Company No: 07945932 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	Dr J A Bishop
	Dr M D Bull
	Dr R Gordon

REGISTERED OFFICE	Whitefriars C/O Riskaware Ltd
	Lewins Mead
	Bristol
	BS1 2NT
	United Kingdom

COMPANY NUMBER

07945932 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	10 Temple Back
	Bristol
	BS1 6FL

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	11,250		46,250
Tangible assets	4	53,509		53,053
		64,759		99,303
Current assets
Debtors	5	327,898		213,689
Cash at bank and in hand		5,476		2,769
		333,374		216,458
Creditors
Amounts falling due within one year	6	( 241,729)		( 197,069)
Net current assets		91,645		19,389
Total assets less current liabilities		156,404		118,692
Net assets		156,404		118,692
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		156,403		118,691
Total shareholder's funds		156,404		118,692

For the financial year ending 31 July 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 financial statements for the financial year 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 financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Level Studio Limited (registered number: 07945932) were approved and authorised for issue by the Board of Directors on 22 April 2022. They were signed on its behalf by:

Dr J A Bishop Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Level Studio Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Whitefriars C/O Riskaware Ltd, Lewins Mead, Bristol, BS1 2NT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors 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 annual financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	5 years straight line
Other intangible assets	4 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line,reducing balance] basis over its expected useful life, as follows:

Office Equipment - 25% and 50% reducing balance

Computer equipment

25 - 50 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 August 2020	500		265,000		265,500
At 31 July 2021	500		265,000		265,500
Accumulated amortisation
At 01 August 2020	500		218,750		219,250
Charge for the financial year	0		35,000		35,000
At 31 July 2021	500		253,750		254,250
Net book value
At 31 July 2021	0		11,250		11,250
At 31 July 2020	0		46,250		46,250

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 August 2020	144,793		144,793
Additions	20,385		20,385
Disposals	( 12,020)		( 12,020)
At 31 July 2021	153,158		153,158
Accumulated depreciation
At 01 August 2020	91,740		91,740
Charge for the financial year	18,380		18,380
Disposals	( 10,471)		( 10,471)
At 31 July 2021	99,649		99,649
Net book value
At 31 July 2021	53,509		53,509
At 31 July 2020	53,053		53,053

5. Debtors

	2021		2020
	£		£
Amounts owed by fellow subsidiaries	323,024		213,525
Prepayments	4,874		164
	327,898		213,689

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	674		71
Amounts owed to Parent undertakings	224,812		168,312
Other creditors	2,275		3,629
Corporation tax	0		9,157
Other taxation and social security	13,968		15,900
	241,729		197,069

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

8. Related party transactions

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.