| Medina Studios Ltd |
| Notes to the Accounts |
| for the year ended 31 August 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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| 3 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Prepayments |
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42,956 |
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- |
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Other debtors |
291 |
|
99 |
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43,247 |
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99 |
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| 4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Other creditors |
52,830 |
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- |
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| 5 |
Events after the reporting date |
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On 2 May 2025, subsequent to the financial year-end of 31 August 2024, Medina Studios Ltd entered into a conditional agreement for lease with Isle of Wight Council for land located at Kingston Marine Park, East Cowes, Isle of Wight (PO32 6LX). The agreement facilitates the development of a purpose-built film studio complex, including associated infrastructure. The grant of a long lease for a term of 150 years commencing on the lease completion date, once specified funding and planning conditions are satisfied. Additional agreements, including a surrender of adjacent land, an option agreement, and a deed of covenant with Homes England. Development is subject to milestones and regulatory approvals, with a longstop date of up to 12 months from the agreement date for condition satisfaction. This transaction forms part of the company’s strategic expansion into permanent production facilities and represents a significant forward investment. This is a non-adjusting event after the reporting period and does not impact the financial statements as at 31 August 2024. It is disclosed to inform users of material developments affecting the company's future operations. |
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| 6 |
Controlling party |
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The company is controlled equally by all three serving directors. |
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| 7 |
Other information |
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Medina Studios Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Dawes Court House |
|
Dawes Court |
|
High Street |
|
Esher Surrey |
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KT10 9QD |