Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-314363trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-05-01falseNo description of principal activity74true 08034958 2022-05-01 2023-03-31 08034958 2021-05-01 2022-04-30 08034958 2023-03-31 08034958 2022-04-30 08034958 c:Director1 2022-05-01 2023-03-31 08034958 d:Buildings d:ShortLeaseholdAssets 2022-05-01 2023-03-31 08034958 d:Buildings d:ShortLeaseholdAssets 2023-03-31 08034958 d:Buildings d:ShortLeaseholdAssets 2022-04-30 08034958 d:PlantMachinery 2022-05-01 2023-03-31 08034958 d:PlantMachinery 2023-03-31 08034958 d:PlantMachinery 2022-04-30 08034958 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-03-31 08034958 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-05-01 2023-03-31 08034958 d:MotorVehicles 2022-05-01 2023-03-31 08034958 d:MotorVehicles 2023-03-31 08034958 d:MotorVehicles 2022-04-30 08034958 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-03-31 08034958 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-01 2023-03-31 08034958 d:OwnedOrFreeholdAssets 2022-05-01 2023-03-31 08034958 d:LeasedAssetsHeldAsLessee 2022-05-01 2023-03-31 08034958 d:CurrentFinancialInstruments 2023-03-31 08034958 d:CurrentFinancialInstruments 2022-04-30 08034958 d:Non-currentFinancialInstruments 2023-03-31 08034958 d:Non-currentFinancialInstruments 2022-04-30 08034958 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08034958 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 08034958 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08034958 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 08034958 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08034958 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-04-30 08034958 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08034958 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-04-30 08034958 d:ShareCapital 2023-03-31 08034958 d:ShareCapital 2022-04-30 08034958 d:RetainedEarningsAccumulatedLosses 2023-03-31 08034958 d:RetainedEarningsAccumulatedLosses 2022-04-30 08034958 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08034958 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 08034958 c:OrdinaryShareClass1 2022-05-01 2023-03-31 08034958 c:OrdinaryShareClass1 2023-03-31 08034958 c:OrdinaryShareClass1 2022-04-30 08034958 c:OrdinaryShareClass2 2022-05-01 2023-03-31 08034958 c:OrdinaryShareClass2 2023-03-31 08034958 c:OrdinaryShareClass2 2022-04-30 08034958 c:FRS102 2022-05-01 2023-03-31 08034958 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-03-31 08034958 c:FullAccounts 2022-05-01 2023-03-31 08034958 c:PrivateLimitedCompanyLtd 2022-05-01 2023-03-31 08034958 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 08034958 d:HirePurchaseContracts d:WithinOneYear 2022-04-30 08034958 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 08034958 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-04-30 08034958 2 2022-05-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08034958









LIGHTWAVE PRODUCTIONS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 11 MONTHS ENDED 31 MARCH 2023

 
LIGHTWAVE PRODUCTIONS LTD
REGISTERED NUMBER: 08034958

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

31 March
30 April
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
877,705
769,087

  
877,705
769,087

Current assets
  

Debtors
 5 
375,638
301,090

Cash at bank and in hand
 6 
49,413
84,929

  
425,051
386,019

Creditors: amounts falling due within one year
 7 
(397,120)
(409,227)

Net current assets/(liabilities)
  
 
 
27,931
 
 
(23,208)

Total assets less current liabilities
  
905,636
745,879

Creditors: amounts falling due after more than one year
 8 
(110,470)
(188,861)

Provisions for liabilities
  

Deferred tax
 11 
(215,138)
(139,670)

  
 
 
(215,138)
 
 
(139,670)

Net assets
  
580,028
417,348


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
579,928
417,248

  
580,028
417,348


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 11 months ended in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 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 income and retained earnings in accordance with provisions
Page 1

 
LIGHTWAVE PRODUCTIONS LTD
REGISTERED NUMBER: 08034958
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 on 21 December 2023.




H J A Clarke
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

1.


General information

Lightwave Productions Ltd is a private company limited by shares  and domiciled in England and Wales. The registered office is at Unit 10 Falcon Business Centre, 14 Wandle Way, Mitcham CR4 4FG. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the 11 months ended in which they are incurred.

Page 4

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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

Current and deferred taxation

The tax expense for the 11 months ended comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.

 
2.11

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.

Page 5

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Short-term leasehold property
-
10%
Straight line
Plant and machinery
-
20%
Straight line
Motor vehicles
-
25%
Reducing balance

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS
Page 6

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the 11 months ended was 7 (2022 - 4).

Page 7

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

4.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2022
-
1,645,151
103,528
1,748,679


Additions
56,500
330,653
45,750
432,903



At 31 March 2023

56,500
1,975,804
149,278
2,181,582



Depreciation


At 1 May 2022
-
929,175
50,417
979,592


Charge for the 11 months ended on owned assets
4,363
280,433
10,485
295,281


Charge for the 11 months ended on financed assets
-
16,831
12,173
29,004



At 31 March 2023

4,363
1,226,439
73,075
1,303,877



Net book value



At 31 March 2023
52,137
749,365
76,203
877,705



At 30 April 2022
-
715,976
53,111
769,087


5.


Debtors

31 March
30 April
2023
2022
£
£

Due after more than one year

Other debtors
44,100
15,500

Due within one year

Trade debtors
246,256
250,263

Prepayments and accrued income
85,282
35,327

375,638
301,090


Page 8

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

6.


Cash and cash equivalents

31 March
30 April
2023
2022
£
£

Cash at bank and in hand
49,413
84,929



7.


Creditors: Amounts falling due within one year

31 March
30 April
2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
104,397
72,473

Corporation tax
47,720
2,134

Other taxation and social security
6,808
8,072

Obligations under finance lease and hire purchase contracts
56,688
72,548

Other creditors
148,504
213,795

Accruals and deferred income
23,003
30,205

397,120
409,227


The following liabilities were secured:

31 March
30 April
2023
2022
£
£



Other creditors
126,338
193,755

Details of security provided:

The loans are secured by a fixed and floating charge over the assets of the Company...

Page 9

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

31 March
30 April
2023
2022
£
£

Bank loans
22,500
31,666

Net obligations under finance leases and hire purchase contracts
54,220
106,639

Other creditors
33,750
50,556

110,470
188,861



9.


Loans


Analysis of the maturity of loans is given below:


31 March
30 April
2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
12,500
21,666


32,500
41,666



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March
30 April
2023
2022
£
£


Within one year
56,638
72,548

Between 1-5 years
54,226
106,639

110,864
179,187

Page 10

 
LIGHTWAVE PRODUCTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS ENDED ENDED 31 MARCH 2023

11.


Deferred taxation






2023


£






At beginning of year
139,670


Charged to profit or loss
75,468



At end of year
215,138

The provision for deferred taxation is made up as follows:

31 March
30 April
2023
2022
£
£


Accelerated capital allowances
215,138
139,670


12.


Share capital

31 March
30 April
2023
2022
£
£
Allotted, called up and fully paid



60 (2022 - 60) Ordinary A shares of £1.00 each
60
60
40 (2022 - 40) Ordinary B shares of £1.00 each
40
40

100

100



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. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £5,616 (2022 - £,2,536) . Contributions totalling £nil (2022 - £nil) were payable to the fund at the reporting date and are included in creditors.

 
Page 11