Caseware UK (AP4) 2022.0.179 2022.0.179 2022-06-302023-05-162022-06-30truetruetruetruetruetruetruetruetruetrue162021-07-01falsevideo recording equipment supply and editing services20true 11106519 2021-07-01 2022-06-30 11106519 2020-07-01 2021-06-30 11106519 2022-06-30 11106519 2021-06-30 11106519 2020-07-01 11106519 c:Director1 2021-07-01 2022-06-30 11106519 c:Director2 2021-07-01 2022-06-30 11106519 c:Director2 2022-06-30 11106519 c:Director3 2021-07-01 2022-06-30 11106519 c:Director3 2022-06-30 11106519 c:RegisteredOffice 2021-07-01 2022-06-30 11106519 d:FurnitureFittings 2021-07-01 2022-06-30 11106519 d:OfficeEquipment 2021-07-01 2022-06-30 11106519 d:OfficeEquipment 2022-06-30 11106519 d:OfficeEquipment 2021-06-30 11106519 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 11106519 d:ComputerEquipment 2021-07-01 2022-06-30 11106519 d:ComputerEquipment 2022-06-30 11106519 d:ComputerEquipment 2021-06-30 11106519 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 11106519 d:OtherPropertyPlantEquipment 2021-07-01 2022-06-30 11106519 d:OtherPropertyPlantEquipment 2022-06-30 11106519 d:OtherPropertyPlantEquipment 2021-06-30 11106519 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 11106519 d:OwnedOrFreeholdAssets 2021-07-01 2022-06-30 11106519 d:CurrentFinancialInstruments 2022-06-30 11106519 d:CurrentFinancialInstruments 2021-06-30 11106519 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 11106519 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 11106519 d:ShareCapital 2022-06-30 11106519 d:ShareCapital 2021-06-30 11106519 d:ShareCapital 2020-07-01 11106519 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2022-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2020-07-01 2021-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2021-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2020-07-01 11106519 c:OrdinaryShareClass1 2021-07-01 2022-06-30 11106519 c:OrdinaryShareClass1 2022-06-30 11106519 c:OrdinaryShareClass1 2021-06-30 11106519 c:FRS101 2021-07-01 2022-06-30 11106519 c:Audited 2021-07-01 2022-06-30 11106519 c:FullAccounts 2021-07-01 2022-06-30 11106519 c:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 11106519 d:Subsidiary1 2021-07-01 2022-06-30 11106519 d:Subsidiary1 1 2021-07-01 2022-06-30 11106519 c:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 11106519 6 2021-07-01 2022-06-30 11106519 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 11106519 d:AcceleratedTaxDepreciationDeferredTax 2021-06-30 11106519 d:TaxLossesCarry-forwardsDeferredTax 2022-06-30 11106519 d:TaxLossesCarry-forwardsDeferredTax 2021-06-30 11106519 d:OtherDeferredTax 2022-06-30 11106519 d:OtherDeferredTax 2021-06-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11106519







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2022


SHOOTSTA LTD






































img136e.png                        

 


SHOOTSTA LTD
 


 
COMPANY INFORMATION


Directors
T Moylan 
M Pritchett (resigned 16 May 2023)
D Harden (appointed 1 June 2023)




Registered number
11106519



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Trading Address
32 Blackfriars Road

London

SE1 8PB






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SHOOTSTA LTD
REGISTERED NUMBER:11106519



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
20,067
33,903

Investments
 6 
72
72

  
20,139
33,975

Current assets
  

Debtors: amounts falling due within one year
 7 
1,219,963
518,134

Cash at bank and in hand
 8 
287,704
169,601

  
1,507,667
687,735

Creditors: amounts falling due within one year
 9 
(1,751,913)
(1,026,171)

Net current liabilities
  
 
 
(244,246)
 
 
(338,436)

Net liabilities
  
(224,107)
(304,461)


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
 12 
(225,107)
(305,461)

  
(224,107)
(304,461)


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
D Harden
................................................
T Moylan
Director
Director


Date: 27 October 2023
Date:27 October 2023

The notes on pages 10 to 17 form part of these financial statements.

Page 1

 


SHOOTSTA LTD
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2020
1,000
(154,704)
(153,704)



Loss for the year
-
(150,757)
(150,757)



At 1 July 2021
1,000
(305,461)
(304,461)



Profit for the year
-
80,354
80,354


At 30 June 2022
1,000
(225,107)
(224,107)


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1.


General information

Shootsta Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office and registered number of business is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

   

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 3

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.4

Going concern

These financial statements have been prepared on a going concern basis.
The Company realised a net profit before tax of £11,728 and had net liabilities of £224,107 for the year end 30
June 2022. Included in current liabilities is £385,865 owed to Shootsta Pty Limited, a fellow subsidiary, and
£569,435 owed to Shootsta Global Pte. Ltd, the parent, which are repayable on demand. The Directors do not
have any reason to believe that these liabilities will be required to be repaid until the Company is in a position
to do so and it continues to make repayments on this liability as cash flow allows.
The Directors have received confirmation that the ultimate parent company, Shootsta Global Pte. Ltd, will
continue to support the company for at least twelve months from the date of the financial statements being
approved and signed.

 
2.5

Impact of new international reporting standards, amendments and interpretations

There are no other relevant Standards or amendments issued by the IASB that are effective for an annual period that begins on or after 1 January 2022.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.7

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

The Company provides subscription-based video editing services to its customers.

The performance obligations of services are satisfied over time because the customer simultaneously receives and consumes the benefits provided by the company over the period of the subscription. The revenue of these services is recognised over time by reference to the Company's satisfaction of performance obligation.

Page 4

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

  
2.8

Deferred taxation

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.9

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension
plan under which the Company pays fixed contributions into a separate entity. Once the contributions have
been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are
shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately
from the Company in independently administered funds.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
33%
Camera Kits
-
50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported. These estimates and judgements are continually reviewed and are based on factors that are believed to be reasonable under the circumstances.


4.


Employees

2022
2021
£
£

Wages and salaries
823,340
875,593

Social security costs
108,585
101,753

Cost of defined contribution scheme
17,113
19,468

949,038
996,814


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Staff including directors
16
20

Page 6

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

5.


Tangible fixed assets





Office equipment
Computer equipment
Camera Kits
Total

£
£
£
£



Cost


At 1 July 2021
3,668
31,143
86,273
121,084


Additions
-
6,859
5,648
12,507


Disposals
-
(5,410)
(25,527)
(30,937)



At 30 June 2022

3,668
32,592
66,394
102,654



Depreciation


At 1 July 2021
1,576
15,675
69,930
87,181


Charge for the year on owned assets
734
9,930
15,679
26,343


Disposals
-
(5,410)
(25,527)
(30,937)



At 30 June 2022

2,310
20,195
60,082
82,587



Net book value



At 30 June 2022
1,358
12,397
6,312
20,067



At 30 June 2021
2,092
15,468
16,343
33,903


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 July 2021
72



At 30 June 2022
72





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Shootsta Inc
USA
Ordinary
100%

Page 7

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

7.


Debtors

2022
2021
£
£


Trade debtors
235,370
408,827

Amounts owed by group undertakings
871,174
109,307

Other debtors
4,880
-

Prepayments
39,913
-

Deferred taxation
68,626
-

1,219,963
518,134



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
287,704
169,601

287,704
169,601



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
66,775
16,459

Amounts owed to group undertakings
955,300
514,323

Other taxation and social security
48,618
94,812

Other creditors
11,142
7,312

Accruals and deferred income
670,078
393,265

1,751,913
1,026,171


Page 8

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

10.


Deferred taxation




2022


£



Charged to profit or loss
68,626



At end of year
68,626

The deferred tax asset is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(5,017)
-

Tax losses carried forward
70,685
-

Other expense items
2,958
-

68,626
-


11.


Share capital

2022
2021
£
£
Authorised, allotted, called up and fully paid



1,000 (2021 - 1,000) Ordinary shares of £1 each
1,000
1,000



12.


Reserves

Profit and loss account

The profit and loss account includes accumulated profits and losses. 


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £9,690 - (2021- £3,817) were payable to the fund at the reporting date and are included in other creditors.

Page 9

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

14.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up in is Shootsta Global Pte Ltd, a company incorporate in Singapore. Shootsta Global Pte Ltd was incorporated in May 2020 so the first consolidated accounts are for the period to 30 June 2022. These consolidated accounts are available online on the following website: https://www.acra.gov .sg .
The address of their registered office is: 144 Robinson Road, #19-01, Singapore 068908
In accordance with paragraph 4(a) of IFRS 10, the company elects to use the exemption from preparing consolidated financial statements.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2022 was unqualified.

The audit report was signed on 27 October 2023 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 10