IRIS Accounts Production v23.3.0.418 05136287 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 true false true false false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary 1.00000 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REGISTERED NUMBER: 05136287 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FIRST SIGHT MEDIA LIMITED

FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FIRST SIGHT MEDIA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr R P Belcher
Mr J S Middleton
Mr A T Halls
Mrs C L Belcher
Mr M W Middleton





REGISTERED OFFICE: Hillside
Albion Street
Chipping Norton
Oxfordshire
OX7 5BH





BUSINESS ADDRESS: Suite 1-5 Wesley House
Ventura Park
Broadshires Way
Carterton
Oxfordshire
OX18 1AD





REGISTERED NUMBER: 05136287 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
6 Langdale Court
Witney
Oxfordshire
OX28 6FG

FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,688
Tangible assets 5 409,177 308,206
Investments 6 1 201
409,178 312,095

CURRENT ASSETS
Stocks 2,786 3,264
Debtors 7 125,647 335,252
Cash at bank and in hand 558,191 326,789
686,624 665,305
CREDITORS
Amounts falling due within one year 8 307,112 422,429
NET CURRENT ASSETS 379,512 242,876
TOTAL ASSETS LESS CURRENT
LIABILITIES

788,690

554,971

CREDITORS
Amounts falling due after more than one
year

9

(26,483

)

-

PROVISIONS FOR LIABILITIES 12 (77,744 ) (58,559 )
NET ASSETS 684,463 496,412

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 684,363 496,312
SHAREHOLDERS' FUNDS 684,463 496,412

FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:




Mr R P Belcher - Director



Mr A T Halls - Director


FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

First Sight Media Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about First Sight Media Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants are accounted for on an accruals basis in accordance to the period to which they relate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 16 ) .

FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2022 25,000 5,480 30,480
Disposals - (5,480 ) (5,480 )
At 31 March 2023 25,000 - 25,000
AMORTISATION
At 1 April 2022 25,000 1,792 26,792
Eliminated on disposal - (1,792 ) (1,792 )
At 31 March 2023 25,000 - 25,000
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 - 3,688 3,688

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
Equipment fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 461,234 21,465 22,497 128,858 634,054
Additions 145,942 4,868 59,203 39,712 249,725
Disposals (22,273 ) (575 ) - (22,928 ) (45,776 )
At 31 March 2023 584,903 25,758 81,700 145,642 838,003
DEPRECIATION
At 1 April 2022 217,780 8,521 14,789 84,758 325,848
Charge for year 76,567 3,512 16,728 45,133 141,940
Eliminated on disposal (15,709 ) (325 ) - (22,928 ) (38,962 )
At 31 March 2023 278,638 11,708 31,517 106,963 428,826
NET BOOK VALUE
At 31 March 2023 306,265 14,050 50,183 38,679 409,177
At 31 March 2022 243,454 12,944 7,708 44,100 308,206

FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 22,497
Additions 41,612
At 31 March 2023 64,109
DEPRECIATION
At 1 April 2022 14,789
Charge for year 12,330
At 31 March 2023 27,119
NET BOOK VALUE
At 31 March 2023 36,990
At 31 March 2022 7,708

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 201
Disposals (200 )
At 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 201

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 58,080 125,541
Unbilled work-in-progress 11,753 107,609
Prepayments and accrued income 55,814 102,102
125,647 335,252

FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 10) 3,723 4,778
Trade creditors 22,172 81,865
Amounts owed to group undertakings - 100
Tax 40,782 70,368
Social security and other taxes 16,503 32,925
VAT 10,971 21,771
Other creditors 14,437 12,128
Amount due to Ede & Ravenscroft 92,000 52,000
Directors' current accounts 86,599 103,871
Accruals and deferred income 19,925 42,623
307,112 422,429

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 10) 26,483 -

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 3,723 4,778
Between one and five years 26,483 -
30,206 4,778

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 56,904 57,632
Between one and five years 186,114 193,473
In more than five years 103,450 148,650
346,468 399,755

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 30,206 4,778

FIRST SIGHT MEDIA LIMITED (REGISTERED NUMBER: 05136287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

12. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax
Accelerated capital allowances 77,744 58,559

Deferred
tax
£   
Balance at 1 April 2022 58,559
Charge to Income Statement during year 19,185
Balance at 31 March 2023 77,744

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
25 Ordinary A £1 25 -
25 Ordinary B £1 25 -
50 Ordinary £1 50 100
100 100

14. PENSION COMMITMENTS

The company operates a money purchase (defined contribution) pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £29,659 (2022 - £43,793). At 31 March 2023 £3,907 (2022 - £nil) was outstanding and is included in other creditors.

15. ULTIMATE CONTROLLING PARTY

The company was jointly controlled by Mr R Belcher and Ede & Ravenscroft Ltd throughout the current and previous period by virtue of their shareholding.