Registered number
10175821
Ionized Studios Limited
Filleted Accounts
31 May 2024
Ionized Studios Limited
Registered number: 10175821
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,100 1,940
Current assets
Debtors 4 985 764
Cash at bank and in hand 173,135 238,204
174,120 238,968
Creditors: amounts falling due within one year 5 (17,066) (11,468)
Net current assets 157,054 227,500
Net assets 160,154 229,440
Capital and reserves
Called up share capital 300 300
Profit and loss account 159,854 229,140
Shareholders' funds 160,154 229,440
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Ledger
Director
Approved by the board on 31 January 2025
Ionized Studios Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 17,398
Additions 2,591
At 31 May 2024 19,989
Depreciation
At 1 June 2023 15,458
Charge for the year 1,431
At 31 May 2024 16,889
Net book value
At 31 May 2024 3,100
At 31 May 2023 1,940
4 Debtors 2024 2023
£ £
Other debtors 985 764
5 Creditors: amounts falling due within one year 2024 2023
£ £
Directors loan account 9,473 8,112
Taxation and social security costs 6,913 2,676
Other creditors 680 680
17,066 11,468
6 Other information
Ionized Studios Limited is a private company limited by shares and incorporated in England. Its registered office is:
43 Fisherton Street
Salisbury
Wiltshire
SP2 7SU
Ionized Studios Limited 10175821 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 Mr A Ledger No description of principal activity 10175821 2022-06-01 2023-05-31 10175821 core:WithinOneYear 2023-05-31 10175821 core:ShareCapital 2023-05-31 10175821 core:RetainedEarningsAccumulatedLosses 2023-05-31 10175821 2023-06-01 2024-05-31 10175821 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10175821 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10175821 bus:Director40 2023-06-01 2024-05-31 10175821 1 2023-06-01 2024-05-31 10175821 2 2023-06-01 2024-05-31 10175821 core:PlantMachinery 2023-06-01 2024-05-31 10175821 countries:England 2023-06-01 2024-05-31 10175821 bus:FRS102 2023-06-01 2024-05-31 10175821 bus:FilletedAccounts 2023-06-01 2024-05-31 10175821 2024-05-31 10175821 core:WithinOneYear 2024-05-31 10175821 core:ShareCapital 2024-05-31 10175821 core:RetainedEarningsAccumulatedLosses 2024-05-31 10175821 core:PlantMachinery 2024-05-31 10175821 2023-05-31 10175821 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure