Build Studios Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10054109 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Build Studios Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

I K Clark

J Rushton

H R Santer

N J Raben

C Halberg

E Hynes-Laitt

C Palmer Smith

REGISTERED OFFICE:

Build Studios

203 Westminster Bridge Road

London

SE1 7FR

REGISTERED NUMBER:

10054109 (England and Wales)

ACCOUNTANTS:

Kingsley Maybrook Limited

Lawford House

4 Albert Place

London

N3 1QB

FIXED ASSETS

Intangible assets

4

2,284

5,892

Tangible assets

5

30,771

41,072

33,055

46,964

CURRENT ASSETS

Debtors

6

1,531

10,335

Cash at bank

43,181

22,922

44,712

33,257

CREDITORS

Amounts falling due within one year

7

18,705

6,755

NET CURRENT ASSETS

26,007

26,502

TOTAL ASSETS LESS CURRENT LIABILITIES

59,062

73,466

CREDITORS

Amounts falling due after more than one year

8

46,001

69,373

NET ASSETS

13,061

4,093

RESERVES

Income and expenditure account

13,061

4,093

13,061

4,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 surplus or deficit 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.

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 and authorised for issue on 8 October 2020 and were signed on its behalf by:

H R Santer - Director

1.	STATUTORY INFORMATION

Build Studios Limited is a private company, limited by guarantee , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

20% on cost

Plant and machinery etc

-

25% on cost and 20% on cost

Taxation

Taxation 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 taxation 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance

sheet. Those held under hire purchase contracts are depreciated over their estimated useful

lives. Those held under finance leases are depreciated over their estimated useful lives or the

lease term, whichever is the shorter.

The interest element of these obligations is charged to surplus or deficit over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis

over the period of the lease.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

and 31 March 2020

14,434

AMORTISATION

At 1 April 2019

8,542

Charge for year

3,608

At 31 March 2020

12,150

NET BOOK VALUE

At 31 March 2020

2,284

At 31 March 2019

5,892

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

14,845

58,136

72,981

Additions

-

5,392

5,392

At 31 March 2020

14,845

63,528

78,373

DEPRECIATION

At 1 April 2019

6,337

25,572

31,909

Charge for year

2,969

12,724

15,693

At 31 March 2020

9,306

38,296

47,602

NET BOOK VALUE

At 31 March 2020

5,539

25,232

30,771

At 31 March 2019

8,508

32,564

41,072

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST

Additions

4,168

At 31 March 2020

4,168

DEPRECIATION

Charge for year

695

At 31 March 2020

695

NET BOOK VALUE

At 31 March 2020

3,473

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

2,794

820

Other debtors

(1,263

)

9,515

1,531

10,335

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Finance leases

1,404

-

Trade creditors

1,497

3,241

Taxation and social security

6,957

3,514

Other creditors

8,847

-

18,705

6,755

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Finance leases

2,049

-

Other creditors

43,952

69,373

46,001

69,373

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

1,611

-

9.	RELATED PARTY DISCLOSURES

There is a loan from We are Waterloo Ltd. During the year repayments were made of £60,000.

At the balance sheet date £9,373 (2019 £69,373) was outstanding.The loan is repayable by

February 2022.

There was an inter-company account with We are Waterloo Ltd which had a small number of

transactions. At the balance sheet date the balance outstanding was £NIL (2019 £-2,412).

10.	POST BALANCE SHEET EVENTS

An important post-balance sheet note is the impact of the Coronavirus outbreak, which

necessitated a shut-down of Build Studios between late March-June 2020 and heavy

discounting of fees to retain members. Whilst this had minimal impact on the financial position

for the financial year in question, there was a significant drop in income in the first quarter of

2020/21. The business is now recovering from the impact of the shutdown, with membership

growing steadily in the second quarter of 2020/21 as people start to return to the workplace.

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 Balance Sheet. 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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2020 set out on pages two to three and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Kingsley Maybrook Limited

Lawford House

4 Albert Place

London

N3 1QB

8 October 2020