BrightAccountsProduction v1.0.0 v1.0.0 2023-08-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of software development. 28 May 2025 19 20 NI647159 2024-07-31 NI647159 2023-07-31 NI647159 2022-07-31 NI647159 2023-08-01 2024-07-31 NI647159 2022-08-01 2023-07-31 NI647159 uk-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 NI647159 uk-curr:PoundSterling 2023-08-01 2024-07-31 NI647159 uk-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 NI647159 uk-bus:FullAccounts 2023-08-01 2024-07-31 NI647159 uk-core:ShareCapital 2024-07-31 NI647159 uk-core:ShareCapital 2023-07-31 NI647159 uk-core:SharePremium 2024-07-31 NI647159 uk-core:SharePremium 2023-07-31 NI647159 uk-core:RetainedEarningsAccumulatedLosses 2024-07-31 NI647159 uk-core:RetainedEarningsAccumulatedLosses 2023-07-31 NI647159 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-07-31 NI647159 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-07-31 NI647159 uk-bus:FRS102 2023-08-01 2024-07-31 NI647159 uk-core:Buildings 2023-08-01 2024-07-31 NI647159 uk-core:Land 2023-08-01 2024-07-31 NI647159 uk-core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 NI647159 uk-core:WithinOneYear 2024-07-31 NI647159 uk-core:WithinOneYear 2023-07-31 NI647159 uk-core:WithinOneYear 2024-07-31 NI647159 uk-core:WithinOneYear 2023-07-31 NI647159 uk-core:AfterOneYear 2024-07-31 NI647159 uk-core:AfterOneYear 2023-07-31 NI647159 uk-core:AfterOneYear 2024-07-31 NI647159 uk-core:AfterOneYear 2023-07-31 NI647159 uk-core:AfterOneYear 2024-07-31 NI647159 uk-core:AfterOneYear 2023-07-31 NI647159 uk-core:BetweenOneTwoYears 2024-07-31 NI647159 uk-core:BetweenOneTwoYears 2023-07-31 NI647159 uk-core:BetweenTwoFiveYears 2024-07-31 NI647159 uk-core:BetweenTwoFiveYears 2023-07-31 NI647159 uk-core:EmployeeBenefits 2023-07-31 NI647159 uk-core:EmployeeBenefits 2023-08-01 2024-07-31 NI647159 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-07-31 NI647159 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-07-31 NI647159 uk-core:OtherDeferredTax 2024-07-31 NI647159 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-07-31 NI647159 uk-core:EmployeeBenefits 2024-07-31 NI647159 uk-core:ParentEntities 2023-08-01 2024-07-31 NI647159 uk-countries:NorthernIreland 2023-08-01 2024-07-31 NI647159 uk-bus:Director1 2023-08-01 2024-07-31 NI647159 uk-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI647159
 
 
Rocket Flair Studios Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 July 2024
Rocket Flair Studios Ltd
Company Registration Number: NI647159
BALANCE SHEET
as at 31 July 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 279,242 285,256
───────── ─────────
 
Current Assets
Stocks 5 - 74,483
Debtors 6 217,784 119,345
Cash and cash equivalents 51,692 124,718
───────── ─────────
269,476 318,546
───────── ─────────
Creditors: amounts falling due within one year 7 (190,354) (74,612)
───────── ─────────
Net Current Assets 79,122 243,934
───────── ─────────
Total Assets less Current Liabilities 358,364 529,190
 
Creditors:
amounts falling due after more than one year 8 (152,995) (99,538)
 
Provisions for liabilities 10 119,843 (28,341)
───────── ─────────
Net Assets 325,212 401,311
═════════ ═════════
 
Capital and Reserves
Called up share capital 111 111
Share premium account 11 49,994 49,994
Retained earnings 275,107 351,206
───────── ─────────
Equity attributable to owners of the company 325,212 401,311
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 28 May 2025
           
           
________________________________          
James Bradley          
Director          
           



Rocket Flair Studios Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 July 2024

   
1. General Information
 
Rocket Flair Studios Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI647159. The registered office of the company is 44 Inisclan Road, Mountfield, Omagh, Co Tyrone, BT79 7QB, Northern Ireland. The principal activity of the company is that of software development. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 July 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 20% Straight line
  Long leasehold property - 10% Straight line
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
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.
 
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was;
 
  2024 2023
  Number Number
 
Employees 19 20
  ═════════ ═════════
           
4. Tangible assets
  Short Long Fixtures, Total
  leasehold leasehold fittings and  
  property property equipment  
  £ £ £ £
Cost
At 1 August 2023 198,416 98,625 156,946 453,987
Additions - 39,591 29,712 69,303
  ───────── ───────── ───────── ─────────
At 31 July 2024 198,416 138,216 186,658 523,290
  ───────── ───────── ───────── ─────────
Depreciation
At 1 August 2023 76,495 14,639 77,597 168,731
Charge for the financial year 39,683 13,822 21,812 75,317
  ───────── ───────── ───────── ─────────
At 31 July 2024 116,178 28,461 99,409 244,048
  ───────── ───────── ───────── ─────────
Net book value
At 31 July 2024 82,238 109,755 87,249 279,242
  ═════════ ═════════ ═════════ ═════════
At 31 July 2023 121,921 83,986 79,349 285,256
  ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Work in progress - 74,483
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Taxation and social security costs (Note 9) 217,784 119,345
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 19,432 10,002
Trade creditors 56,716 7,420
Taxation and social security costs (Note 9) 105,059 46,231
Other creditors 1,741 2,146
Accruals:
Pension accrual 2,722 5,296
Other accruals 4,684 3,517
  ───────── ─────────
  190,354 74,612
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 99,796 20,000
Amounts owed to group undertakings 53,200 79,539
Director's loan accounts (1) (1)
  ───────── ─────────
  152,995 99,538
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 19,432 10,002
Repayable between one and two years 35,984 10,002
Repayable between two and five years 63,812 9,998
  ───────── ─────────
  119,228 30,002
  ═════════ ═════════
 
       
9. Taxation and social security 2024 2023
  £ £
 
Debtors:
VAT 9,683 26,592
Corporation tax 208,101 92,753
  ───────── ─────────
  217,784 119,345
  ═════════ ═════════
Creditors:
PAYE / NI 105,059 46,231
  ═════════ ═════════
           
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2024 2023
  £ £ £ £
 
At financial year start 28,341 - 28,341 18,423
Charged to profit and loss 6,882 (155,066) (148,184) 9,918
  ───────── ───────── ───────── ─────────
At financial year end 35,223 (155,066) (119,843) 28,341
  ═════════ ═════════ ═════════ ═════════
   
11. Reserves
 
Share Premium Reserve
 
The amount carried forward is the premium that arose from the issue of shares in 2019.
 
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 July 2024.
           
13. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
14. Parent company
 
The company regards Inisclan Inc. Ltd as its parent company.
 
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.