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Registered number: 13813313
Longcross Serious Studios Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 13813313
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,669,107 475,264
3,669,107 475,264
CURRENT ASSETS
Debtors 5 3,434,246 8,143,996
Cash at bank and in hand 10 10
3,434,256 8,144,006
Creditors: Amounts Falling Due Within One Year 6 (6,480,472 ) (7,693,291 )
NET CURRENT ASSETS (LIABILITIES) (3,046,216 ) 450,715
TOTAL ASSETS LESS CURRENT LIABILITIES 622,891 925,979
PROVISIONS FOR LIABILITIES
Provisions For Charges 7 (1,187,746 ) (498,356 )
Deferred Taxation (245,120 ) -
NET (LIABILITIES)/ASSETS (809,975 ) 427,623
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account (809,985 ) 427,613
SHAREHOLDERS' FUNDS (809,975) 427,623
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
Mrs Clare Coles
Director
2 April 2025
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Longcross Serious Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13813313 . The registered office is Tor Hill Works , Tor Hill, Wells, Somerset, BA5 3NT.
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. Going Concern Disclosure
In assessing the going concern basis, the Directors considered the Group's business activities and its financial position. Taking into consideration the long term contracted revenue plus forecasted revenue from a number of new productions, and based on the understanding that the Longcross South site lease will continue for a number of years past the twelve month period secured, the Groups and Company forecasts and projections illustrate that they are able to continue to operate for at least twelve months following the date these accounts are approved.
The Directors, having made appropriate enquiries, consider that the Group and Company has adequate resources to continue in the operational business for the foreseeable future and have therefore continued to adopt the going concern basis in preparing the financial statements.
2.3. 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 hire of land and structures, plus the sale of goods and services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Hire of Land and Structures
Turnover from the hire of land and structures is recognised for the period that te structures are occupied by the customer. 
Sale of Goods and Services
Turnover from the sale of goods and 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.
2.4. 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 and is charged from thge commencement of utilising the asset. Depreciation rates for 2023 are on the following bases:
Leasehold 20%
Plant & Machinery 20% - 25%
Other Assets 25%
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financiak Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its instruments.
Financial instuments are recognised in the company's balancs sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and tere is an intention to settle on a net basis or to realise the asset and ettle the liability simultaneously.
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2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Other Assets Total
£ £ £ £
Cost
As at 1 January 2023 475,264 - - 475,264
Additions 1,763,247 1,516,395 10,000 3,289,642
As at 31 December 2023 2,238,511 1,516,395 10,000 3,764,906
Depreciation
As at 1 January 2023 - - - -
Provided during the period 95,053 246 500 95,799
As at 31 December 2023 95,053 246 500 95,799
Net Book Value
As at 31 December 2023 2,143,458 1,516,149 9,500 3,669,107
As at 1 January 2023 475,264 - - 475,264
Page 3
Page 4
5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 441,259 563,904
Prepayments and accrued income 126,429 649,773
VAT 424,241 -
Amounts owed by group undertakings 2,319,580 5,276,670
Amounts owed by related parties 122,737 1,653,649
3,434,246 8,143,996
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 270,545 1,105,731
Corporation tax 127,270 151,019
Other taxes and social security 12,905 16,016
VAT - 256,691
Accruals and deferred income 5,843,728 5,205,024
Amounts owed to group undertakings - 671,685
Amounts owed to related parties 226,024 287,125
6,480,472 7,693,291
7. Provisions for Liabilities
Rates Provision Deferred Tax Total
£ £ £
As at 1 January 2023 498,356 - 498,356
Additions 689,390 245,120 934,510
Balance at 31 December 2023 1,187,746 245,120 1,432,866
The rates provision relates to rates charges that have not yet been assessed for Longcross site which are applicable for the period to 31 December 2023.
8. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 10 10
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9. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
2023
2022
£
£
Amounts owed by Related Parties
Entities under common control
122,737
       1,653,649

Amounts owed to Related Parties

Entities under common control
226,024
287,125
Entities with control, joint control or significant influence over the entity
During the year sales were made to the Parent Company totalling £4,028,139 and charges received from Parent Company totalled £7,338,248.
Entities over which the entity has control, joint control or significant influence
N/A
Key management personnel of the entity or its parent (in the aggregate)
N/A
Entities that provide key management personnel services to the entity
N/A
Other related parties
During the year the Company made sales of £3,778,083 to, and incurred cost of sales charges totalling £472,707 from Related Party Companies.
10. Controlling Parties
The company's immediate parent undertaking is Serious International Ltd .
The ultimate parent undertaking is Serious International Ltd (incorporated in England & Wales). Its registered office is Tor Hill Works, Tor Hill, Wells, Somerset, BA5 3NT. .
Copies of the group accounts may be obtained from the company's registered office.
11. Audit Information
The auditor's report on the accounts of Longcross Serious Studios Limited for the year ended 31 December 2023 was unqualified.
The auditor's report was signed by Mark Bishop (Senior Statutory Auditor) for and on behalf of CLA Evelyn Partners Limited , Statutory Auditor.
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