08-31 12843013 d:OfficeEquipment 2023-08-31 12843013 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 12843013 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 12843013 d:Goodwill 2024-08-31 12843013 d:Goodwill 2023-08-31 12843013 d:CurrentFinancialInstruments 2024-08-31 12843013 d:CurrentFinancialInstruments 2023-08-31 12843013 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 12843013 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 12843013 d:ShareCapital 2024-08-31 12843013 d:ShareCapital 2023-08-31 12843013 d:RetainedEarningsAccumulatedLosses 2024-08-31 12843013 d:RetainedEarningsAccumulatedLosses 2023-08-31 12843013 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 12843013 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 12843013 c:FRS102 2023-09-01 2024-08-31 12843013 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 12843013 c:FullAccounts 2023-09-01 2024-08-31 12843013 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12843013 2 2023-09-01 2024-08-31 12843013 d:Goodwill d:OwnedIntangibleAssets 2023-09-01 2024-08-31 12843013 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure
Registered number: 12843013












SUGAR STUDIOS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED
 31 AUGUST 2024



















 


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01483 755 399
hamlyns.com

 
SUGAR STUDIOS LIMITED
REGISTERED NUMBER: 12843013

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
34,846
69,720

Tangible assets
 5 
59,988
65,278

  
94,834
134,998

Current assets
  

Stocks
  
500
500

Debtors: amounts falling due within one year
 6 
33,524
8,448

Cash at bank and in hand
  
51,856
50,946

  
85,880
59,894

Creditors: amounts falling due within one year
 7 
(513,199)
(425,021)

Net current liabilities
  
 
 
(427,319)
 
 
(365,127)

Total assets less current liabilities
  
(332,485)
(230,129)

Provisions for liabilities
  

Deferred tax
 8 
(11,428)
(13,033)

  
 
 
(11,428)
 
 
(13,033)

Net liabilities
  
(343,913)
(243,162)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(344,013)
(243,262)

  
(343,913)
(243,162)


Page 1

 
SUGAR STUDIOS LIMITED
REGISTERED NUMBER: 12843013

BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
John Morris
Director

Date: 22 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SUGAR STUDIOS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Sugar Studios Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12843013 and registered office address is South Warehouse Greenwich Beach, Morden Wharf Road, London, England, SE10 0PA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Going concern

Included in current liabilities is a loan from a connected company of £320,500 (2023 £325,500). The company will not seek repayment of this loan in such a way as to effect the trading position of Sugar Studios Limited.

 
2.3

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:

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 that 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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SUGAR STUDIOS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


  
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life of 4 years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SUGAR STUDIOS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight line over the useful life of each asset.

Depreciation is provided on the following basis:

Studio renovation
-
Straight line between 3 and 15 years
Fixtures and fittings
-
Straight line between 3 and 15 years
Office equipment
-
Straight line over 3 years

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 in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
SUGAR STUDIOS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


Employees

2024
2023
£
£

Wages and salaries
128,423
131,466

Social security costs
4,874
5,112

Cost of defined contribution scheme
2,021
2,362

135,318
138,940


The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
139,492



At 31 August 2024

139,492



Amortisation


At 1 September 2023
69,772


Charge for the year on owned assets
34,873



At 31 August 2024

104,645



Net book value



At 31 August 2024
34,847



At 31 August 2023
69,720



Page 6

 
SUGAR STUDIOS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Studio Renovation
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
478,628
47,879
3,145
529,652


Additions
-
3,573
450
4,023


Transfers between classes
(7,557)
7,557
-
-



At 31 August 2024

471,071
59,009
3,595
533,675



Depreciation


At 1 September 2023
445,160
17,299
1,916
464,375


Charge for the year on owned assets
2,366
6,202
744
9,312


Transfers between classes
(3,816)
3,816
-
-



At 31 August 2024

443,710
27,317
2,660
473,687



Net book value



At 31 August 2024
27,361
31,692
935
59,988



At 31 August 2023
33,468
30,580
1,230
65,278


6.


Debtors

2024
2023
£
£


Trade debtors
23,456
5,512

Prepayments and accrued income
10,068
2,936

33,524
8,448


Page 7

 
SUGAR STUDIOS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
21,113
21,871

Trade creditors
109,633
23,862

Amounts owed to connected company
320,499
325,498

Other taxation and social security
13,545
10,922

Other creditors
45,499
27,048

Accruals and deferred income
2,910
15,820

513,199
425,021



8.


Deferred taxation




2024


£






At beginning of year
(13,033)


Utilised in year
1,605



At end of year
(11,428)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(11,428)
(13,033)

(11,428)
(13,033)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,021 (2023 - £2,362). Contributions totalling £2,166 (2023 - £357) were payable to the fund at the balance sheet date and are included in creditors.


Page 8