Company No: 14964393 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	13,232		23,167
Investment property	5	1,705,606		1,751,831
		1,718,838		1,774,998
Current assets
Debtors	6	172,746		19,512
Cash at bank and in hand		11,929		56,207
		184,675		75,719
Creditors: amounts falling due within one year	7	( 2,187,868)		( 1,893,418)
Net current liabilities		(2,003,193)		(1,817,699)
Total assets less current liabilities		(284,355)		(42,701)
Net liabilities		( 284,355)		( 42,701)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 284,455 )		( 42,801 )
Total shareholder's deficit		( 284,355)		( 42,701)

For the financial year ending 30 June 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pings Studio Limited (registered number: 14964393) were approved and authorised for issue by the Director on 28 October 2026. They were signed on its behalf by:

Ingrid Shu Ping Miles Wang Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pings Studio Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is Arundel House, 90 Bath Road, Cheltenham, GL53 7JT.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £284,355. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Change in accounting policies

During the year, the company moved from the micro-entities regime under FRS 105 to FRS 102 Section 1A. The transition has been accounted for in accordance with the requirements of Section 35 of FRS 102. The adoption of FRS 102 Section 1A has not given rise to any material adjustments to the amounts previously reported under FRS 105, but has resulted in enhanced disclosures within the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

During the year, the company transitioned from FRS 105 Micro-entities Regime to FRS 102 Section 1A Small Entities.

As part of the transition process, the directors reviewed the classification of the company's property assets and determined that a property previously included within tangible fixed assets should be classified as an investment property under Section 16 of FRS 102, as the property is held to earn rental income and/or for capital appreciation rather than for use in the production or supply of goods or services or for administrative purposes.

Accordingly, the comparative figures have been restated to reclassify the property from tangible fixed assets to investment property. This adjustment represents a change in accounting presentation arising on transition to FRS 102 and has been treated as a prior year adjustment.

		As previously reported		Adjustment		As restated
Year ended 30 June 2025		£		£		£
Tangible assets		1,774,998		(1,751,831)		23,167
Investment property		0		1,751,831		1,751,831

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 July 2025	23,167		23,167
Additions	600		600
Disposals	( 3,710)		( 3,710)
At 30 June 2026	20,057		20,057
Accumulated depreciation
At 01 July 2025	0		0
Charge for the financial year	6,825		6,825
At 30 June 2026	6,825		6,825
Net book value
At 30 June 2026	13,232		13,232
At 30 June 2025	23,167		23,167

5. Investment property

	Investment property
	£
Valuation
As at 01 July 2025	1,751,831
Additions	153,775
Fair value movement	(200,000)
As at 30 June 2026	1,705,606

Assumptions

The 2026 valuations were made by the director, on an open market value for existing use basis. The valuations were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements.

6. Debtors

	2026		2025
	£		£
VAT recoverable	1,540		17,592
Other debtors	171,206		1,920
	172,746		19,512

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	1,558		42,111
Amounts owed to director	2,183,060		1,848,133
Accruals	3,250		3,174
	2,187,868		1,893,418

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Transactions with the entity's director

	2026		2025
	£		£
Amounts owed to the director	2,183,060		1,848,133

The loan balance is interest-free and repayable on demand.

10. Profit and loss reserve

During the year, the investment property was revalued by the directors to reflect its estimated fair value at the balance sheet date. Included within the profit and loss reserve is an unrealised loss of £200,000 arising from the revaluation of investment property.