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Registered number: 07945932
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LEVEL STUDIO LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
These financial statements have not been audited as the company is exempt under s477 of the Companies Act 2006 from the requirement to obtain an audit of its financial statements.
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LEVEL STUDIO LIMITED
REGISTERED NUMBER: 07945932
ABBREVIATED BALANCE SHEET
AS AT 31 JULY 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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Page 1
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LEVEL STUDIO LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 JULY 2015
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 4 form part of these financial statements.
Page 2
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LEVEL STUDIO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
1.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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INTANGIBLE FIXED ASSETS AND AMORTISATION
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated economic life.
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Development expenditure represents the intellectual property in respect to IED Route Planning and Cyber security. It is amortised to the Profit and loss over its estimated economic life.
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Amortisation is provided at the following rates:
 
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TANGIBLE FIXED ASSETS AND DEPRECIATION
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its liabilities.
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Page 3
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LEVEL STUDIO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
2.INTANGIBLE FIXED ASSETS
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At 1 August 2014 and 31 July 2015
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3.TANGIBLE FIXED ASSETS
4.SHARE CAPITAL
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ALLOTTED, CALLED UP AND FULLY PAID
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5.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
Urtek Holdings Limited, a company incorporated in England in Wales, is the parent of Level Studio Limited.
Page 4
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