Reglstered number.. 03817751 MAGDALEN ROAD STUDIOS DIRECTORS. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 P3nthera Limited Chartered Management Accountants The Manor Main Street Grove Oxfordshire OX12 7JJ Magdalen Road Studlos Contents Page Company Information Oirector5' Report Accountant's Report Profit and Loss Account Balance Sheet Notes to the Financial Statements The following pages do not forrn part of the statutory accounts.. Trading Profit and Loss Account Magdalen Road Studios Company Information For The Year Ended 31 August 2024 Dlrectors Mrs Lucy Stopford Mr David Cumberbatch Mr Stephen Snoddy Ms Amanda Jewell Mr Torn Hunter Mr Sean Hand Mr Andy Verschoyle Secretsry Mr Luca5 McLaughlin Company Number 03817751 Regl$tered Offl¢e clo Panthera Accounting The Manor, Nain Street Grove, Wantage Oxon OX12 7JJ Accountants Panthera Limited Chartered Management Accountants The Manor Main Street Grove Oxfordshire OX12 71] Page I Magdalen Road Studios Company No. 03817751 Dlre¢tors' Report For The Year Ended 31 August 2024 The directors present their report and the financial staternent5 for the year ended 31 August 2024. Dlrectors The directors who held offlce during the year were as follows.. Mrs Lucy Stopford Mr David Cumberbatch Mr Stephen Snoddv Ms A Jewell Mr Tom Hunter Mr Sean Hand Appointed 0310612024 statement C+f Dlrertors, Re$pon$lbllltle$ The directors are responsible for preparing the Directors. Report and the financial statements in accordance with applicable law and regulations. Company law reouires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements In accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdorn Accounting Standard5 and applicable lawl. Under cornpany law the directors must not approve the financial statements unless they are satisfied that they give 8 true and fair view of the state of affalrs of the company and of the proflt or loss of the company for that period. In preparing the financial staternents the directors are required to.. select suitable accounting policies and then apply thetn consistentlyi make judgments and a¢countlng estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors 3re responsible for keeping adequate 3ccounting records that are sufficient to show and explain the company's transactions and disclose with rea50nable accuracy at any tirne the financial position of the cornpany and enable thern to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irogularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdorn governing the preparation and dissemination of financial statements may differ frorn legislation in other jurisdictions. Small Company Rules This report has been prepared in accordance with the special provisions relating to companies subject to the small cornpanies regime within Part 15 of the Companie5 Act 2006. On behalf of the board Ms Amand3 lewell Director Date Page 2 Magdalen Road Studlos Accountant's Report For The Year Ended 31 August 2024 In order to assist you to fulfil your duties under the Companies Act 2006. we have prepared for your approval the financial Statements of Magdalen Road Studi05 for the year ended 31 August 2024 which cornprise the Profit and Loss Account, the Balance Sheet, and the re13ted notes from the comp3ny's accounting records and from information and explanations you have given us. As a practising member flrm or the Chartered In#itute of Management Accountants, we are subject to its ethlcal and other professional reqU1￿MentS which are detailed at http.'l/www.cimaglobal.com. This report is made solely to the directors of Magdalen Road Studios in accordance with our terrns of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magdalen Road Studios and state those matters that have agreed to state to the directors of Magdalen Road Studios in this report in accordance with the requirements of the Chartered Institute of Managernent Accountants as detailed at http.'/lwww.cimaglobal.com. To the fullest extent permitted by law, we ¢0 not accept or assume responsibility to anyone other than rhe company and Its dlrertor for our work or for this report. It Is your duty to ensure that Magdalen Road Studios has kept adequate accounting records and to p￿pare statutory financial statements that give a true and fair view of the assets, liabillties, financial position and profit of Magdalen Road Studlos. You consider that Magdalen Road Studios 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 financial statements of Magdalen Road Studios. For this reason, have not verified the accuracy or cornpleteness of the accounting records or information and explanations you have given to U5 and we do not, therefore, expre55 any opinion on the Statutory financial statement5. Date Pantheft Limited Chartered Management Accountants The Manor Main Street Grove Oxfordshi OX12 7]] Page 3 Magdalen Road Studlos Profit and Loss Account For The Year Ended 31 August 2024 2024 2023 Notes TURNOVER 91,352 89.684 GROSS PROFIT 91,352 89,684 Distrlbution costs Adminlstratlve expenses 14,1931 172,2971 112,2151 171,9341 OPERATING PROFIT 14,862 1371 5,535 14151 Interest payable and similar charges PROFIT FOR THE FINANCIAL YEAR 14,825 5,120 The notes on pages 6 to 7 form part of these financial statements. Page 4 Magdalen Road Studios Balance Sheet As At 31 August 2024 2024 2023 Notes FIXED ASSETS Tangible A55et5 141 188 141 188 CURRENT ASSETS Debtors 2,000 10,000 2,000 Cash at bank and in hand 12,000 2,000 Credltors: Amounts Falllng Due Wlthln One Year 16,6181 111.4901 NET CURRENT ASSETS (LIABILITIES) 5,382 19,4901 TOTAL ASSETS LESS CURRENT LIABILITIES 5,523 19,3021 NET ASSETS/(LIABILITIES) 5,523 19,3021 Profit and Loss Account 5.523 19.3021 SHAREHOLDERS. FUNDS 5,523 19,3021 For the year ending 31 August 2024 the company was entitled to exemptlon from audlt under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibllitles for complying with the requlrements of the Act wlth respect to accounting records and the preparation of accounts. These accounts have been PrePa￿d in accordance with the provisions applicable to companies subject to the srnall cornpanies regime. On behalf of the t>oard M5 Atnanda Jewell Oirector Oate The notes on pages 6 to 7 form part of these financial statements. Page 5 Magdalen Road Studios Notes to the Financial Statements For The Year Ended 31 August 2024 l. General Information Magdalen Road Studios 15 a private companyi limited by shares, incorpoftted in England & Wale5, registered number 03817751. The registered office is clo Panthera Accounting, The Manor, Main Street, Grove, Wantage, Oxon, OX12 711. 2. Accountlng Pollcles 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 IA Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. 2.2. Turnover Turnover is measured at the fair value of the consideration ￿ceiVed or receivable, net of discounts and value added taxes. Turnover includes revenue earned fmm the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Sale of good$ Turnover form the sale of goods Is recognised when the signific3nt risks and rewards of ownership of the goods has tTrn5ferred to the buyer. This 15 usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the renderlng of servlces 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 fftcognised to the extent of recoverable expenses when the outcome of a contracl cannot be estimated reliably. 2.3. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured at cost less accumulated depreciation and any accutnulated irnpairment losses. Dep￿clarion is provided at rates calculated to write off the cost of the fixed assets, less their estimated resldual value, over their expected useful lives on the following bases.. Fixtures & Fittings 25¥0 Reducing Balance 3. Average Number of Employees Average number of employees, including ￿1￿ctorS, during the year was.. NIL 12023.. NILI 4. Tanglble Assets Fixtures & Flttlngs Cost As at I September 2023 1,885 As at 31 August 2024 1,885 Depreciation A5 at I September 2023 Provided during the period 1.697 47 As at 31 August 2024 1,744 Net Book Value As 8t 31 August 2024 141 As at I September 2023 188 Page 6 Magdalen Road Studios Notes to the Financial Statements (continued) For The Year Ended 31 August 2024 Debtors 2024 2023 Due within one year Other debtors 2,000 2,000 6. Creditors.. Amounts Falling Due Within One Year 2024 2023 Bank loans and overdrafts Rental Deposits Held Accrua15 deferred income 1,959 8,937 594 5,891 727 6,618 11,490 Page 7 Magdalen Road Studios Trading Profit and Loss Account For The Year Ended 31 August 2024 2024 2023 TURNOVER F14 Studio hire Other Artist's Rent Associate membe Electricity & gas paid by artists Grants and subsidies received 2,194 163 78,457 1,350 5,457 72.147 55 425 538 10,000 10,250 91,352 91,352 89.684 89.684 GROSS PROFIT Distribution Costs Administration and support costs 4,193 12.215 14,1931 112,2151 Administrative Expenses Health and safety costs Rent 261 2.765 55,385 1,078 4,728 58,596 975 6,549 1,485 930 226 1,512 822 47 894 Rares Light and heat Repairs and maintenance Insurance Advertising and marketing costs Telecomtnunications and data costs Accountancy fees Depreciation of fixtures and fittings Sundry expenses 255 1,506 630 63 5.524 172,2971 171.9341 OPERATING PROFIT 14,862 5,535 Interest payable and slmllar charye$ Bank interest payable 37 415 1371 14151 PROFIT FOR THE FINANCIAL YEAR 14,825 5,120 Page 8