Rec Studios Limited 11915345 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is Video production activities & Specialised design activities Digita Accounts Production Advanced 6.30.9574.0 true 11915345 2024-04-01 2025-03-31 11915345 2025-03-31 11915345 core:CurrentFinancialInstruments 2025-03-31 11915345 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 11915345 core:OtherResidualIntangibleAssets 2025-03-31 11915345 core:PlantMachinery 2025-03-31 11915345 bus:SmallEntities 2024-04-01 2025-03-31 11915345 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 11915345 bus:FilletedAccounts 2024-04-01 2025-03-31 11915345 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 11915345 bus:RegisteredOffice 2024-04-01 2025-03-31 11915345 bus:Director1 2024-04-01 2025-03-31 11915345 bus:Director2 2024-04-01 2025-03-31 11915345 bus:Director3 2024-04-01 2025-03-31 11915345 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 11915345 core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-01 2025-03-31 11915345 core:OtherResidualIntangibleAssets 2024-04-01 2025-03-31 11915345 core:PlantMachinery 2024-04-01 2025-03-31 11915345 countries:AllCountries 2024-04-01 2025-03-31 11915345 2024-03-31 11915345 core:OtherResidualIntangibleAssets 2024-03-31 11915345 core:PlantMachinery 2024-03-31 11915345 2023-04-01 2024-03-31 11915345 2024-03-31 11915345 core:CurrentFinancialInstruments 2024-03-31 11915345 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11915345 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2024-03-31 11915345 core:OtherResidualIntangibleAssets 2024-03-31 11915345 core:PlantMachinery 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 11915345

Rec Studios Limited
trading as Rec Studios Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Rec Studios Limited trading as Rec Studios Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3

Rec Studios Limited trading as Rec Studios Limited

Company Information

Directors | Mr I G Gostev Mr M Simonian Mr M Gostev

Registered office | 21 Navigaton Business Village Navigation Way Ashton-on-Ribble Preston PR2 2YP

Accountants | Rotherham Taylor Limited 21 Navigation Business Village Navigation Way Ashton-on-Ribble Preston PR2 2YP

Rec Studios Limited trading as Rec Studios Limited

(Registration number: 11915345)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 10,931 | 13,664
Tangible assets | 5 | 716 | 949
|  | 11,647 | 14,613
Current assets |  |  |
Debtors | 6 | 13,125 | 22,082
Cash at bank and in hand |  | 3,272 | 3,940
|  | 16,397 | 26,022
Creditors: Amounts falling due within one year | 7 | (25,230) | (27,750)
Net current liabilities |  | (8,833) | (1,728)
Total assets less current liabilities |  | 2,814 | 12,885
Provisions for liabilities |  | 5,279 | (180)
Net assets |  | 8,093 | 12,705
Capital and reserves |  |  |
Called up share capital |  | 3 | 3
Share premium reserve |  | 2,590 | 2,590
Retained earnings |  | 5,500 | 10,112
Shareholders' funds |  | 8,093 | 12,705

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Rec Studios Limited trading as Rec Studios Limited

(Registration number: 11915345)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 3 December 2025 and signed on its behalf by:

......................................... Mr I G Gostev Director |  |

Rec Studios Limited trading as Rec Studios Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England/Wales.

The address of its registered office is:
21 Navigaton Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Rec Studios Limited trading as Rec Studios Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 25% straight line

Intangible assets

Internally developed film rights are stated at the lower of cost less accumulated amortisation. Cost comprises the cost of all productions and all other directly attriubutable costs incurred up to completion of the film. Where film development is not expected to proceed, the related costs are written off to the profit and loss account.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Film rights | 10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Rec Studios Limited trading as Rec Studios Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Rec Studios Limited trading as Rec Studios Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

4 | Intangible assets

| Film rights £ | Total £
Cost or valuation
At 1 April 2024 | 27,328 | 27,328
At 31 March 2025 | 27,328 | 27,328
Amortisation
At 1 April 2024 | 13,664 | 13,664
Amortisation charge | 2,733 | 2,733
At 31 March 2025 | 16,397 | 16,397
Carrying amount
At 31 March 2025 | 10,931 | 10,931
At 31 March 2024 | 13,664 | 13,664

Rec Studios Limited trading as Rec Studios Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5 | Tangible assets

| Plant and machinery £ | Total £
Cost or valuation
At 1 April 2024 | 7,227 | 7,227
Disposals | (500) | (500)
At 31 March 2025 | 6,727 | 6,727
Depreciation
At 1 April 2024 | 6,278 | 6,278
Charge for the year | 454 | 454
Eliminated on disposal | (721) | (721)
At 31 March 2025 | 6,011 | 6,011
Carrying amount
At 31 March 2025 | 716 | 716
At 31 March 2024 | 949 | 949

6 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 13,125 | 13,200
Other debtors | - | 8,882
| 13,125 | 22,082

Rec Studios Limited trading as Rec Studios Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 14,736 | 21,736
Trade creditors |  | 948 | 2,400
Taxation and social security |  | 8,856 | 2,790
Other creditors |  | 690 | 824
|  | 25,230 | 27,750

8 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
HP and finance lease liabilities | - | 464
Directors' loan accounts | 14,736 | 21,272
| 14,736 | 21,736

The directors' loan accounts are non-interest bearing and have no formal repayment terms.