1.
General Information
LCS Studio Ltd is a private company, limited by shares, registered in England and Wales. 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 (£).
Monetary amounts in these financial statements are rounded to the nearest £.
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.
Going Concern Disclosure
In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the director has given due consideration to the future financial operating requirements of the company. The director expects the company to remain in operational existence for the foreseeable future and satisfied that the necessary financial support will be available for the twelve months from the date of approval of the financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.4.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Fixtures & Fittings |
|
| Computer Equipment |
|
LCS Studio Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.7.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.8.
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.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 3)
LCS Studio Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
4.
Tangible Assets
| Plant & Machinery etc. | |
|---|---|
| £ | |
| Cost | |
| As at 1 June 2024 |
|
| Additions |
|
| As at 31 May 2025 |
|
| Depreciation | |
| As at 1 June 2024 |
|
| Provided during the period |
|
| As at 31 May 2025 |
|
| Net Book Value | |
| As at 31 May 2025 |
|
| As at 1 June 2024 |
|
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors | - |
|
|
| Other debtors | 25,150 | 26,356 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors | 10,879 | 5,137 | |
| Taxation and social security |
|
|
|
|
|
|
||
LCS Studio Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
8.
Reserves
| Profit and Loss Account | |
|---|---|
| £ | |
| As at 1 June 2024 |
|
| Loss for the year and total comprehensive income |
( |
| Dividends paid | (109,269) |
| As at 31 May 2025 |
|
|
Retained
earnings
£
|
|
|
At 1 June 2023
|
658,284
|
|
Deficit for the year
|
(231,699)
|
|
Dividends
|
(31,108)
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|
|
At 31 May 2024
|
395,477
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