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 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

J Rushton

N J Raben

E Hynes-Laitt

C Palmer Smith

I Buhari

I O O Gbolade

G Givanni

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

-

2,284

Tangible assets

5

47,941

56,099

47,941

58,383

CURRENT ASSETS

Debtors

6

20,245

1,531

Cash at bank

55,795

43,181

76,040

44,712

CREDITORS

Amounts falling due within one year

7

35,629

18,704

NET CURRENT ASSETS

40,411

26,008

TOTAL ASSETS LESS CURRENT LIABILITIES

88,352

84,391

CREDITORS

Amounts falling due after more than one year

8

(57,967

)

(46,001

)

ACCRUALS AND DEFERRED INCOME

(3,149

)

-

NET ASSETS

27,236

38,390

RESERVES

Income and expenditure account

27,236

38,390

27,236

38,390

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 16 December 2021 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.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on cost, 10% on cost and in accordance with the property

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 2 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 March 2021

14,434

AMORTISATION

At 1 April 2020

12,150

Charge for year

2,284

At 31 March 2021

14,434

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

2,284

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

14,845

63,528

78,373

DEPRECIATION

At 1 April 2020

3,104

19,170

22,274

Charge for year

989

7,169

8,158

At 31 March 2021

4,093

26,339

30,432

NET BOOK VALUE

At 31 March 2021

10,752

37,189

47,941

At 31 March 2020

11,741

44,358

56,099

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

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

4,168

DEPRECIATION

At 1 April 2020

695

Charge for year

1,389

At 31 March 2021

2,084

NET BOOK VALUE

At 31 March 2021

2,084

At 31 March 2020

3,473

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

as

restated

£

£

Trade debtors

4,261

2,794

Other debtors

15,984

(1,263

)

20,245

1,531

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

as

restated

£

£

Finance leases

1,373

1,404

Trade creditors

20,981

1,496

Taxation and social security

1,354

6,957

Other creditors

11,921

8,847

35,629

18,704

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

as

restated

£

£

Bank loans

30,000

-

Finance leases

676

2,049

Other creditors

27,291

43,952

57,967

46,001

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

-

1,611

9.	RELATED PARTY DISCLOSURES

There was a loan from We are Waterloo Ltd. During the year repayments were made of £9,373. At the balance sheet date £NIL (2019 £9,373) was outstanding.

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.

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 2021 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

Unitec House

2 Albert Place

London

N3 1QB

16 December 2021