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Registration number: 11198935

Lightbox Studio Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Lightbox Studio Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Lightbox Studio Limited

(Registration number: 11198935)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

69,931

82,332

Tangible assets

6

6,750

12,431

 

76,681

94,763

Current assets

 

Debtors

7

44,187

77,832

Cash at bank and in hand

 

65,297

46,597

 

109,484

124,429

Creditors: Amounts falling due within one year

8

(25,884)

(43,492)

Net current assets

 

83,600

80,937

Total assets less current liabilities

 

160,281

175,700

Provisions for liabilities

(1,482)

(2,362)

Net assets

 

158,799

173,338

Capital and reserves

 

Called up share capital

100

100

Retained earnings

158,699

173,238

Shareholders' funds

 

158,799

173,338

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr T Gray
Director

 

Lightbox Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Ashfield Drive
Letchworth Garden City
SG6 1GP
England

These financial statements were authorised for issue by the director on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Lightbox Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

Furniture and Fittings

15% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Lightbox Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Website

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,042

6,919

Amortisation expense

12,402

12,315

 

Lightbox Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 March 2023

117,462

6,551

124,013

At 29 February 2024

117,462

6,551

124,013

Amortisation

At 1 March 2023

41,112

569

41,681

Amortisation charge

11,746

655

12,401

At 29 February 2024

52,858

1,224

54,082

Carrying amount

At 29 February 2024

64,604

5,327

69,931

At 28 February 2023

76,350

5,982

82,332

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

29,927

29,927

Additions

2,463

2,463

Disposals

(2,735)

(2,735)

At 29 February 2024

29,655

29,655

Depreciation

At 1 March 2023

17,496

17,496

Charge for the year

7,042

7,042

Eliminated on disposal

(1,633)

(1,633)

At 29 February 2024

22,905

22,905

Carrying amount

At 29 February 2024

6,750

6,750

At 28 February 2023

12,431

12,431

 

Lightbox Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

9,700

41,487

Amounts owed by related parties

11

33,306

34,020

Prepayments

 

1,181

1,325

Other debtors

 

-

1,000

   

44,187

77,832

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

704

889

Taxation and social security

23,176

39,435

Accruals and deferred income

1,545

1,458

Other creditors

459

1,710

25,884

43,492

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Dividends

2024

2023

£

£

Interim dividend of £665.00 (2023 - £3,500.00) per ordinary share

66,500

350,000

 

 
 

Lightbox Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

At the balance sheet date the company owed £459 (2023: £1,712) to Mr T Gray, the director of the company. The loan provided is interest free and is repayable on demand.

At the balance sheet date the company was owed £28,077 by Colebourn & Gray Ltd, a company in which Mr T Gray is a director. The loan is provided interest free and is repayable on demand.

At the balance sheet date the company was owed £4,489 by Lightbox Holdings Ltd, it's parent company. The loan is provided interest free and is repayable on demand.

 

Lightbox Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

12

Ultimate controlling party

The ultimate controlling party is Mr T Gray,by virtue of his majority shareholding in the parent company.