Rattling Stick Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 05229504 (England and Wales)
Rattling Stick Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Rattling Stick Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,336
10,403
Current assets
Work in progress
-
285,725
Debtors
4
711,237
2,096,520
Cash at bank and in hand
1,030,431
524,816
1,741,668
2,907,061
Creditors: amounts falling due within one year
5
(1,046,778)
(2,150,944)
Net current assets
694,890
756,117
Total assets less current liabilities
702,226
766,520
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
702,224
766,518
Total equity
702,226
766,520

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
J Frankel
Director
Company Registration No. 05229504
Rattling Stick Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information

Rattling Stick Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have considered the impact that Covid-19 will have on the business and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover represents amounts receivable for provision of services for the principal activity of production of commercials for TV and cinema.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
Over three years
Fixtures, fittings & equipment
20% straight line basis

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.

Rattling Stick Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

Rattling Stick Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
7
Rattling Stick Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
72,188
Additions
1,123
Disposals
(18,186)
At 31 March 2023
55,125
Depreciation and impairment
At 1 April 2022
61,785
Depreciation charged in the year
3,633
Eliminated in respect of disposals
(17,629)
At 31 March 2023
47,789
Carrying amount
At 31 March 2023
7,336
At 31 March 2022
10,403
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
130,105
1,155,050
Other debtors
45,634
45,782
Prepayments and accrued income
535,498
895,688
711,237
2,096,520
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
233,414
556,784
Corporation tax
43,741
62,257
Other taxation and social security
9,240
356,577
Other creditors
75,262
125,262
Accruals and deferred income
685,121
1,050,064
1,046,778
2,150,944
Rattling Stick Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
43,542
48,063
Between two and five years
-
0
43,542
43,542
91,605

 

Rattling Stick Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
8
Related party transactions

Transactions with related parties

During the year the company purchased services of £295,871 (2022: £112,622) from Eleven Films Limited, a company controlled by the director, J Frankel. There were no balances outstanding at the year end.

 

During the year the company purchased services amounting to £718,253 (2022: £554,277) from D Kleinman, as a sole trader. There were no balances outstanding at the year end.

 

During the year the company purchased services of £19,678 (2022: £nil) from Rattling Stick Inc, a company that is a related entity of Rattling Stick Ltd by virtue of shared commanding control. The company also sold services of £223,313 (2022: £914,697) to Rattling Stick Inc.

 

Directors' current account balances

As at the year end the company owed £12,849 (2022: £62,370) to D Kleinman.

 

As at the year end the company was owed £6,689 (2022: £18,534) from J Frankel.

 

During the year the company approved dividends of £233,333 (2022: £nil) to the directors of the company.

 

 

9
Parent company

The company is controlled by D Kleinman by virtue of his 100% equity shareholding.

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