REGISTERED NUMBER: SC614197 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Up Next Studios Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Forbes

G W Forbes

REGISTERED OFFICE:

11 Marine Crescent

Glasgow

G51 1HD

REGISTERED NUMBER:

SC614197 (Scotland)

ACCOUNTANTS:

Gerber Landa & Gee

Chartered Accountants

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

FIXED ASSETS

Tangible assets

4

171,886

183,142

CURRENT ASSETS

Debtors

5

13,456

16,363

Cash at bank and in hand

4,067

744

17,523

17,107

CREDITORS

Amounts falling due within one year

6

104,091

102,608

NET CURRENT LIABILITIES

(86,568

)

(85,501

)

TOTAL ASSETS LESS CURRENT LIABILITIES

85,318

97,641

CREDITORS

Amounts falling due after more than one year

7

(18,639

)

(17,500

)

PROVISIONS FOR LIABILITIES

(2,522

)

(4,429

)

NET ASSETS

64,157

75,712

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

64,057

75,612

64,157

75,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:

G W Forbes - Director

1.	STATUTORY INFORMATION

Up Next Studios Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in the these financial statements are rounded to the nearest £.

Turnover

Turnover is recognised in the period in which the services are provided and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on reducing balance, 25% on cost, 25% on reducing balance and 20% on cost

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2023

161,054

58,357

219,411

Additions

-

2,163

2,163

Disposals

-

(21,948

)

(21,948

)

At 31 August 2024

161,054

38,572

199,626

DEPRECIATION

At 1 September 2023

1,221

35,048

36,269

Charge for year

1,221

6,910

8,131

Eliminated on disposal

-

(16,660

)

(16,660

)

At 31 August 2024

2,442

25,298

27,740

NET BOOK VALUE

At 31 August 2024

158,612

13,274

171,886

At 31 August 2023

159,833

23,309

183,142

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Trade debtors

13,241

16,172

Other debtors

215

191

13,456

16,363

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Bank loans and overdrafts

3,924

10,000

Trade creditors

-

(7

)

Taxation and social security

7,899

8,918

Other creditors

92,268

83,697

104,091

102,608

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.24

31.8.23

£

£

Bank loans

18,639

17,500

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,943

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24

31.8.23

£

£

A C Forbes

Balance outstanding at start of year

(5,334

)

666

Amounts advanced

4,000

-

Amounts repaid

(6,000

)

(6,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(7,334

)

(5,334

)

G W Forbes

Balance outstanding at start of year

(5,334

)

666

Amounts advanced

3,000

-

Amounts repaid

(6,250

)

(6,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(8,584

)

(5,334

)

Included within other creditors is £60,000 due to G&A Properties. The directors are also partners in the partnership of G&A Properties. This is the balance still remaining to be paid for the property purchase.