Grand Central Sound Studios Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02478789 (England and Wales)

GRAND CENTRAL SOUND STUDIOS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2019

Page

Company Information

1

Accountants' Report

2

to

3

Abridged Statement of Financial Position

4

to

5

Notes to the Financial Statements

6

to

10

DIRECTORS:

C A Humphrey

I D Taylor

R Sehgal

SECRETARY:

I D Taylor

REGISTERED OFFICE:

51-53 Great Marlborough Street

London

W1F 7JT

REGISTERED NUMBER:

02478789 (England and Wales)

ACCOUNTANTS:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Grand Central Sound Studios Limited for the year ended

31st March 2019 which comprise the Income Statement, Abridged Statement of Financial Position,

Statement of Changes in Equity and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Grand Central Sound Studios Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grand Central Sound Studios Limited and state those matters that we have agreed to state to the Board of Directors of Grand Central Sound Studios Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grand Central Sound Studios Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grand Central Sound Studios Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grand Central Sound Studios Limited. You consider that Grand Central Sound Studios Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grand Central Sound Studios Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

4th December 2019

FIXED ASSETS

Property, plant and equipment

5

3,168,517

3,413,493

CURRENT ASSETS

Inventories

14,835

18,600

Debtors

796,783

922,051

Cash at bank

359,738

109,734

1,171,356

1,050,385

CREDITORS

Amounts falling due within one year

(1,358,920

)

(1,561,671

)

NET CURRENT LIABILITIES

(187,564

)

(511,286

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,980,953

2,902,207

CREDITORS

Amounts falling due after more than one year

(614,457

)

(500,732

)

PROVISIONS FOR LIABILITIES

(441,758

)

(453,779

)

NET ASSETS

1,924,738

1,947,696

CAPITAL AND RESERVES

Called up share capital

8

107,439

107,439

Share premium

8,293

8,293

Retained earnings

1,809,006

1,831,964

1,924,738

1,947,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31st March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4th December 2019 and were signed on its behalf by:

I D Taylor - Director

1.	STATUTORY INFORMATION

Grand Central Sound Studios Limited 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these

financial statements.

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other

taxes of sales made during the year.

Revenue recognition

Revenue is recognised as earned when, and to the extent that, the company obtains the right to

consideration in exchange for its performance under these contracts. It is measured at the fair value

of the right to consideration, which represents amounts chargeable to clients, including expenses

and disbursements but excluding value added tax. Revenue billed but not paid is included in debtors

and payments on account in excess of the relevant amount of revenue are included in creditors.

Property, plant and equipment

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates

calculated to write off the cost less estimated residual value of each asset over its expected useful

life as follows:

Land and buildings - over the term of the lease

Plant and machinery - 25% reducing balance; 20% straight line; 6% straight line based on the net

book value as at 31 March 2013 with a de minimis residual value; or 10% straight line less a 10%

residual cost value.

No depreication is provided on incomplete project work.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Inventories are valued by the company on a first in, first out basis.

Tax

Tax 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 tax 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

Deferred tax is recognised in respect of all material 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.

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

Development expenditure is written off in the same way unless the directors are satisfied as to the

technical, commercial and financial viability of individual projects. In this situation, the expenditure

is deferred, as an intangible fixed asset, and amortised over the period during which the company is

expected to benefit, which the directors believe to be 5 years.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into

account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreement are included in creditors net of the finance charge allocated to future periods. The

finance element of the rental payment is charged to the profit and loss account so as to produce a

constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the

lease term.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2018 - 31 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

At 1st April 2018

5,780,237

Additions

130,076

Disposals

(2,861

)

At 31st March 2019

5,907,452

Depreciation

At 1st April 2018

2,366,744

Charge for year

374,569

Eliminated on disposal

(2,378

)

At 31st March 2019

2,738,935

Net book value

At 31st March 2019

3,168,517

At 31st March 2018

3,413,493

Included above are assets held under finance leases or hire purchase contracts with a total net book

value of £806,466 (2018: £1,098,891) and a total depreciation charge of £143,330 (2018: £162,076).

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

154,108

354,703

Between one and five years

134,438

198,080

288,546

552,783

Non-cancellable

operating leases

2019

2018

£

£

Within one year

410,000

410,000

Between one and five years

1,640,000

1,640,000

In more than five years

546,667

956,667

2,596,667

3,006,667

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

662,467

423,132

Hire purchase contracts

288,546

552,783

951,013

975,915

Bank loans are secured by way of a fixed and floating charge over the assets of the company.

Amounts due under hire purchase contracts are secured against the assets concerned.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal value:

2019

2018

£

£

52,000

Ordinary A

£1

52,000

52,000

48,000

Ordinary B (new share class)

£1

48,000

48,000

5,624

Ordinary C (formerly Ordinary B)

£1

5,264

5,264

2,175

Ordinary D (new share class)

£1

2,175

2,175

107,439

107,439