LOOPBACK STUDIOS LIMITED

Company Registration Number:
14048911 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2024

Period of accounts

Start date: 01 May 2023

End date: 30 April 2024

LOOPBACK STUDIOS LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2024

Balance sheet
Notes

LOOPBACK STUDIOS LIMITED

Balance sheet

As at 30 April 2024


Notes

2024

13 months to 30 April 2023


£

£
Fixed assets
Tangible assets: 3 260,311 265,767
Total fixed assets: 260,311 265,767
Current assets
Debtors:   22,470 23,446
Cash at bank and in hand: 10,709 6,246
Total current assets: 33,179 29,692
Creditors: amounts falling due within one year:   (272,070) (282,010)
Net current assets (liabilities): (238,891) (252,318)
Total assets less current liabilities: 21,420 13,449
Provision for liabilities: (3,750) (3,750)
Total net assets (liabilities): 17,670 9,699
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 17,570 9,599
Shareholders funds: 17,670 9,699

The notes form part of these financial statements

LOOPBACK STUDIOS LIMITED

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 January 2025
and signed on behalf of the board by:

Name: P. SWAN
Status: Director

The notes form part of these financial statements

LOOPBACK STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover constitutes revenue earned from the short-term letting under licence of recording studio space. Income is recognised when it is due as per the terms of the licence.

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation is recognised in the income statement. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Plant and machinery - 25% straight line Fittings fixtures and equipment - 25% straight line Motor vehicles - 25% straight line Freehold improvements - 2% straight line If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Valuation and information policy

Investment property Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment properties are carried at their fair value determined annually and derived from current market rents and investment property yields for comparable real estate. No depreciation is provided for. Such properties are revalued to its fair value at each reporting date and any revaluations changes are recognised in the income statement. Impairment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Taxation The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the income statement. Current tax is recognised on taxable profit for the current and past periods and is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Other accounting policies

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

LOOPBACK STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

2. Employees

2024 13 months to 30 April 2023
Average number of employees during the period 2 2

LOOPBACK STUDIOS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible Assets

Total
Cost £
At 01 May 2023 271,222
At 30 April 2024 271,222
Depreciation
At 01 May 2023 5,455
Charge for year 5,456
At 30 April 2024 10,911
Net book value
At 30 April 2024 260,311
At 30 April 2023 265,767