Company registration number 06501596 (England and Wales)
CATAPULT PRODUCTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CATAPULT PRODUCTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CATAPULT PRODUCTIONS LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
27,012
29,964
Investment property
5
1,557,958
1,521,810
Investments
6
62,082
59,183
1,647,052
1,610,957
Current assets
Debtors
7
11,896
453,592
Cash at bank and in hand
492,216
73,704
504,112
527,296
Creditors: amounts falling due within one year
8
(108,751)
(54,324)
Net current assets
395,361
472,972
Total assets less current liabilities
2,042,413
2,083,929
Creditors: amounts falling due after more than one year
9
(297,765)
(327,040)
Provisions for liabilities
10
(84,174)
(72,563)
Net assets
1,660,474
1,684,326
Capital and reserves
Called up share capital
11
100
100
Non-distributable profits reserve
12
251,498
343,532
Distributable profit and loss reserves
1,408,876
1,340,694
Total equity
1,660,474
1,684,326

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

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

CATAPULT PRODUCTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 November 2023
Mrs S F Young
Director
Company registration number 06501596 (England and Wales)
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Catapult Productions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5a Bear Lane, Southwark, London, United Kingdom, SE1 0UH.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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:

Equipment
25% p.a straight line basis
Fixtures and fittings
10 years straight line
Computers
25% p.a 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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Interest in ThinCats and Wine are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.6
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.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.9
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
1
1
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Tangible fixed assets
Equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 March 2022
955
34,410
7,565
42,930
Additions
971
-
0
-
0
971
Disposals
-
0
-
0
(7,565)
(7,565)
At 28 February 2023
1,926
34,410
-
0
36,336
Depreciation and impairment
At 1 March 2022
239
5,162
7,565
12,966
Depreciation charged in the year
482
3,441
-
0
3,923
Eliminated in respect of disposals
-
0
-
0
(7,565)
(7,565)
At 28 February 2023
721
8,603
-
0
9,324
Carrying amount
At 28 February 2023
1,205
25,807
-
0
27,012
At 28 February 2022
716
29,248
-
0
29,964
5
Investment property
2023
£
Fair value
At 1 March 2022
1,521,810
Revaluations
36,148
At 28 February 2023
1,557,958

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director Sally Young. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

6
Fixed asset investments
2023
2022
£
£
Investments
82
82
Other Investments - Wine
45,699
47,477
Loans
16,301
11,624
62,082
59,183
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
Other investments - ThinCats
Other Investments - Wine
Total
£
£
£
£
Cost or valuation
At 1 March 2022
82
11,624
47,477
59,183
Movement
-
4,677
(1,778)
2,899
At 28 February 2023
82
16,301
45,699
62,082
Carrying amount
At 28 February 2023
82
16,301
45,699
62,082
At 28 February 2022
82
11,624
47,477
59,183
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,590
4,589
Amounts owed by group undertakings
-
0
1,811
Other debtors
3,306
447,192
11,896
453,592
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
29,744
18,926
Trade creditors
13,303
10,615
Amounts owed to group undertakings
45,381
-
0
Corporation tax
5,323
2,249
Other taxation and social security
-
0
1,111
Other creditors
15,000
21,423
108,751
54,324
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
297,765
327,040
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
(168,753)
186,886
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
84,174
72,563
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share A of £1 each
50
50
50
50
Ordinary share B of £1 each
50
50
50
50
100
100
100
100
12
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
343,532
191,264
Non distributable profits in the year
(92,034)
152,268
At the end of the year
251,498
343,532
13
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Load Cell Rental Limited
45,381
-

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Catapulted Ltd
-
1,811
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
14
Directors' transactions

Dividends totalling £12,923 (2022 - £227,333) were paid in the year in respect of shares held by the company's directors.

 

 

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