Runway Recording Studios Ltd
Runway Recording Studios Ltd
Registered number: 12666898
Financial Statements
For The Year Ended
30 June 2022
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Runway Recording Studios Ltd
Financial Statements
For The Year Ended
30 June 2022
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2—3 |
Page 1
Runway Recording Studios Ltd
Balance Sheet
As at
30 June 2022
Balance Sheet
Registered number:
12666898
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 30 June 2022 | 30 June 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
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| NET (LIABILITIES)/ASSETS |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (6,165) | 1 | |||
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Runway Recording Studios Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2022
Notes to the Financial Statements
1.
General Information
Runway Recording Studios Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12666898
. The registered office is 1st Floor, 104 Oxford Street, London, Greater London, W1D 1LP.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Financial Instruments
The company has only basic financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
2.5.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2021: 1)
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Page 3
Runway Recording Studios Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
4.
Debtors
| 30 June 2022 | 30 June 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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| Called up share capital not paid |
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5.
Creditors: Amounts Falling Due Within One Year
| 30 June 2022 | 30 June 2021 | ||
|---|---|---|---|
| £ | £ | ||
| VAT |
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- | |
| Other creditors |
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| Accruals and deferred income |
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6.
Share Capital
| 30 June 2022 | 30 June 2021 | ||
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| Called Up Share Capital not Paid |
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| Called Up Share Capital has been paid up | 1 | - | |
| Amount of Allotted, Called Up Share Capital |
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Page 3