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No description of principal activities is disclosed
2024-02-01
Sage Accounts Production 24.0 - FRS102_2024
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02848797
2024-02-01
2025-01-31
02848797
2025-01-31
02848797
2024-01-31
02848797
2023-02-01
2024-01-31
02848797
2024-01-31
02848797
2023-01-31
02848797
core:Subsidiary1
2024-02-01
2025-01-31
02848797
core:PlantMachinery
2024-02-01
2025-01-31
02848797
core:FurnitureFittingsToolsEquipment
2024-02-01
2025-01-31
02848797
bus:RegisteredOffice
2024-02-01
2025-01-31
02848797
bus:Director1
2024-02-01
2025-01-31
02848797
bus:Director2
2024-02-01
2025-01-31
02848797
bus:Director3
2024-02-01
2025-01-31
02848797
core:PlantMachinery
2024-01-31
02848797
core:FurnitureFittingsToolsEquipment
2024-01-31
02848797
core:PlantMachinery
2025-01-31
02848797
core:FurnitureFittingsToolsEquipment
2025-01-31
02848797
core:WithinOneYear
2025-01-31
02848797
core:WithinOneYear
2024-01-31
02848797
core:ShareCapital
2025-01-31
02848797
core:ShareCapital
2024-01-31
02848797
core:RetainedEarningsAccumulatedLosses
2025-01-31
02848797
core:RetainedEarningsAccumulatedLosses
2024-01-31
02848797
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2025-01-31
02848797
core:CostValuation
core:Non-currentFinancialInstruments
2025-01-31
02848797
core:Non-currentFinancialInstruments
2025-01-31
02848797
core:PlantMachinery
2024-01-31
02848797
core:FurnitureFittingsToolsEquipment
2024-01-31
02848797
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2024-02-01
2025-01-31
02848797
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2024-02-01
2025-01-31
02848797
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2024-02-01
2025-01-31
02848797
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2024-02-01
2025-01-31
02848797
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2024-02-01
2025-01-31
Company registration number:
02848797
Clearcut Sound Studios Limited
Unaudited filleted financial statements
31 January 2025
Clearcut Sound Studios Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Clearcut Sound Studios Limited
Directors and other information
|
|
|
|
Directors |
Mr C Wrigglesworth |
|
|
Mr J Clark |
|
|
Mrs L J Grant |
|
|
|
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|
|
|
Company number |
02848797 |
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|
|
|
|
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|
Registered office |
8-12 Broadwick Street |
|
|
London |
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|
W1F 8HW |
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|
Clearcut Sound Studios Limited
Statement of financial position
31 January 2025
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
29,647 |
|
|
|
38,877 |
|
|
Investments |
|
6 |
1 |
|
|
|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
29,648 |
|
|
|
38,877 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
119,264 |
|
|
|
152,992 |
|
|
Cash at bank and in hand |
|
|
543,430 |
|
|
|
821,671 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
662,694 |
|
|
|
974,663 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
24,684 |
|
|
|
(
87,663) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
687,378 |
|
|
|
887,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
717,026 |
|
|
|
925,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
717,026 |
|
|
|
925,877 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1,000 |
|
|
|
1,000 |
Profit and loss account |
|
|
|
|
716,026 |
|
|
|
924,877 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
717,026 |
|
|
|
925,877 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
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|
|
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
25 April 2025
, and are signed on behalf of the board by:
Mr C Wrigglesworth
Director
Company registration number:
02848797
Clearcut Sound Studios Limited
Notes to the financial statements
Year ended 31 January 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8-12 Broadwick Street, London, W1F 8HW.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
15 % |
straight line |
|
Fittings fixtures and equipment |
- |
15 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2024:
8
).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2024 |
137,124 |
171,029 |
308,153 |
|
|
|
|
|
Additions |
1,155 |
- |
1,155 |
|
|
|
|
|
Disposals |
(
3,832) |
- |
(
3,832) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2025 |
134,447 |
171,029 |
305,476 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2024 |
99,642 |
169,634 |
269,276 |
|
|
|
|
|
Charge for the year |
10,086 |
299 |
10,385 |
|
|
|
|
|
Disposals |
(
3,832) |
- |
(
3,832) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2025 |
105,896 |
169,933 |
275,829 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2025 |
28,551 |
1,096 |
29,647 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
37,482 |
1,395 |
38,877 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 February 2024 |
- |
- |
|
|
|
|
|
Additions |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2025 |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 February 2024 and 31 January 2025 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 January 2025 |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
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|
Investments in group undertakings |
|
|
|
|
|
|
Registered office |
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
|
|
|
|
|
Little Things An Independent Sound Studio Limited |
8-12 Broadwick Street, London, W1F 8HW |
Ordinary |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Trade debtors |
|
76,352 |
119,303 |
|
Other debtors |
|
42,912 |
33,689 |
|
|
|
_______ |
_______ |
|
|
|
119,264 |
152,992 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
(
115,951) |
- |
|
Trade creditors |
|
2,247 |
9,291 |
|
Corporation tax |
|
16,974 |
66,706 |
|
Social security and other taxes |
|
9,318 |
8,358 |
|
Other creditors |
|
62,728 |
3,308 |
|
|
|
_______ |
_______ |
|
|
|
(
24,684) |
87,663 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Controlling party
The controlling party to the reporting entity is The Clearcut Sound Studios Employee Benefit Trust who owns 79.81% of the ordinary shares issued.