Caseware UK (AP4) 2023.0.135 2023.0.135 true12023-04-01falseNo description of principal activity1falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10867158 2023-04-01 2024-03-31 10867158 2022-04-01 2023-03-31 10867158 2024-03-31 10867158 2023-03-31 10867158 c:Director1 2023-04-01 2024-03-31 10867158 d:PlantMachinery 2023-04-01 2024-03-31 10867158 d:PlantMachinery 2024-03-31 10867158 d:PlantMachinery 2023-03-31 10867158 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10867158 d:CurrentFinancialInstruments 2024-03-31 10867158 d:CurrentFinancialInstruments 2023-03-31 10867158 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10867158 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10867158 d:ShareCapital 2024-03-31 10867158 d:ShareCapital 2023-03-31 10867158 d:RetainedEarningsAccumulatedLosses 2024-03-31 10867158 d:RetainedEarningsAccumulatedLosses 2023-03-31 10867158 c:FRS102 2023-04-01 2024-03-31 10867158 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10867158 c:FullAccounts 2023-04-01 2024-03-31 10867158 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10867158 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


















The Isle Studio Ltd























Unaudited

Financial statements



For the year ended 31 March 2024



Registered number: 10867158

 
The Isle Studio Ltd - Registered number: 10867158


Statement of financial position
As at 31 March 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1,310
2,080

  
1,310
2,080

Current assets
  

Stocks
  
3,484
5,000

Debtors
 5 
3,016
2,000

Cash at bank and in hand
  
1,645
6,531

  
8,145
13,531

Creditors: amounts falling due within one year
 6 
(297,247)
(259,807)

Net current liabilities
  
 
 
(289,102)
 
 
(246,276)

Total assets less current liabilities
  
(287,792)
(244,196)

Net liabilities
  
(287,792)
(244,196)


Capital and reserves
  

Share capital
  
1
1

Profit and loss account
  
(287,793)
(244,197)

  
(287,792)
(244,196)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
The Isle Studio Ltd - Registered number: 10867158


Statement of financial position (continued)
As at 31 March 2024


The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the director: 




J Kayll
Director

Date: 3 March 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
The Isle Studio Ltd
 
 

Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The Isle Studio Ltd is a private company limited by shares and is registered in England and Wales. Its company registration number is 10867158. The registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance
from the parent company that it will continue to give financial support to the company for a period of at least twelve months from the date of signing of these financial statements.
On this basis, the director considers it appropriate to prepare the financial statements on a going concern
basis. However, should the financial support mentioned above not be forthcoming, the going concern basis
used in preparing the company's financial statements may be invalid and adjustments would have to be
made to reduce the value of assets to their realisable amounts and to provide for any further liabilities which might be necessary should this basis not continue to be appropriate.

Page 3

 
The Isle Studio Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
The Isle Studio Ltd
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and related parties.


3.


Employees

The average monthly number of employees, including the director, during the year was 1 (2023 - 1).

Page 5

 
The Isle Studio Ltd
 
 

Notes to the financial statements
For the year ended 31 March 2024

4.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 April 2023
4,492


Disposals
(443)



At 31 March 2024

4,049



Depreciation


At 1 April 2023
2,412


Charge for the year
327



At 31 March 2024

2,739



Net book value



At 31 March 2024
1,310



At 31 March 2023
2,080


5.


Debtors

2024
2023
£
£


Other debtors
3,016
1,837

Prepayments
-
163

3,016
2,000


Page 6

 
The Isle Studio Ltd
 
 

Notes to the financial statements
For the year ended 31 March 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
14,896
11,324

Amounts owed to group undertakings
209,990
189,990

Other taxation and social security
69
73

Other creditors
66,492
56,279

Accruals
5,800
2,141

297,247
259,807



7.


Related party transactions

During the year ended 31 March 2024, the director made net advances of £10,213 to the company. As at 31 March 2024, the amount owed to the director from the company was £66,492 (2023: £56,279). This loan is interest free and repayable on demand.


Page 7