Amount due to related party
Included in long term liabilities is the following loan from Mr Lyan Studio Ltd, a company directed and majority owned by the director.
Amount due from Related Party at 1 August 2022: £152,302
Amount paid to Related Party in the year: £16,272
Amount owed by Related Party at 31 July 2022: £136,030
Going concern
The director acknowledges the reserves are negative: £(184,191). £(136,032) is owed to Mr Lyan Studio Ltd which is also owned by the director. £(66,826) is owed to the director. It is expected these debts will be discharged in due course.