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Company No: 07945932 (England and Wales)

LEVEL STUDIO LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

LEVEL STUDIO LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

LEVEL STUDIO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
LEVEL STUDIO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 72,243 103,510
Tangible assets 4 51,272 49,691
123,515 153,201
Current assets
Debtors 5 528,218 398,618
Cash at bank and in hand 8,111 2,201
536,329 400,819
Creditors: amounts falling due within one year 6 ( 411,889) ( 341,059)
Net current assets 124,440 59,760
Total assets less current liabilities 247,955 212,961
Provision for liabilities ( 30,477) 0
Net assets 217,478 212,961
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 217,477 212,960
Total shareholder's funds 217,478 212,961

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Level Studio Limited (registered number: 07945932) were approved and authorised for issue by the Board of Directors on 25 April 2025. They were signed on its behalf by:

Dr J A Bishop
Director
LEVEL STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
LEVEL STUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Level Studio 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 Whitefriars C/O Riskaware Ltd, Lewins Mead, Bristol, BS1 2NT, 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 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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 Statement of Financial Position 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 current 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Development costs 4 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

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 instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Development costs Total
£ £ £
Cost
At 01 August 2023 500 440,199 440,699
Additions 0 6,136 6,136
At 31 July 2024 500 446,335 446,835
Accumulated amortisation
At 01 August 2023 500 336,689 337,189
Charge for the financial year 0 37,403 37,403
At 31 July 2024 500 374,092 374,592
Net book value
At 31 July 2024 0 72,243 72,243
At 31 July 2023 0 103,510 103,510

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 August 2023 162,496 162,496
Additions 16,088 16,088
At 31 July 2024 178,584 178,584
Accumulated depreciation
At 01 August 2023 112,805 112,805
Charge for the financial year 14,507 14,507
At 31 July 2024 127,312 127,312
Net book value
At 31 July 2024 51,272 51,272
At 31 July 2023 49,691 49,691

5. Debtors

2024 2023
£ £
Amounts owed by fellow subsidiaries 528,218 398,618

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 261 277
Amounts owed to Parent undertakings 396,928 326,433
Accruals 3,000 3,000
Other taxation and social security 11,680 10,854
Other creditors 20 495
411,889 341,059

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.