Silverfin false 31/03/2022 31/03/2022 01/04/2021 Mr Simon Ferguson 22/03/2010 Mr Gregg Houston 22/03/2010 25 July 2022 The principal activity of the Company during the financial year continued to be that of video production. SC375262 2022-03-31 SC375262 bus:Director1 2022-03-31 SC375262 bus:Director2 2022-03-31 SC375262 2021-03-31 SC375262 core:CurrentFinancialInstruments 2022-03-31 SC375262 core:CurrentFinancialInstruments 2021-03-31 SC375262 core:ShareCapital 2022-03-31 SC375262 core:ShareCapital 2021-03-31 SC375262 core:SharePremium 2022-03-31 SC375262 core:SharePremium 2021-03-31 SC375262 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC375262 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC375262 core:OtherPropertyPlantEquipment 2021-03-31 SC375262 core:OtherPropertyPlantEquipment 2022-03-31 SC375262 bus:OrdinaryShareClass1 2022-03-31 SC375262 2021-04-01 2022-03-31 SC375262 bus:FullAccounts 2021-04-01 2022-03-31 SC375262 bus:SmallEntities 2021-04-01 2022-03-31 SC375262 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC375262 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC375262 bus:Director1 2021-04-01 2022-03-31 SC375262 bus:Director2 2021-04-01 2022-03-31 SC375262 core:OtherPropertyPlantEquipment core:TopRangeValue 2021-04-01 2022-03-31 SC375262 2020-04-01 2021-03-31 SC375262 core:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 SC375262 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC375262 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC375262 (Scotland)

CINEMATE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH THE REGISTRAR

CINEMATE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022

Contents

CINEMATE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022
CINEMATE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 9,545 1,705
9,545 1,705
Current assets
Stocks 4 1,794 517
Debtors 5 52,319 60,003
Cash at bank and in hand 25,950 27,514
80,063 88,034
Creditors
Amounts falling due within one year 6 ( 116,427) ( 142,632)
Net current liabilities (36,364) (54,598)
Total assets less current liabilities (26,819) (52,893)
Net liabilities ( 26,819) ( 52,893)
Capital and reserves
Called-up share capital 7 500 500
Share premium account 54,600 54,600
Profit and loss account ( 81,919 ) ( 107,993 )
Total shareholders' deficit ( 26,819) ( 52,893)

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cinemate Limited (registered number: SC375262) were approved and authorised for issue by the Director on 25 July 2022. They were signed on its behalf by:

Mr Simon Ferguson
Director
CINEMATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
CINEMATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
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

Cinemate Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 304b Axiom Arts, 54 Washington Street, Glasgow, G3 8AZ, Scotland, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £26,819. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 Balance Sheet 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.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2021 50,239 50,239
Additions 9,546 9,546
At 31 March 2022 59,785 59,785
Accumulated depreciation
At 01 April 2021 48,534 48,534
Charge for the financial year 1,706 1,706
At 31 March 2022 50,240 50,240
Net book value
At 31 March 2022 9,545 9,545
At 31 March 2021 1,705 1,705

4. Stocks

2022 2021
£ £
Stocks 1,794 517

5. Debtors

2022 2021
£ £
Trade debtors 51,276 57,163
Other debtors 1,043 2,840
52,319 60,003

6. Creditors: amounts falling due within one year

2022 2021
£ £
Other creditors 116,427 142,233
Other taxation and social security 0 399
116,427 142,632

7. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 1.00 each 500 500

8. Related party transactions

Transactions with the entity's directors

2022 2021
£ £
Amounts due to key management personnel 45,566 48,746

9. Ultimate controlling party

The directors consider at the balance sheet date that the Cruickshank Trust for Lucinda had significant control of the company by virtue of majority shareholding.