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COMPANY REGISTRATION NUMBER: 08691198
Nucco Brain Studio Ltd
Filleted Unaudited Accounts
31 December 2024
Nucco Brain Studio Ltd
Accounts
Year ended 31 December 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the accounts
3 to 7
Nucco Brain Studio Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,306
8,206
Current assets
Debtors
6
112,638
84,609
Cash at bank and in hand
293,340
48,877
---------
---------
405,978
133,486
Creditors: amounts falling due within one year
7
( 444,394)
( 300,932)
---------
---------
Net current liabilities
( 38,416)
( 167,446)
--------
---------
Total assets less current liabilities
( 33,110)
( 159,240)
Creditors: amounts falling due after more than one year
8
( 56,496)
--------
---------
Net liabilities
( 33,110)
( 215,736)
--------
---------
Capital and reserves
Called up share capital
50
50
Share premium account
4,166
4,166
Capital redemption reserve
50
50
Profit and loss account
( 37,376)
( 220,002)
--------
---------
Shareholders deficit
( 33,110)
( 215,736)
--------
---------
These Accounts 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.
For the year ending 31 December 2024 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 Accounts 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 Accounts .
Nucco Brain Studio Ltd
Statement of Financial Position (continued)
31 December 2024
These Accounts were approved by the board of directors and authorised for issue on 18 June 2025 , and are signed on behalf of the board by:
M A L Iremonger
Director
Company registration number: 08691198
Nucco Brain Studio Ltd
Notes to the Accounts
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, England.
2. Statement of compliance
These Accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. Going concern The company operates in an increasingly challenging market and the Directors have completed a detailed cashflow forecast for the year ended 31 December 2025. These forecasts are based on historic performance and anticipated new business wins. Whilst the Directors have confidence in their forecasts and future strategy for the company, they acknowledge that these new business wins are not certain and based on the current economic environment and current facilities available to the company the success of this strategy is not guaranteed. However, the Directors maintain a reasonable expectation that the Company will have access to resources to continue in operational existence for the foreseeable future and have therefore continued to adopt the going concern basis in preparing the financial statements. Disclosure exemptions The Company satisfies the criteria of being a qualifying small entity as defined in FRS 102 Section 1A. As such, advantage has been taken of the following disclosure exemptions available under FRS 102 Section 1A: - No cash flow statement has been presented for the Company - Disclosures in respect of financial instruments have not been prepared. Judgements and key sources of estimation uncertainty The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. i) Revenue Management continually assess the projected total costs of production, which is the basis used for revenue recognition. Where productions are in progress at the year-end and where the billing exceeds the value of the work completed, the excess is classified as deferred income and is shown within creditors. Similarly, where the amount billed is less than the value of the work completed, revenue is accrued and held within debtors. ii) Allowance for doubtful accounts Management continually assesses the recoverability of debtor balances. Where management have concluded that the recoverability of a debtor balance is not virtually certain, a full bad debt provision allowance would be made in the financial statements. When a doubtful debtor balance is recovered, the bad debt provision would be reversed and shown separately from administration costs in the financial statements. Revenue recognition Revenue is measured to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. Revenue represents amounts receivable from the multimedia operations and is recognised over the period of production, in accordance with the underlying signed contract. The revenue is recognised based on the amount of costs incurred as a percentage of total expected costs at completion. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. 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:
Fixtures and fittings - 25% straight line
Computer Equipment - 25% straight line
Impairment of fixed assets 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.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Deferred taxation
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 10 ).
5. Tangible assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2024
13,941
70,092
84,033
Additions
1,249
1,249
--------
--------
--------
At 31 December 2024
13,941
71,341
85,282
--------
--------
--------
Depreciation
At 1 January 2024
11,297
64,530
75,827
Charge for the year
518
3,631
4,149
--------
--------
--------
At 31 December 2024
11,815
68,161
79,976
--------
--------
--------
Carrying amount
At 31 December 2024
2,126
3,180
5,306
--------
--------
--------
At 31 December 2023
2,644
5,562
8,206
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
103,330
13,227
Other debtors
9,308
71,382
---------
--------
112,638
84,609
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,788
30,197
Social security and other taxes
116,445
36,377
Other creditors
288,161
234,358
---------
---------
444,394
300,932
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
56,496
----
--------
9. Contingent liabilities
As at the year-end, Coutts & Co held a fixed and floating charge over the entity as security against loans provided to Nucco Brain Studio Ltd 's previous parent company, Unit 9 (UK) Ltd. This charge was satisfied during the year on 22 May 2024.
10. Directors' advances, credits and guarantees
During the year amounts owed by the directors to the company totalled £107 (2023:Nil), which were repaid after the year end.
11. Controlling party
As at the year-end the immediate parent company is Beautifully Simple Comms Ltd. The ultimate controlling parties are considered to be directors M Iremonger and A Robertson by virtue of their joint shareholding in Beautifully Simple Comms Ltd. In the prior year the ultimate controlling party was Unit 9 (Holdings) Limited and remained up to 6 December 2023.