REGISTERED NUMBER: |
Financial Statements for the Year Ended 30th June 2024 |
for |
Aspect Studios Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30th June 2024 |
for |
Aspect Studios Limited |
Aspect Studios Limited (Registered number: 13110669) |
Contents of the Financial Statements |
for the Year Ended 30th June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Aspect Studios Limited |
Company Information |
for the Year Ended 30th June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
29a Crown Street |
Brentwood |
Essex |
CM14 4BA |
Aspect Studios Limited (Registered number: 13110669) |
Balance Sheet |
30th June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Aspect Studios Limited (Registered number: 13110669) |
Notes to the Financial Statements |
for the Year Ended 30th June 2024 |
1. | STATUTORY INFORMATION |
Aspect Studios Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
This assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. |
Notwithstanding net liabilities of £170,928 as at 30th June 2024 the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. |
Through its funding from other companies within the Aspect group, the company would continue to meet its liabilities as they fall due. |
The other companies with the Aspect group are not seeking repayment of the amounts currently due to them, which as at 30th June 2024 amounted to £263,400. |
Aspect Studios Pty Ltd has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date within the short-term. |
Revenue recognition |
Revenue is measured based on the proportion of consideration receivable during the year as specified in a contract with a customer. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the the date of each Statement of Financial Position. 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Aspect Studios Limited (Registered number: 13110669) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st July 2023 |
Additions |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Aspect Studios Limited (Registered number: 13110669) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Amounts owed to group undertakings |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year, the ultimate parent company, Aspect Studios Pty Ltd, a company registered in Australia, continued to provide an interest-free loan to the company. The directors of Aspect Studios Pty Ltd have confirmed that repayment of this loan balance is not required before 30th June 2025. The balance due to Aspect Studios Pty Ltd on this loan account at 30th June 2024 amounted to £203,400 (2023: £124,900). |
During the year, Aspect Studios Asia Pty Ltd - Dubai Branch, a company registered in Dubai provided an interest-free loan to the company. The directors of Aspect Studios Asia Pty Ltd - Dubai Branch have confirmed that repayment of this loan balance is not required before 30th June 2025. The balance due to Aspect Studios Asia Pty Ltd - Dubai Branch on this loan account at 30th June 2024 amounted to £60,000 (2023: £Nil). |