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

REGISTERED NUMBER: 10054109 (England and Wales)

Unaudited Financial Statements

for the Period

1 April 2021 to 31 December 2021

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

C Palmer Smith

I Buhari

I O O Gbolade

G Givanni

J Rushton

REGISTERED OFFICE:

Build Studios

203 Westminster Bridge Road

London

SE1 7FR

REGISTERED NUMBER:

10054109 (England and Wales)

ACCOUNTANTS:

Kingsley Maybrook Limited

Unitec House

2 Albert Place

London

N3 1QB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

50,069

47,941

Investments

6

1

-

50,070

47,941

CURRENT ASSETS

Debtors

7

2,328

20,245

Cash at bank

57,486

55,795

59,814

76,040

CREDITORS

Amounts falling due within one year

8

46,305

35,629

NET CURRENT ASSETS

13,509

40,411

TOTAL ASSETS LESS CURRENT LIABILITIES

63,579

88,352

CREDITORS

Amounts falling due after more than one year

9

(31,917

)

(57,967

)

ACCRUALS AND DEFERRED INCOME

-

(3,149

)

NET ASSETS

31,662

27,236

RESERVES

Income and expenditure account

31,662

27,236

31,662

27,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 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 21 September 2022 and were signed on its behalf by:

J Rushton - 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.

Long leasehold

-

in accordance with the property

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period 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 period 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.

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 period was 4 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2021

and 31 December 2021

14,434

AMORTISATION

At 1 April 2021

and 31 December 2021

14,434

NET BOOK VALUE

At 31 December 2021

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2021

14,845

63,528

78,373

Additions

-

8,280

8,280

At 31 December 2021

14,845

71,808

86,653

DEPRECIATION

At 1 April 2021

4,093

26,339

30,432

Charge for period

742

5,410

6,152

At 31 December 2021

4,835

31,749

36,584

NET BOOK VALUE

At 31 December 2021

10,010

40,059

50,069

At 31 March 2021

10,752

37,189

47,941

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

Plant and

machinery

etc

£

COST

At 1 April 2021

4,168

Additions

4,750

At 31 December 2021

8,918

DEPRECIATION

At 1 April 2021

2,084

Charge for period

1,437

At 31 December 2021

3,521

NET BOOK VALUE

At 31 December 2021

5,397

At 31 March 2021

2,084

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

Additions

1

At 31 December 2021

1

NET BOOK VALUE

At 31 December 2021

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Build Workspace Ltd

Registered office: 203 Westminster Bridge Road, London SE1 7FR

Nature of business: Rental of commercial workspace

%

Class of shares:

holding

Ordinary

100.00

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.3.21

£

£

Trade debtors

1,723

4,261

Other debtors

605

15,984

2,328

20,245

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.3.21

£

£

Finance leases

2,573

1,373

Trade creditors

3,766

20,981

Taxation and social security

6,468

1,354

Other creditors

33,498

11,921

46,305

35,629

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.3.21

£

£

Bank loans

29,501

30,000

Finance leases

2,416

676

Other creditors

-

27,291

31,917

57,967

10.	POST BALANCE SHEET EVENTS

Build Studios was granted charitable status (number 1195529) by the Charity Commission on 16 August 2021. Build Studios will deliver education, outreach and employment support activities, alongside the provision of space on a non-commercial basis to charities. Non-primary purpose trading activities, including commercial workspace hire, will be delivered by a subsidiary trading company, Build Workspace Ltd with effect from the 1st January 2022.

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 period ended 31 December 2021 set out on pages two to seven 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

Unitec House

2 Albert Place

London

N3 1QB

21 September 2022