ACCOUNTS - Final Accounts preparation

Registered number: 12843013

SUGAR STUDIOS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED

31 AUGUST 2025

01483 755 399

hamlyns.com

SUGAR STUDIOS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SUGAR STUDIOS LIMITED
FOR THE YEAR ENDED 31 AUGUST 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sugar Studios Limited for the year ended 31 August 2025 which comprise the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/membership/
regulations-standards-and-guidance.

This report is made solely to the board of directors of Sugar Studios Limited, as a body, in accordance with the terms of our engagement at hamlyns.com/tac. Our work has been undertaken solely to prepare for your approval the financial statements of Sugar Studios Limited and state those matters that we have agreed to state to the board of directors of Sugar Studios Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sugar Studios Limited and its board of directors, as a body, for our work or for this report.

It is your duty to ensure that Sugar Studios Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sugar Studios Limited. You consider that Sugar Studios Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Sugar Studios Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hamlyns Limited

Chartered Accountants

Sundial House

High Street

Horsell

Woking

GU21 4SU

1 December 2025

Page 1

SUGAR STUDIOS LIMITED

REGISTERED NUMBER: 12843013

BALANCE SHEET

AS AT 31 AUGUST 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	4		-		34,847
Tangible assets	5		51,307		59,988
			51,307		94,835
Current assets
Stocks		500		500
Debtors: amounts falling due within one year	6	29,405		33,524
Cash at bank and in hand		42,800		51,856
		72,705		85,880
Creditors: amounts falling due within one year	7	(515,549)		(513,200)
Net current liabilities			(442,844)		(427,320)
Total assets less current liabilities			(391,537)		(332,485)
Provisions for liabilities
Deferred tax	8	(9,779)		(11,428)
			(9,779)		(11,428)
Net liabilities			(401,316)		(343,913)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(401,416)	(344,013)
	(401,316)	(343,913)

Page 2

SUGAR STUDIOS LIMITED

REGISTERED NUMBER: 12843013

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2025

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 year 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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:

................................................

John Morris

Director

Date: 1 December 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3

SUGAR STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	General information

Sugar Studios Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12843013 and registered office address is South Warehouse Greenwich Beach, Morden Wharf Road, London, England, SE10 0PA.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

2.2

Going concern

Included in current liabilities is a loan from a connected company of £240,375 (2024 £320,500). The company will not seek repayment of this loan in such a way as to effect the trading position of Sugar Studios Limited.

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 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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

SUGAR STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life of 4 years.

2.10

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.

Page 5

SUGAR STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.10

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 straight line over the useful life of each asset.

Depreciation is provided on the following basis:

Studio renovation	-	Straight line between 3 and 15 years
Fixtures and fittings	-	Straight line between 3 and 15 years
Office equipment	-	Straight line over 3 years

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.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 6

SUGAR STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3.	Employees
		2025	2024
		£	£

Wages and salaries	131,061	128,423
Social security costs	7,442	4,874
Cost of defined contribution scheme	3,341	2,021
	141,844	135,318

The average monthly number of employees, including directors, during the year was 8 (2024 - 8).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 September 2024	139,492
	At 31 August 2025	139,492
	Amortisation
	At 1 September 2024	104,645
	Charge for the year on owned assets	34,847
	At 31 August 2025	139,492
	Net book value
	At 31 August 2025	-
	At 31 August 2024	34,847

Page 7

SUGAR STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

5.	Tangible fixed assets

	Studio Renovation	Fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 September 2024	471,071	59,009	3,594	533,674
At 31 August 2025	471,071	59,009	3,594	533,674
Depreciation
At 1 September 2024	443,710	27,317	2,660	473,687
Charge for the year on owned assets	2,366	5,731	583	8,680
At 31 August 2025	446,076	33,048	3,243	482,367
Net book value
At 31 August 2025	24,995	25,961	351	51,307
At 31 August 2024	27,361	31,692	935	59,988

Debtors

					2025	2024
					£	£


Trade debtors	7,422	23,456
Prepayments and accrued income	21,983	10,068
	29,405	33,524

Page 8

SUGAR STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	13,785	-
Payments received on account	26,386	21,113
Trade creditors	164,584	109,633
Amounts owed to connected company	240,375	320,500
Other taxation and social security	25,723	13,545
Other creditors	41,151	45,499
Accruals and deferred income	3,545	2,910
	515,549	513,200

8.	Deferred taxation

		2025
		£

	At beginning of year	(11,428)
	Utilised in year	1,649
	At end of year	(9,779)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(9,779)	(11,428)
		(9,779)	(11,428)

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,340 (2024 - £2,021). Contributions totalling £692 (2024 - £2,166) were payable to the fund at the balance sheet date and are included in creditors.

10.	Related party transactions
	The company owes £240,375 (2024: £325,500) to a related company under common control. The amount outstanding is repayable on demand and no interest is due on the outstanding balance.

Page 9