Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 09463487 Dr Rishi Mandavia Dr Tatiana Mandavia iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09463487 2023-02-28 09463487 2024-02-29 09463487 2023-03-01 2024-02-29 09463487 frs-core:CurrentFinancialInstruments 2024-02-29 09463487 frs-core:Non-currentFinancialInstruments 2024-02-29 09463487 frs-core:ComputerEquipment 2024-02-29 09463487 frs-core:ComputerEquipment 2023-03-01 2024-02-29 09463487 frs-core:ComputerEquipment 2023-02-28 09463487 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 09463487 frs-core:FurnitureFittings 2024-02-29 09463487 frs-core:FurnitureFittings 2023-03-01 2024-02-29 09463487 frs-core:FurnitureFittings 2023-02-28 09463487 frs-core:OtherResidualIntangibleAssets 2024-02-29 09463487 frs-core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 09463487 frs-core:OtherResidualIntangibleAssets 2023-02-28 09463487 frs-core:ShareCapital 2024-02-29 09463487 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 09463487 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09463487 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 09463487 frs-bus:SmallEntities 2023-03-01 2024-02-29 09463487 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09463487 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09463487 frs-core:UnlistedNon-exchangeTraded 2024-02-29 09463487 frs-core:UnlistedNon-exchangeTraded 2023-02-28 09463487 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-02-28 09463487 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-29 09463487 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-29 09463487 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-02-29 09463487 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-02-28 09463487 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-29 09463487 frs-bus:Director1 2023-03-01 2024-02-29 09463487 frs-bus:Director1 2023-02-28 09463487 frs-bus:Director1 2024-02-29 09463487 frs-bus:Director2 2023-03-01 2024-02-29 09463487 frs-bus:Director2 2023-02-28 09463487 frs-bus:Director2 2024-02-29 09463487 frs-core:CurrentFinancialInstruments 1 2024-02-29 09463487 frs-countries:EnglandWales 2023-03-01 2024-02-29 09463487 2022-02-28 09463487 2023-02-28 09463487 2022-03-01 2023-02-28 09463487 frs-core:CurrentFinancialInstruments 2023-02-28 09463487 frs-core:Non-currentFinancialInstruments 2023-02-28 09463487 frs-core:ShareCapital 2023-02-28 09463487 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 09463487 frs-core:CurrentFinancialInstruments 1 2023-02-28
Registered number: 09463487
Muse Studios Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Ten Forward Accounting Ltd
Chartered Certified Accountants
1 Mountview Court
310 Friern Barnet Lane
London
N20 0LD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09463487
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 132 166
Tangible Assets 5 755,421 568,896
Investments 6 55,013 1,500,000
810,566 2,069,062
CURRENT ASSETS
Stocks 7 14,500 12,500
Debtors 8 3,440,778 47,710
Cash at bank and in hand 809,645 1,442,467
4,264,923 1,502,677
Creditors: Amounts Falling Due Within One Year 9 (591,297 ) (329,178 )
NET CURRENT ASSETS (LIABILITIES) 3,673,626 1,173,499
TOTAL ASSETS LESS CURRENT LIABILITIES 4,484,192 3,242,561
NET ASSETS 4,484,192 3,242,561
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 4,484,092 3,242,461
SHAREHOLDERS' FUNDS 4,484,192 3,242,561
Page 1
Page 2
For the year ending 29 February 2024 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
Dr Rishi Mandavia
Director
2 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Muse Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09463487 . The registered office is Flat 56 Moreland Court, Finchley Road, London, NW2 2TN.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... 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 25% @ reducing balance
Computer Equipment 25% @ reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Other
£
Cost
As at 1 March 2023 340
As at 29 February 2024 340
Amortisation
As at 1 March 2023 174
Provided during the period 34
As at 29 February 2024 208
Net Book Value
As at 29 February 2024 132
As at 1 March 2023 166
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 673,730 623,736 1,297,466
Additions 73,850 364,482 438,332
As at 29 February 2024 747,580 988,218 1,735,798
Depreciation
As at 1 March 2023 346,872 381,698 728,570
Provided during the period 100,177 151,630 251,807
As at 29 February 2024 447,049 533,328 980,377
Net Book Value
As at 29 February 2024 300,531 454,890 755,421
As at 1 March 2023 326,858 242,038 568,896
6. Investments
Unlisted
£
Cost
As at 1 March 2023 1,500,000
Additions 700,000
Disposals (2,144,987 )
As at 29 February 2024 55,013
...CONTINUED
Page 4
Page 5
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 55,013
As at 1 March 2023 1,500,000
The disposal of the investment did not result in capital gains, as the value at the time of transfer was less than the initial investment.
7. Stocks
2024 2023
£ £
Finished goods 14,500 12,500
8. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 18,328 47,710
Due after more than one year
Muse RTRN 3,422,450 -
3,440,778 47,710
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 357,275 214,208
Other creditors (1) 69,863 65,625
Accruals and deferred income 24,447 24,147
Directors' loan accounts 139,712 25,198
591,297 329,178
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Dr Rishi Mandavia 12,599 57,256 - - 69,855
Dr Tatiana Mandavia 12,598 57,256 - - 69,854
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
Rishi Mandavia, a shareholder, waived his right to dividends for the year ending February 29, 2024.
Page 5
Page 6
2024 2023
£ £
Dr Tatiana Mandavia 17,300 20,196
Page 6