Lab Studios Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06675042 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2016

FOR

LAB STUDIOS LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Intangible assets

2

10,000

Tangible assets

3

12,211

17,095

22,211

27,095

CURRENT ASSETS

Debtors

1,653

1,480

Cash at bank

1

1,041

1,654

2,521

CREDITORS

Amounts falling due within one year

2,327

3,448

NET CURRENT LIABILITIES

(673

)

(927

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,538

26,168

CREDITORS

Amounts falling due after more than one year

35,894

35,219

NET LIABILITIES

(14,356

)

(9,051

)

CAPITAL AND RESERVES

Called up share capital

4

80

Profit and loss account

(14,436

)

(9,131

)

SHAREHOLDERS' FUNDS

(14,356

)

(9,051

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 profit or loss 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 May 2017 and were signed on its behalf by:

A R Horley - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The directors are of the opinion that the company is able to continue trading as a going concern for the next 12 months

and give their assurances that all financial obligations will be met.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts received for goods and services, excluding Value Added Tax and trade discounts.

Intangible fixed assets

Intangible fixed assets represent development costs which were incurred when the studio was established.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

at varying rates on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

10,000

NET BOOK VALUE

At 31 August 2016

10,000

At 31 August 2015

10,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

27,850

DEPRECIATION

At 1 September 2015

10,755

Charge for year

4,884

At 31 August 2016

15,639

NET BOOK VALUE

At 31 August 2016

12,211

At 31 August 2015

17,095

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

80

Ordinary

£1

80