Registered number
08681740
Poseidon Studios Limited
Filleted Accounts
30 September 2024
Poseidon Studios Limited
Registered number: 08681740
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,250 1,864
Current assets
Debtors 4 3,069 2,169
Cash at bank and in hand 7,569 19,466
10,638 21,635
Creditors: amounts falling due within one year 5 (64,084) (60,316)
Net current liabilities (53,446) (38,681)
Total assets less current liabilities (52,196) (36,817)
Creditors: amounts falling due after more than one year 6 (30,896) (27,338)
Net liabilities (83,092) (64,155)
Capital and reserves
Called up share capital 3 3
Profit and loss account (83,095) (64,158)
Shareholder's funds (83,092) (64,155)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Neuman
Director
Approved by the board on 9 May 2025
Poseidon Studios Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
To date, the company has incurred losses and consequently, its continued existence rests on financial support from its director and possibility of winning future contracts.

After making enquiries, the director has formed the judgment that at the time of approving the financial statements, there is reasonable expectation that the company has adequate resources to continue in operational existence for a foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% on reducing balance
Fixtures, fittings, tools and equipment 33% on reducing balance
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Music and video equipment Computer equipment Total
£ £ £
Cost
At 1 October 2023 6,990 8,214 15,204
At 30 September 2024 6,990 8,214 15,204
Depreciation
At 1 October 2023 6,836 6,504 13,340
Charge for the year 50 564 614
At 30 September 2024 6,886 7,068 13,954
Net book value
At 30 September 2024 104 1,146 1,250
At 30 September 2023 154 1,710 1,864
4 Debtors 2024 2023
£ £
Amounts owed by related undertakings 900 -
Other debtors 2,169 2,169
3,069 2,169
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,920 18,328
Director's loan account 55,324 41,148
Accrued expenses 840 840
64,084 60,316
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 30,896 27,338
The bank loan is unsecured and received under the Government's 'Bounce Back Loan' scheme.
7 Related party transactions
Included within debtors is an amount of £2,169 (2023: £2,169) receivable from Swipe Fever Movie Limited, a related party by virtue of Mr N. Neuman’s directorship in the company.
Included within debtors is an amount of £900 receivable from 1st Live Ltd, a related party by virtue of Mr N. Neuman’s directorship in the company.
8 Controlling party
The ultimate controlling party is Mr N Neuman by virtue of his shareholding, directorship and day to day running of the business.
9 Other information
Poseidon Studios Limited is a private company limited by shares and incorporated in England. Its registered office is:
190 Camden High Street
Unit 12
London
England
NW1 8QP
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