Company No:
Contents
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 |
Note | 30.06.24 | |
£ | ||
Fixed assets | ||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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251,834 | ||
Current assets | ||
Debtors | 6 |
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Cash at bank and in hand |
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142,496 | ||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 140,633 | |
Total assets less current liabilities | 392,467 | |
Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 9 |
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Other reserves |
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Profit and loss account | (
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Total shareholders' funds |
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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:
C E Mendoza-Hall
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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.
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.
This is the Company's first year of preparing the financial statements, the reporting period length is 12 months and 7 days.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.
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.
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.
Other intangible assets |
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Land and buildings |
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Plant and machinery etc. |
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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.
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.
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
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
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 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 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.
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.
Period from 23.06.23 to 30.06.24 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 23 June 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated amortisation | |||
At 23 June 2023 |
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Charge for the financial period |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 23 June 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated depreciation | |||||
At 23 June 2023 |
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Charge for the financial period |
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At 30 June 2024 |
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Net book value | |||||
At 30 June 2024 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 23 June 2023 |
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Additions |
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Disposals | (
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(
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At 30 June 2024 |
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Provisions for impairment | |||
At 23 June 2023 |
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Impairment |
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At 30 June 2024 |
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Carrying value at 30 June 2024 |
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30.06.24 | |
£ | |
Trade debtors |
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Amounts owed by associates |
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Other debtors |
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30.06.24 | |
£ | |
Other taxation and social security |
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Other creditors |
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30.06.24 | |
£ | |
Other provisions |
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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.
30.06.24 | |
£ | |
Allotted, called-up and fully-paid | |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
30.06.24 | |
£ | |
within one year |
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between one and five years |
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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.