ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 13821031

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 DECEMBER 2024

	TILEYARD X LIMITED


TILEYARD X LIMITED

COMPANY INFORMATION

Directors	P Kempe
	C Forsyth (resigned 7 August 2025)
	N Keynes
	J Freegard (appointed 15 September 2025)


Registered number	13821031


Registered office	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


Accountants	Menzies LLP
	Chartered Accountants
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


TILEYARD X LIMITED REGISTERED NUMBER:13821031

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		194,027		288,229
			194,027		288,229
Current assets
Debtors: amounts falling due within one year	5	125,328		223,595
Cash at bank and in hand		20,604		83,864
		145,932		307,459
Creditors: amounts falling due within one year	6	(1,370,585)		(1,207,715)
Net current liabilities			(1,224,653)		(900,256)
Total assets less current liabilities			(1,030,626)		(612,027)

Net liabilities			(1,030,626)		(612,027)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(1,030,726)	(612,127)
	(1,030,626)	(612,027)

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TILEYARD X LIMITED REGISTERED NUMBER:13821031

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P Kempe

Director

Date: 30 September 2025

The notes on pages 3 to 5 form part of these financial statements.

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TILEYARD X LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Tileyard X Limited is a private company, limited by shares, registered in England and Wales, company registration number 13821031. The registered office is 4th Floor 95 Gresham Street, London, United Kingdom, EC2V 7AB and there is no principal place of business.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company made a loss during the year and as at the balance sheet date the company's current liabilities exceeded its current assets by £1,224,653 (2023: £900,256). The company relies upon support from companies with a beneficial owner in common, who have given assurance that they will not demand payment of balances until such a time that the company is in a position to repay without jeopardising its status as a going concern. The directors have therefore considered it to be appropriate to prepare the financial statements on a going concern basis.

2.3

Revenue

Revenue is recognised 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 generated from providing studio space to artists and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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TILEYARD X LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Office equipment	-	25%	straight line
				Computer equipment	-	25%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

3.	Employees
	The average monthly number of employees, including the directors, during the period was 3 (2023: 3).

4.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	137,291	284,516	421,807
Additions	23,570	3,700	27,270
Disposals	(8,868)	(17,520)	(26,388)
At 31 December 2024	151,993	270,696	422,689
Depreciation
At 1 January 2024	44,374	89,204	133,578
Charge for the period on owned assets	35,174	67,256	102,430
Disposals	(3,525)	(3,821)	(7,346)
At 31 December 2024	76,023	152,639	228,662
Net book value
At 31 December 2024	75,970	118,057	194,027
At 31 December 2023	92,917	195,312	288,229

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TILEYARD X LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	98,842	94,122
Other debtors	2,363	110,712
Prepayments and accrued income	24,123	18,761
	125,328	223,595

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	93,072	24,129
Other taxation and social security	14,563	70,237
Other creditors	1,241,547	1,050,551
Accruals and deferred income	21,403	62,798
	1,370,585	1,207,715

Not later than 1 year	322,400	327,828
Later than 1 year and not later than 5 years	469,200	791,600
	791,600	1,119,428

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