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Registered number: 11585221
Mastered Studios Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2025
Mastered Studios Ltd
Contents
Contents

| Page
--- | ---
Statement of Financial Position | 1—2
Notes to the Financial Statements | 3—6

Page 1
Mastered Studios Ltd
Statement of Financial Position
As At 31 December 2025
Statement of Financial Position
Registered number: 11585221

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | 88,370 |  | 88,370
Tangible Assets | 5 |  | 3,449 |  | 3,792
|  |  | 91,819 |  | 92,162
CURRENT ASSETS
Debtors | 6 | 963,368 |  | 965,583 |
Cash at bank and in hand |  | 195,299 |  | 138,829 |
|  | 1,158,667 |  | 1,104,412 |
Creditors: Amounts Falling Due Within One Year | 7 | (768,408 ) |  | (882,067 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 390,259 |  | 222,345
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 482,078 |  | 314,507
Creditors: Amounts Falling Due After More Than One Year | 8 |  | (55,735 ) |  | (61,111 )
NET ASSETS |  |  | 426,343 |  | 253,396
CAPITAL AND RESERVES
Called up share capital | 9 |  | 100 |  | 100
Income Statement |  |  | 426,243 |  | 253,296
SHAREHOLDERS' FUNDS |  |  | 426,343 |  | 253,396

Page 1
Page 2
Mastered Studios Ltd
Statement of Financial Position (continued)
As At 31 December 2025
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board

A S Abrar Director
12 March 2026

The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Mastered Studios Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Mastered Studios Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11585221 . The registered office is 124 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of 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.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements the directors have made the following judgements:
- Determined whether there are indicators of impairment of the company's tangible assets and intangible assets. Factors taken into consideration in reaching such a decision include the financial viability and expected future financial performance of the asset.
- Determined that the accounting policies in place in respect of turnover recognition and measurement are reasonable.
2.3. Turnover
The company recognises turnover in accordance with the principles set out in Section 23 of FRS 102, based on the transfer of significant risks and rewards of ownership and when the amount of revenue can be measured reliably.
Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.
Skills Bootcamps
Turnover derived from the delivery of government-funded Skills Bootcamps is done so under time-limited contracts with public sector bodies. These contracts typically include performance-related funding linked to specific milestones, which are as follows:
Milestone 1: Contract signing and initial cohort enrolment
Milestone 2: Submission of funding evidence confirming learner participation and progress
Milestone 3: Submission of funding evidence confirming learner completion
Turnover is recognised in the income statement as follows:
Milestone 1 turnover is recognised in full upon signing of the funding agreement, based on the number of participants enrolled in the contract or cohort. This reflects the point at which the company has obtained enforceable rights to the funding and assumed all relevant performance obligations, having been subcontracted the full delivery responsibility by the funding body.
Milestone 2 and 3 turnover is recognised when the respective milestones have been achieved, which is the point at which the company has prepared the relevant funding submissions for approval. At this stage, the company considers that the relevant services have been delivered and entitlement to the funding is virtually certain.
Other sales
Turnover 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 the turnover can be reliably measured;
- 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 reliably measured.
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Page 4
Mastered Studios Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.4. Research and Development
Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
- The technical feasibility of completing the software so that it will be available for use or sale.
- The intention to complete the software and use or sell it.
- The ability to use the software or to sell it.
- How the software will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the software.
- The ability to measure reliably the expenditure attributable to the software during its development.
Following initial recognition of the development expenditure as an asset the cost model is applied, requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit of 5 years. During the period of development the asset is tested for impairment annually
Research expenditure is written off as incurred.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings | 3 years on a straight line basis
Computer Equipment | 3 years on a straight line basis

2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within
one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 4
Page 5
Mastered Studios Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.8. 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 statement of financial position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
2.9. Pensions
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2024: 16)
19 16
4. Intangible Assets

| Other Intangible Assets
--- | ---
| £
Cost
As at 1 January 2025 | 257,092
As at 31 December 2025 | 257,092
Amortisation
As at 1 January 2025 | 168,722
As at 31 December 2025 | 168,722
Net Book Value
As at 31 December 2025 | 88,370
As at 1 January 2025 | 88,370

5. Tangible Assets

| Plant & Machinery etc.
--- | ---
| £
Cost
As at 1 January 2025 | 5,679
Additions | 1,530
As at 31 December 2025 | 7,209
Depreciation
As at 1 January 2025 | 1,887
Provided during the period | 1,873
As at 31 December 2025 | 3,760

...CONTINUED
Page 5
Page 6
Mastered Studios Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025

Net Book Value
As at 31 December 2025 | 3,449
As at 1 January 2025 | 3,792

6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 945,974 |  | 949,566
Other debtors | 17,394 |  | 16,017
| 963,368 |  | 965,583

7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 189,405 |  | 187,719
Bank loans and overdrafts | 65,338 |  | 207,868
Other creditors | 345,793 |  | 337,545
Taxation and social security | 167,872 |  | 148,935
| 768,408 |  | 882,067

Other creditors include amounts owed to Mr A S Abrar, sole director and shareholder of the company, totalling £114,431 (2024: £238,382). There is no interest paid on the director loan balance.
8. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank loans | 55,735 |  | 61,111

9. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 100 |  | 100

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