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REGISTERED NUMBER: 11650570 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

FALLEN FLAG STUDIO LTD

FALLEN FLAG STUDIO LTD (REGISTERED NUMBER: 11650570)






Contents of the Financial Statements
for the year ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FALLEN FLAG STUDIO LTD

Company Information
for the year ended 31 October 2024







DIRECTORS: F Barsotti
J Costantini





REGISTERED OFFICE: Kings Chambers, Office 10
Queen Street
Derby
United Kingdom
DE1 3DS





REGISTERED NUMBER: 11650570 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

FALLEN FLAG STUDIO LTD (REGISTERED NUMBER: 11650570)

Balance Sheet
31 October 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 2,400 2,400
Tangible assets 5 1,835 3,447
4,235 5,847

CURRENT ASSETS
Debtors 6 17,593 14,238
Cash at bank 71,766 100,264
89,359 114,502
CREDITORS
Amounts falling due within one year 7 (6,085 ) (16,855 )
NET CURRENT ASSETS 83,274 97,647
TOTAL ASSETS LESS CURRENT
LIABILITIES

87,509

103,494

PROVISIONS FOR LIABILITIES 8 (349 ) (724 )
NET ASSETS 87,160 102,770

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 87,158 102,768
SHAREHOLDERS' FUNDS 87,160 102,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

FALLEN FLAG STUDIO LTD (REGISTERED NUMBER: 11650570)

Balance Sheet - continued
31 October 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:





F Barsotti - Director


FALLEN FLAG STUDIO LTD (REGISTERED NUMBER: 11650570)

Notes to the Financial Statements
for the year ended 31 October 2024

1. STATUTORY INFORMATION

Fallen Flag Studio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised as contract activity progresses in line with pre-determined milestone targets before the games release to the general public.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation where applicable and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery- 20% reducing balance
Computer equipment- straight line over 3 years
Fixt & fittings- 20% on cost

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

FALLEN FLAG STUDIO LTD (REGISTERED NUMBER: 11650570)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Impairment
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 November 2023
and 31 October 2024 2,400
NET BOOK VALUE
At 31 October 2024 2,400
At 31 October 2023 2,400

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
COST
At 1 November 2023 529 584 9,161 10,274
Additions - 281 627 908
At 31 October 2024 529 865 9,788 11,182
DEPRECIATION
At 1 November 2023 355 466 6,006 6,827
Charge for year 35 173 2,312 2,520
At 31 October 2024 390 639 8,318 9,347
NET BOOK VALUE
At 31 October 2024 139 226 1,470 1,835
At 31 October 2023 174 118 3,155 3,447

FALLEN FLAG STUDIO LTD (REGISTERED NUMBER: 11650570)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 17,593 14,238

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Taxation and social security - 11,401
Other creditors 6,085 5,454
6,085 16,855

8. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 349 724

Deferred tax
£
Balance at 1 November 2023 724
Provided during year (375 )
Accelerated capital allowances
Balance at 31 October 2024 349

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary £1.00 2 2