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Registered number: 06348274
Double G Studios Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06348274
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 29,147 24,620
29,147 24,620
CURRENT ASSETS
Debtors 5 154,768 260,832
Cash at bank and in hand 191,664 284,302
346,432 545,134
Creditors: Amounts Falling Due Within One Year 6 (17,250 ) (60,090 )
NET CURRENT ASSETS (LIABILITIES) 329,182 485,044
TOTAL ASSETS LESS CURRENT LIABILITIES 358,329 509,664
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,538 ) (6,155 )
NET ASSETS 352,791 503,509
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account 352,781 503,499
SHAREHOLDERS' FUNDS 352,791 503,509
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Grant Gilbert
Director
24th February 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Double G Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06348274 . The registered office is Unit 6.12, Fora 21-33 Great Eastern Street, London, EC2A 3EH.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. 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
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2023 2,761 124,211 126,972
Additions - 13,434 13,434
As at 31 August 2024 2,761 137,645 140,406
Depreciation
As at 1 September 2023 2,229 100,123 102,352
Provided during the period 133 8,774 8,907
As at 31 August 2024 2,362 108,897 111,259
...CONTINUED
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Net Book Value
As at 31 August 2024 399 28,748 29,147
As at 1 September 2023 532 24,088 24,620
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 33,416 84,798
Other debtors 121,352 176,034
154,768 260,832
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 430 1,383
Other creditors 990 9,826
Taxation and social security 15,830 48,881
17,250 60,090
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Grant Gilbert 143,523 76,613 (143,523 ) - 76,613
The above loan is unsecured, accrues interest at the offical HMRC rate and repayable on demand.
9. Related Party Transactions
During the year, dividends of £143,523 (2023: £70,210) were paid to directors.
10. Controlling Party
The company's controlling party is Mr G Gilbert by virtue of his ownership of 90% of the issued share capital in the company.
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11. Leasing Agreements
Minimum lease payments under non-cancellable operating leases fall due as follows: 
Between one and five years: £nil (2023: £27,575)
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