REGISTERED NUMBER: SC618490 (Scotland)

Unaudited Financial Statements for the Year Ended 31 January 2025

for

Firststage Studios Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B Last

REGISTERED OFFICE:

Cowan & Partners Limited

60 Constitution Street

Leith

Edinburgh

Lothian

EH6 6RR

REGISTERED NUMBER:

SC618490 (Scotland)

ACCOUNTANTS:

Cowan & Partners Limited

60 Constitution Street

Edinburgh

EH6 6RR

FIXED ASSETS

Tangible assets

4

861,228

570,925

CURRENT ASSETS

Debtors

5

404,263

86,454

Cash at bank

20,793

630,197

425,056

716,651

CREDITORS

Amounts falling due within one year

6

1,181,739

1,123,851

NET CURRENT LIABILITIES

(756,683

)

(407,200

)

TOTAL ASSETS LESS CURRENT LIABILITIES

104,545

163,725

PROVISIONS FOR LIABILITIES

38,893

8,083

NET ASSETS

65,652

155,642

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

65,552

155,542

65,652

155,642

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 31 October 2025 and were signed by:

B Last - Director

1.	STATUTORY INFORMATION

Firststage Studios Ltd is a private company, limited by shares , registered in Scotland. 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.

While a significant loss was made in the year, this was due to some exceptional factors outwith the control of the directors. Although the industry in which the company operates is facing challenges, the director believes the company to be a going concern, with support available if required, and the accounts have been prepared on this basis.

Turnover

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

Tangible fixed assets

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

Improvements to property

-

in accordance with the property

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 February 2024

620,894

15,220

13,937

650,051

Additions

362,871

-

3,826

366,697

At 31 January 2025

983,765

15,220

17,763

1,016,748

DEPRECIATION

At 1 February 2024

63,658

6,669

8,799

79,126

Charge for year

65,584

5,473

5,337

76,394

At 31 January 2025

129,242

12,142

14,136

155,520

NET BOOK VALUE

At 31 January 2025

854,523

3,078

3,627

861,228

At 31 January 2024

557,236

8,551

5,138

570,925

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

180

52,674

Other debtors

404,083

33,780

404,263

86,454

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade creditors

374,607

403,362

Taxation and social security

-

37,629

Other creditors

807,132

682,860

1,181,739

1,123,851

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.25

31.1.24

£

£

Within one year

105,000

157,500

Between one and five years

-

105,000

105,000

262,500