Big Chief Studios Ltd - Accounts

BIG CHIEF STUDIOS LTD - Company Information

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Registered Number: 07557969

England and Wales

BIG CHIEF STUDIOS LTD

Abridged Accounts

Period of accounts

Start date: 01 April 2020

End date: 31 March 2021

Big Chief Studios Ltd
Contents Page
For the year ended 31 March 2021

Accountants' report	1
Statement of financial position	2
Notes to the financial statements	3

Big Chief Studios Ltd Accountants' Report For the year ended 31 March 2021
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Big Chief Studios Ltd for the year ended 31 March 2021 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Big Chief Studios Ltd for the year ended 31 March 2021 which comprise of the Profit and Loss Account, the Balance Sheet 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com. This report is made solely to the Board of Directors of Big Chief Studios Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Big Chief Studios Ltd and state those matters that we have agreed to state to the Board of Directors of Big Chief Studios Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Big Chief Studios Ltd and its Board of Directors as a body for our work or for this report It is your duty to ensure that Big Chief Studios Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Big Chief Studios Ltd. You consider that Big Chief Studios Ltd 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 accounts of Big Chief Studios Ltd. 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 accounts. .................................................... Doyles 51 Station Road Marston Green Birmingham B37 7AB 23 December 2021 1

Big Chief Studios Ltd
Accountants' Report
For the year ended 31 March 2021

Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Big Chief Studios Ltd for the year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Big Chief Studios Ltd for the year ended 31 March 2021 which comprise of the Profit and Loss Account, the Balance Sheet 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the Board of Directors of Big Chief Studios Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Big Chief Studios Ltd and state those matters that we have agreed to state to the Board of Directors of Big Chief Studios Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Big Chief Studios Ltd and its Board of Directors as a body for our work or for this report
It is your duty to ensure that Big Chief Studios Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Big Chief Studios Ltd. You consider that Big Chief Studios Ltd 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 accounts of Big Chief Studios Ltd. 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 accounts.

....................................................
Doyles
51 Station Road
Marston Green
Birmingham
B37 7AB
23 December 2021

Big Chief Studios Ltd
Statement of Financial Position
As at 31 March 2021

	2021 £	2020 £
Fixed assets
Tangible fixed assets	153,947	243,173
	153,947	243,173
Current assets
Stocks	143,145	102,000
Debtors: amounts falling due within one year	268,776	218,779
Cash at bank and in hand	39,376	23,897
	451,297	344,676
Creditors: amount falling due within one year	(1,146,453)	(847,914)
Net current liabilities	(695,156)	(503,238)

Total assets less current liabilities	(541,209)	(260,065)
Creditors: amount falling due after more than one year	(163,113)	(238,329)
Provisions for liabilities	-	9,600
Net liabilities	(704,322)	(488,794)

Capital and reserves
Called up share capital	118	118
Share premium account	99,982	99,982
Profit and loss account	(804,422)	(588,894)
Shareholder's funds	(704,322)	(488,794)

For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved by the board of directors on 23 December 2021 and were signed on its behalf by:

--------------------------------
Mark Andrews
Director

Big Chief Studios Ltd
Notes to the Abridged Financial Statements
For the year ended 31 March 2021

General Information

Big Chief Studios Ltd is a private company, limited by shares, registered in England and Wales, registration number 07557969, registration address The Reservation, 96 Bell Lane, Birmingham, West Midlands, B33 0HX

The presentation currency is £ sterling.

Accounting policies

Significant accounting policies

Statement of compliance

These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

The financial statements are prepared in sterling which is the functional currency of the company.

Going concern basis

The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.

Operating lease rentals

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

Research and development expenditure

Research and development expenditure is charged to the income statement in the period in which it is incurred.

Website cost

Planning and development costs for the company's website are capitalised and written off over 4 years on a straight line basis, whilst the operating costs are charged to the profit and loss account as incurred.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.

Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line basis over the life of the licence.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery	33% Straight Line
Fixtures and Fittings	25% Straight Line
Computer Equipment	33% Straight Line

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Provisions

Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.

2.	Average number of employees Average number of employees during the year was 7 (2020 : 7).

Financial Commitments, Guarantees and Contingencies

Included in loans is an advance from Asset Advantage. The loan has a floating charge which covers all the property or undertaking of the company. The loan has been further secured by the director. At the end of the period the capital value outstanding was £102,450.

Tangible fixed assets

Cost or valuation	Plant and Machinery	Fixtures and Fittings	Computer Equipment	Total
	£	£	£	£
At 01 April 2020	648,422	4,510	33,757	686,689
Additions	81,846	-	1,471	83,317
Disposals	-	-	-	-
At 31 March 2021	730,268	4,510	35,228	770,006
Depreciation
At 01 April 2020	422,334	3,857	17,325	443,516
Charge for year	162,899	457	9,187	172,543
On disposals	-	-	-	-
At 31 March 2021	585,233	4,314	26,512	616,059
Net book values
Closing balance as at 31 March 2021	145,035	196	8,716	153,947
Opening balance as at 01 April 2020	226,088	653	16,432	243,173

5.	Ultimate Controlling Parties The ultimate controlling party at the end of the period is the director by virtue his holding of 80.50% of the company's issued share capital.