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Registered number: 07664036
West Pier Studio Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
SRC Advisory
2nd Floor Stanford Gate South Road
Brighton
East Sussex
BN1 6SB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07664036
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,624 34,070
21,624 34,070
CURRENT ASSETS
Debtors 5 626,076 589,274
Cash at bank and in hand 1,393,379 1,485,115
2,019,455 2,074,389
Creditors: Amounts Falling Due Within One Year 6 (148,331 ) (202,887 )
NET CURRENT ASSETS (LIABILITIES) 1,871,124 1,871,502
TOTAL ASSETS LESS CURRENT LIABILITIES 1,892,748 1,905,572
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,406 ) (7,605 )
NET ASSETS 1,887,342 1,897,967
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 1,887,242 1,897,867
SHAREHOLDERS' FUNDS 1,887,342 1,897,967
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 C Gabell
Director
24 March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
West Pier Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07664036 . The registered office is Suite 1.2 First Floor, Phoenix House, 32 West Street, Brighton, BN1 2RT.
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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:
Leasehold Over the remaining life of the leasehold
Plant & Machinery Over 5 years
Fixtures & Fittings Over 5 years
Computer Equipment Over 2 years
2.4. 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.
2.5. 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.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 40)
39 40
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 18,168 6,610 223,870 248,648
Additions - - 17,603 17,603
As at 30 June 2024 18,168 6,610 241,473 266,251
Depreciation
As at 1 July 2023 5,956 6,610 202,012 214,578
Provided during the period 8,142 - 21,907 30,049
As at 30 June 2024 14,098 6,610 223,919 244,627
Net Book Value
As at 30 June 2024 4,070 - 17,554 21,624
As at 1 July 2023 12,212 - 21,858 34,070
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 383,931 313,632
Prepayments and accrued income 164,210 156,121
Other debtors 60,764 101,888
Other debtors (1) - 1,002
Other debtors (6) 17,107 16,567
Directors' loan accounts 64 64
626,076 589,274
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 40,991 75,510
Corporation tax - 46,876
Other taxes and social security 34,372 31,049
VAT 52,397 37,464
Other creditors (2) 9,988 9,988
Other creditors (3) 6,589 -
Accruals 3,994 2,000
148,331 202,887
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Page 5
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
The directors loans are interest free and there are no fixed terms for repayment
Transactions with directors
2024
2023
£
£
V Shiarlis
77
77
Summary of transactions with parent
West Pier Studio Ltd is a wholly owned subsidiary of West Pier Holdings Limited. As at the balance sheet date
the company was owed £17,107 (2023: £16,567) from West Pier Studio Holdings Limited. There are no set terms in relation to
interest or repayment with regards to this balance.
Summary of transactions with entities with joint control or significant interest
West Pier Games Holdings Limited is a company under common control and ownership. As at the balance sheet
date the company was owed £984 (2023: £882) by West Pier Games Holdings Limited.
West Pier Games Limited is a company under common control. At the balance sheet date the company was
owed £605 (2023: £605) by West Pier Games Limited.
West Pier Gaming Limited is a company under common control. At the balance sheet date the company was
owed £29,910 (2023: £71,136) by West Pier Games Limited.
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent is West Pier Holdings Limited, incorporated in England and Wales.
The ultimate controlling party is the directors with no one particular director having ultimate control.
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