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Company No: 14955810 (England and Wales)

GRID STUDIOS LIMITED

Unaudited Financial Statements
For the financial period from 23 June 2023 to 30 June 2024
Pages for filing with the registrar

GRID STUDIOS LIMITED

Unaudited Financial Statements

For the financial period from 23 June 2023 to 30 June 2024

Contents

GRID STUDIOS LIMITED

COMPANY INFORMATION

For the financial period from 23 June 2023 to 30 June 2024
GRID STUDIOS LIMITED

COMPANY INFORMATION (continued)

For the financial period from 23 June 2023 to 30 June 2024
DIRECTORS D A Mendoza-Hall (Appointed 23 June 2023)
C E Mendoza-Hall (Appointed 23 June 2023)
REGISTERED OFFICE 11 Nursery Close
Sevenoaks
TN13 3PR
England
United Kingdom
COMPANY NUMBER 14955810 (England and Wales)
ACCOUNTANT Evelyn Partners (South East) Limited
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
GRID STUDIOS LIMITED

BALANCE SHEET

As at 30 June 2024
GRID STUDIOS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.24
£
Fixed assets
Intangible assets 3 7,565
Tangible assets 4 189,914
Investments 5 54,355
251,834
Current assets
Debtors 6 112,583
Cash at bank and in hand 29,913
142,496
Creditors: amounts falling due within one year 7 ( 1,863)
Net current assets 140,633
Total assets less current liabilities 392,467
Provision for liabilities 8 ( 54,355)
Net assets 338,112
Capital and reserves
Called-up share capital 9 100
Other reserves 448,000
Profit and loss account ( 109,988 )
Total shareholders' funds 338,112

For the financial period ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Grid Studios Limited (registered number: 14955810) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

C E Mendoza-Hall
Director
GRID STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 June 2023 to 30 June 2024
GRID STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 June 2023 to 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Grid Studios Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11 Nursery Close, Sevenoaks, TN13 3PR, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Grid Studios Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Reporting period length

This is the Company's first year of preparing the financial statements, the reporting period length is 12 months and 7 days.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
[include details of the specific recognition and measurement policies for each significant type of service provided]
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 4 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
23.06.23 to
30.06.24
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 23 June 2023 0 0
Additions 8,100 8,100
At 30 June 2024 8,100 8,100
Accumulated amortisation
At 23 June 2023 0 0
Charge for the financial period 535 535
At 30 June 2024 535 535
Net book value
At 30 June 2024 7,565 7,565

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 23 June 2023 0 0 0
Additions 164,425 32,030 196,455
At 30 June 2024 164,425 32,030 196,455
Accumulated depreciation
At 23 June 2023 0 0 0
Charge for the financial period 5,268 1,273 6,541
At 30 June 2024 5,268 1,273 6,541
Net book value
At 30 June 2024 159,157 30,757 189,914

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 23 June 2023 0 0
Additions 94,639 94,639
Disposals ( 40,283) ( 40,283)
At 30 June 2024 54,356 54,356
Provisions for impairment
At 23 June 2023 0 0
Impairment 54,356 54,356
At 30 June 2024 54,356 54,356
Carrying value at 30 June 2024 0 0

6. Debtors

30.06.24
£
Trade debtors 4,888
Amounts owed by associates 15,450
Other debtors 92,245
112,583

7. Creditors: amounts falling due within one year

30.06.24
£
Other taxation and social security 790
Other creditors 1,073
1,863

8. Provision for liabilities

30.06.24
£
Other provisions 54,355

Other

[If the Company has a material provisions balance consider the inclusion of an accounting policy note for provisions listed as ‘Other’]
Other provisions relate to the excess on certain insurance policies in respect of cover against legal claims which arise in the ordinary course of business and we expect these claims to settle within the next six months.

9. Called-up share capital

30.06.24
£
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 0.0001 each 100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

30.06.24
£
within one year 72,676
between one and five years 290,782
363,458

11. Related party transactions

During the year the directors received advances of £31,794.42, which attracts interest at 2.25% per annum. At the balance sheet date the total owed by the directors was £31,973.