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CREATE FUTURE STUDIOS LTD
Registration Number SC528637 (Scotland)
Filleted Annual Financial Statements
for the year ended 30 June 2025
CREATE FUTURE STUDIOS LTD
Filleted Annual Financial Statements for the year ended 30 June 2025
BALANCE SHEET
Notes
2025 £
2024 £
Fixed assets
Tangible assets
4
1,571
2,965
Current assets
Debtors
5
579,021
430,644
Cash at bank and in hand
519,330
296,949
1,098,351
727,593
Creditors: amounts falling due within one year
6
1,235,171
411,175
Net current (liabilities) / assets
(136,820)
316,418
Total assets less current liabilities
135,249
319,383
Provisions
-
(266)
Net (liabilities) / assets
135,249
319,117
Capital and reserves
Called up share capital
7
3,000
3,000
Profit and loss account
(138,249)
316,117
Shareholders' (deficit) / funds
(135,249)
319,117
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirments of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The audit was performed by CT Audit Limited and signed off by Barry Truswell.
The audit report was unqualified.
The filleted annual financial statements were approved and authorised for issue by the Board of Directors on 18 March 2026.
_______________________
_______________________
E M Andrews
S A Corstorphine
The notes on pages 2 to 6 form part of these accounts.
Company registration number: SC528637
CREATE FUTURE STUDIOS LTD
Filleted Annual Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
1.
Summary of significant accounting policies
1.1
General information and basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Create Future Studios Ltd is a private company limited by shares, registered in Scotland. The address of the registered office are as below:
Stamp Office
10 Waterloo Place
Edinburgh
Scotland
EH13EG
These filleted annual financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.
The filleted annual financial statements are prepared in sterling (£) which is the functional currency of the company and rounded to the nearest £.
Going Concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
As at 30 June 2025, the company had net liabilities of £135,249, however, included within this balance is £1,138,179 of amounts due to group undertakings. The directors of the group undertakings have confirmed that they will not be seeking repayment of this amount for a period of at least 12 months from the date of signing the financial statements, and will continue to support Create Future Studios Ltd, to ensure that it has sufficient cash to meet its day to day requirements. On this basis, the director of Bemo Ltd continues to adopt the going concern basis in preparing these financial statements.
CREATE FUTURE STUDIOS LTD
Filleted Annual Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
1.2
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Fixtures and fittings
20% straight line
Equipment
33% straight line
1.3
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Other financial assets
Other financial assets, including trade debtors for goods sold to customers on short-term credit, are initially measured at the transaction price including transaction costs, and are subsequently measured at the transaction price plus transaction costs not yet recognised, cumulative interest income less repayments and impairment, where there is evidence of impairment.
Other financial liabilities
Other financial liabilities, including trade creditors, are initially measured at transaction price less transaction costs, and are subsequently measured at the transaction price less transaction costs not yet recognised in profit or loss and repayments plus cumulative interest expenses incurred.
Impairment of financial assets
At the end of each reporting period, the company assesses whether there is evidence of impairment of any financial assets, including investments, loans, trade debtors and cash. If there is evidence of impairment, impairment losses are recognised in the Profit and Loss account in that financial year.
CREATE FUTURE STUDIOS LTD
Filleted Annual Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
1.4
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
1.5
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
1.6
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.
1.7
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.
CREATE FUTURE STUDIOS LTD
Filleted Annual Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
1.8
Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
1.9
Foreign currency
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
1.10
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amount reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.
2.
Operating (loss)/profit
3.
Employees
The average monthly number of employees, including directors, during the year was as follows:
2025
2024
Employees
3
12
CREATE FUTURE STUDIOS LTD
Filleted Annual Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
4.
Tangible assets
Balances at year end and movements for the year
Fixtures and fittings £
Equipment £
Total £
Cost
At 01 July 2024
1,251
19,704
20,955
Disposals
(456)
-
(456)
At 30 June 2025
795
19,704
20,499
Depreciation
At 01 July 2024
(770)
(17,220)
(17,990)
Charge for the year
(159)
(1,234)
(1,393)
Eliminated on disposals
455
-
455
At 30 June 2025
(474)
(18,454)
(18,928)
Net book value
At 01 July 2024
481
2,484
2,965
At 30 June 2025
321
1,250
1,571
5.
Debtors
Debtors comprise:
2025 £
2024 £
Amounts falling due within one year
Trade debtors
474,658
234,802
Other debtors
52,137
143,616
Amounts owed by group undertakings and undertakings in which the company has a participating interest
52,226
52,226
579,021
430,644
6.
Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
2025 £
2024 £
Trade creditors
376
109,912
Other creditors
12,650
133,945
Social security and other taxes
6,047
5,333
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,138,179
84,065
Corporation tax
77,919
77,920
1,235,171
411,175
CREATE FUTURE STUDIOS LTD
Filleted Annual Financial Statements for the year ended 30 June 2025
NOTES TO THE FINANCIAL STATEMENTS
7.
Called up share capital
Authorised
2025 Number
2024 Number
Ordinary shares of £1 each
3,000
3,000
Allotted, called up and fully paid
2025 £
2024 £
Ordinary shares of £1 each
3,000
3,000
8.
Controlling party
The company's immediate parent is xD Holdings Limited, whose registered office is at Stamp office, 10 Waterloo Place, Level 1, Edinburgh, Scotland, EH1 3EG.
The ultimate parent and the largest and smallest group financial statements that consolidate this company is xD Topco Limited, whose registered office is at 3 Sovereign Square, Sovereign Street, Leeds, West Yorkshire, LS1 4ER. Group accounts can be obtained from Companies House.
The ultimate controlling party is E M Andrews.
Appendix - Additional XBRL Tags and Values
Accounting standards applied
[Current]
bus_SmallEntities
Accounts status, audited or unaudited
[Current]
bus_Audited
Accounts type
[Current]
bus_FilletedAccounts
Applicable legislation
[Current]
bus_SmallCompaniesRegimeForAccounts
Average number of employees during the period
[Prior]
12
Average number of employees during the period
[Current]
3
Balance sheet date
[Current]
30 June 2025
Date of auditor's report
[Current]
0001-01-01
Date of authorisation of financial statements for issue
[Current]
2026-03-18
Director signing Directors' Report
[Current]
bus_Director1
Director signing financial statements
[Current]
bus_Director1
End date for period covered by report
[Current]
30 June 2025
Entity current legal or registered name
[Current]
Create Future Studios Ltd
Entity is dormant [true/false]
[Current]
false
Entity trading status
[Current]
[default]
Equity [Multiple Tags or Values]
[Prior]
638,234
Equity [Multiple Tags or Values]
[Current]
270,498
Legal form of entity
[Current]
bus_PrivateLimitedCompanyLtd
Name of entity auditors
[Current]
CT Audit Limited
Name of entity officer
[Current]
E M Andrews
Name of entity officer
[Current]
C W McLellan
Name of entity officer
[Current]
S A Corstorphine
Name of entity officer
[Current]
S Robertson
Name of individual auditor
[Current]
CT Audit Limited
Name of production software
[Current]
Draftworx Cloud
Start date for period covered by report
[Current]
01 July 2024
UK Companies House registered number
[Current]
SC528637
Version of production software
[Current]
2026.5.0.0