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Registered number: 10915839
Ground Control Studios Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
KMA Spotlight
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 10915839
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,854 19,295
25,854 19,295
CURRENT ASSETS
Debtors 5 82,794 54,936
Cash at bank and in hand 177,608 125,385
260,402 180,321
Creditors: Amounts Falling Due Within One Year 6 (191,025 ) (141,570 )
NET CURRENT ASSETS (LIABILITIES) 69,377 38,751
TOTAL ASSETS LESS CURRENT LIABILITIES 95,231 58,046
NET ASSETS 95,231 58,046
CAPITAL AND RESERVES
Called up share capital 7 200 200
Profit and Loss Account 95,031 57,846
SHAREHOLDERS' FUNDS 95,231 58,046
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Michael Stanish
Director
18/08/2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Ground Control Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10915839 . The registered office is 1st Floor, 2a Corsica Street, London, N5 1JJ. 
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 15% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 5,511 141 1,064 27,730 34,446
Additions 8,884 - - 8,495 17,379
As at 31 August 2024 14,395 141 1,064 36,225 51,825
Depreciation
As at 1 September 2023 2,753 11 270 12,117 15,151
Provided during the period 1,857 20 118 8,825 10,820
As at 31 August 2024 4,610 31 388 20,942 25,971
Net Book Value
As at 31 August 2024 9,785 110 676 15,283 25,854
As at 1 September 2023 2,758 130 794 15,613 19,295
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,689 40,800
Prepayments and accrued income 10,961 9,499
Other debtors 4,757 4,637
Director's loan account 45,387 -
82,794 54,936
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 24,514 22,288
Other taxes and social security 116,811 103,967
Credit card balances 7,078 3,198
Accruals and deferred income 42,622 11,806
Director's loan account - 311
191,025 141,570
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to the directors: £45,387.
The above loan is unsecured, interest free and repayable on demand.
The balance was repaid within nine months of the year-end.
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