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REGISTERED NUMBER: 04380397 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 31 March 2024

for

Telescope Studios Limited

Telescope Studios Limited (Registered number: 04380397)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Director 2

Balance Sheet 3

Notes to the Financial Statements 5


Telescope Studios Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: C J Garnett





SECRETARY: R W Smedley





REGISTERED OFFICE: Compass House
76 East Street
Leeds
West Yorkshire
LS9 8EE





REGISTERED NUMBER: 04380397 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Telescope Studios Limited (Registered number: 04380397)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of creative design, print and production management.

DIRECTOR
C J Garnett held office during the whole of the period from 1 April 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C J Garnett - Director


29 August 2024

Telescope Studios Limited (Registered number: 04380397)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,900 -
Tangible assets 5 50,825 56,632
78,725 56,632

CURRENT ASSETS
Stocks 23,940 -
Debtors 6 311,997 460,760
Cash at bank - 6,762
335,937 467,522
CREDITORS
Amounts falling due within one year 7 367,957 270,509
NET CURRENT (LIABILITIES)/ASSETS (32,020 ) 197,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

46,705

253,645

CREDITORS
Amounts falling due after more than one year 8 (125,678 ) (147,924 )

PROVISIONS FOR LIABILITIES (8,148 ) (7,486 )
NET (LIABILITIES)/ASSETS (87,121 ) 98,235

CAPITAL AND RESERVES
Called up share capital 1,006 1,006
Capital redemption reserve 6 6
Retained earnings (88,133 ) 97,223
(87,121 ) 98,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Telescope Studios Limited (Registered number: 04380397)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





C J Garnett - Director


Telescope Studios Limited (Registered number: 04380397)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Telescope Studios Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts are being prepared on a going concern basis due to the continuing support of the directors and other group companies.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the amount that derives from the provision of goods and services falling within the company's activities after the deduction of trade discounts and value added tax.
Turnover on the provision of contractual service obligations are recognised where the right to consideration falls due.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 15% on reducing balance
Computer equipment - 15% on reducing balance and Straight line over 3 years

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Telescope Studios Limited (Registered number: 04380397)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 27,900
At 31 March 2024 27,900
NET BOOK VALUE
At 31 March 2024 27,900

Telescope Studios Limited (Registered number: 04380397)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 2,321 5,504 33,071 288,790 329,686
Additions - - - 3,213 3,213
At 31 March 2024 2,321 5,504 33,071 292,003 332,899
DEPRECIATION
At 1 April 2023 2,321 5,072 9,177 256,484 273,054
Charge for year - 108 3,584 5,328 9,020
At 31 March 2024 2,321 5,180 12,761 261,812 282,074
NET BOOK VALUE
At 31 March 2024 - 324 20,310 30,191 50,825
At 31 March 2023 - 432 23,894 32,306 56,632

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 33,071
DEPRECIATION
At 1 April 2023 9,177
Charge for year 3,584
At 31 March 2024 12,761
NET BOOK VALUE
At 31 March 2024 20,310
At 31 March 2023 23,894

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 59,655 141,098
Other debtors 252,342 319,662
311,997 460,760

Telescope Studios Limited (Registered number: 04380397)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 188,810 78,517
Hire purchase contracts (see note 9) 18,571 6,085
Trade creditors 27,164 18,739
Taxation and social security 27,389 61,436
Other creditors 106,023 105,732
367,957 270,509

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 125,678 129,353
Hire purchase contracts (see note 9) - 18,571
125,678 147,924

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 18,571 6,085
Between one and five years - 18,571
18,571 24,656

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 20,880 28,020
Between one and five years 2,160 -
23,040 28,020

10. SECURED DEBTS

HSBC Bank plc holds a fixed and floating charge against the company's fixed assets.
I Leach and LE Leach have a fixed and floating charge over the freehold, leasehold or commonhold property.