Company Registration No. 10915839 (England and Wales)
Ground Control Studios Limited
Annual report and unaudited financial statements
For the year ended 31 August 2019
Pages for filing with registrar
GROUND CONTROL STUDIOS LIMITED
Ground Control Studios Limited
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
GROUND CONTROL STUDIOS LIMITED
Ground Control Studios Limited
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
913
-
Current assets
Debtors
4
112,594
-
Cash at bank and in hand
200,408
200
313,002
200
Creditors: amounts falling due within one year
5
(127,767)
-
Net current assets
185,235
200
Total assets less current liabilities
186,148
200
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
185,948
-
Total equity
186,148
200
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 13 May 2020
M Stanish
Director
Company Registration No. 10915839
GROUND CONTROL STUDIOS LIMITED
Ground Control Studios Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 August 2017
-
-
-
Period ended 31 August 2018:
Profit and total comprehensive income for the period
-
-
-
Issue of share capital
6
200
-
200
Balance at 31 August 2018
200
-
200
Period ended 31 August 2019:
Profit and total comprehensive income for the period
-
215,948
215,948
Dividends
-
(30,000)
(30,000)
Balance at 31 August 2019
200
185,948
186,148
GROUND CONTROL STUDIOS LIMITED
Ground Control Studios Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 3 -
1
Accounting policies
Company information
Ground Control Studios Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Loudoun Road, St.John's Wood, London, United Kingdom, NW8 0DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents fees receivable for the provision of production services and is recognised with reference to the stage of completion of the production.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 year straight line
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.5
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
GROUND CONTROL STUDIOS LIMITED
Ground Control Studios Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2018
-
Additions
983
At 31 August 2019
983
Depreciation and impairment
At 1 September 2018
-
Depreciation charged in the year
70
At 31 August 2019
70
Carrying amount
At 31 August 2019
913
At 31 August 2018
-
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
8,133
-
Other debtors
104,461
-
112,594
-
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
19,168
-
Trade creditors
43,164
-
Corporation tax
54,340
-
Other creditors
11,095
-
127,767
-
GROUND CONTROL STUDIOS LIMITED
Ground Control Studios Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 5 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
200
200
7
Related party transactions
At the balance sheet date the director owed the company £32,661 in relation to loans advanced during the year. This balance was
repaid in full on 6 March 2020.