Company Registration No. 06400316 (England and Wales)
Juice Moving Images Limited
Unaudited accounts
for the year ended 28 February 2023
Juice Moving Images Limited
Unaudited accounts
Contents
Juice Moving Images Limited
Statement of financial position
as at 28 February 2023
Intangible assets
66,227
89,147
Tangible assets
99,415
90,111
Cash at bank and in hand
1,170,460
1,221,669
Creditors: amounts falling due within one year
(991,188)
(1,262,261)
Net current assets
939,682
724,719
Total assets less current liabilities
1,105,324
903,977
Creditors: amounts falling due after more than one year
-
(59,818)
Provisions for liabilities
Deferred tax
(24,853)
(17,121)
Net assets
1,080,471
827,038
Called up share capital
1,000
1,000
Capital redemption reserve
2
2
Profit and loss account
1,079,469
826,036
Shareholders' funds
1,080,471
827,038
For the year ending 28 February 2023 the company was entitled to exemption from audit 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 responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by
A D Poole
Director
Company Registration No. 06400316
Juice Moving Images Limited
Notes to the Accounts
for the year ended 28 February 2023
Juice Moving Images Limited is a private company, limited by shares, registered in England and Wales, registration number 06400316. The registered office is 2-4 The Byres, Wicklesham Lodge Farm, Farringdon, Oxfordshire, SN7 7PN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Intangible fixed assets (including purchased goodwill and intellectual property) are included at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. During the year to 28 February 2022 the anticipated useful life of intellectual property was reviewed. Intellectual property was considered to have a further useful life of 2 years. The useful life of goodwill purchased during the year to 28 February 2022 was considered to have a useful life of 5 years. Amortisation is therefore provided on the following basis:
Goodwill - 5 years (previously 7 Years)
Intellectual property - 2 Years (previously 7 years)
Juice Moving Images Limited
Notes to the Accounts
for the year ended 28 February 2023
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research and development is written off in the year in which it is incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Government grants received in response to the Covid-19 crisis are credited to the profit and loss account in the period in which the company became entitled to receive them.
Juice Moving Images Limited
Notes to the Accounts
for the year ended 28 February 2023
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the company's shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company's investment in the subsidiary.
Cancellations or settlements are treated as acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
The company has instigated an employee share option scheme to enable employees to acquire fully paid ordinary shares in the capital of the parent company under the relevant terms and conditions of the scheme. The scheme operates over a term not exceeding 10 years. At the balance sheet date the total number of shares potentially involved was 3,500, with 4 potential participants. The exercise price of options granted at the year end was £0.01.
The expense recognised in the profit and loss for the year was £nil.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 March 2022
270,731
50,000
320,731
At 28 February 2023
270,731
50,000
320,731
At 1 March 2022
191,584
40,000
231,584
Charge for the year
17,920
5,000
22,920
At 28 February 2023
209,504
45,000
254,504
At 28 February 2023
61,227
5,000
66,227
At 28 February 2022
79,147
10,000
89,147
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
280,473
38,687
41,495
360,655
Additions
47,635
-
5,411
53,046
Disposals
(5,474)
-
-
(5,474)
At 28 February 2023
322,634
38,687
46,906
408,227
At 1 March 2022
211,867
19,933
38,744
270,544
Charge for the year
33,383
5,001
2,126
40,510
On disposals
(2,242)
-
-
(2,242)
At 28 February 2023
243,008
24,934
40,870
308,812
At 28 February 2023
79,626
13,753
6,036
99,415
At 28 February 2022
68,606
18,754
2,751
90,111
Juice Moving Images Limited
Notes to the Accounts
for the year ended 28 February 2023
Amounts falling due within one year
Trade debtors
586,515
575,193
Amounts due from group undertakings etc.
46,558
46,443
Accrued income and prepayments
110,901
126,286
Other debtors
16,436
17,389
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
20,383
103,261
Trade creditors
75,994
188,474
Taxes and social security
117,259
134,709
Other creditors
35,935
28,504
Loans from directors
95
43
Deferred income
453,881
417,648
8
Creditors: amounts falling due after more than one year
2023
2022
9
Operating lease commitments
2023
2022
At 28 February 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
26,212
Later than one year and not later than five years
265,632
-
10
Transactions with related parties
The company is a subsidiary of Cake Positive Ltd. Accordingly, the company has taken advantage of the exemption in section 33 of FRS 102 from disclosing transactions with the group.
The parent company is Cake Positive Ltd a company incorporated in England and Wales. Their registered office is 2-4 The Byres, Wicklesham Lodge Farm, Farringdon, Oxfordshire SN7 7PN.
12
Average number of employees
During the year the average number of employees was 26 (2022: 21).