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Registered number: 03620831
WAVE STUDIOS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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WAVE STUDIOS LIMITED
REGISTERED NUMBER:03620831
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
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WAVE STUDIOS LIMITED
REGISTERED NUMBER:03620831
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The Company has opted not to file the statement of comprehensive income 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 on 12 November 2025.
The notes on pages 3 to 10 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Wave Studios Limited is a private limited liability company registered in England and Wales with its trading address at 32 Great Pulteney Street, London, W1F 9NW and its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company is sound design and audio post production.
2.Accounting policies
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Basis of preparation of financial statements
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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.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The Company recorded a loss for the year after taxation of £800,932 (2022 - £271,732). These losses have significantly reduced the Company’s financial resources to £290,994 (2022 - £1,323,926) at the reporting date.
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future.
The Company has incurred further significant losses subsequent to the year-end resulting in a material deterioration of the Company's financial position. The Company has limited cash resources and is in advanced discussions regarding administration or liquidation.
Accordingly, there exists a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern and, therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.
IIf the Company is unable to continue as a going concern, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise, and to reclassify fixed and long-term liabilities as current. These financial statements do not include any such adjustments.
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 rebates, Value Added Tax.
Revenue is recognised when the audio recording sessions are completed and delivered.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Over the term of the lease
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is £ Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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.
Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 28 (2022 - 29).
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Short-term leasehold property
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
4.Tangible fixed assets (continued)
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Sound design and audio post production
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The registered address for Wave Studios B.V. is Herengracht 124-128, 1015 BT, Amsterdam, Netherlands and the registered address for Wave Films Limited is at 6th Floor Charlotte Building, 17 Gresse Street, London, W1T 1QL.
Wave Studios B.V. ceased trading in October 2025.
Wave Films Limited was dissolved in May 2025.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The company's bank facilities are secured by a fixed and floating charge over certain specific assets.
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due after more than 5 years
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The company's other loans are unsecured and bear interest at rates linked to prime rates in the United States of America.
The company's bank loans are secured by a fixed and floating charge over certain specific assets.
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Released to profit or loss
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The deferred tax asset is made up as follows:
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Decelerated capital allowances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Allotted, called up and fully paid
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99 (2022 - 99) Ordinary A shares of £1.00 each
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54 (2022 - 54) Ordinary B shares of £1.00 each
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The Company has provided a bank guarantee of £Nil (2022 - £54,965) in respect of an operating lease liability.
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Transactions with directors
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At the Statement of Financial Position date the Company was owed £119,081 (2022 - £104,794) by J Burn and £72,725 (2022 - £18,166) by W Hamilton, both directors of the Company..
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Related party transactions
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The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
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The auditors' report on the financial statements for the year ended 31 December 2023 contained a disclaimer of opinion as the auditor was unable to obtain sufficient appropriate audit evidence regarding the appropriateness of the going concern basis of preparation.
In addition, the auditor was unable to obtain sufficient appropriate audit evidence regarding the carrying amount of the company’s investments in two subsidiaries which ceased trading after the year end, and no provision for impairment has been made.
Accordingly, the auditor did not express an opinion on the financial statements.
The audit report was signed on 12 November 2025 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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