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COMPANY REGISTRATION NUMBER: 02828689
Clear Cut Pictures Limited
Filleted Financial Statements
30 June 2023
Clear Cut Pictures Limited
Consolidated Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
687,387
521,308
Current assets
Debtors
6
1,122,947
1,128,490
Investments
7
202,120
193,893
Cash at bank and in hand
995,624
1,007,225
------------
------------
2,320,691
2,329,608
Creditors: amounts falling due within one year
8
( 765,563)
( 1,138,838)
------------
------------
Net current assets
1,555,128
1,190,770
------------
------------
Total assets less current liabilities
2,242,515
1,712,078
------------
------------
Net assets
2,242,515
1,712,078
------------
------------
Capital and reserves
Called up share capital
25,000
25,000
Other reserves
68,639
68,639
Profit and loss account
2,148,876
1,618,439
------------
------------
Shareholders funds
2,242,515
1,712,078
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
H G Queiro
Director
Company registration number: 02828689
Clear Cut Pictures Limited
Company Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
533,643
521,308
Investments
5
40,000
40,000
---------
---------
573,643
561,308
Current assets
Debtors
6
1,077,069
798,674
Investments
7
202,120
193,893
Cash at bank and in hand
794,535
663,305
------------
------------
2,073,724
1,655,872
Creditors: amounts falling due within one year
8
( 1,053,838)
( 1,102,936)
------------
------------
Net current assets
1,019,886
552,936
------------
------------
Total assets less current liabilities
1,593,529
1,114,244
------------
------------
Net assets
1,593,529
1,114,244
------------
------------
Capital and reserves
Called up share capital
25,000
25,000
Profit and loss account
1,568,529
1,089,244
------------
------------
Shareholders funds
1,593,529
1,114,244
------------
------------
The profit for the financial year of the parent company was £ 479,284 (2022: £ 125,742 loss).
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
H G Queiro
Director
Company registration number: 02828689
Clear Cut Pictures Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 44-48 Bloomsbury Street, London, WC18 3QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Group recorded a profit for the year of £530,437 (2022: £9,282) and had net assets at the year-end of £2,242,515 (2022: £1,712,078). The director has considered the risks and uncertainties of the Group and the Company's expected cash flows and has a reasonable expectation that both the Group and the Company have adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the Director continues to adopt the going concern basis in preparing the financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Clear Cut Pictures Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Revenue recognition
Revenue is measured to the extent that it is probably that the economic benefits will flow to the and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from a contract to provide services is recognised in the period 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. For the year ended 30 June 2022, a dilapidation expense of £300,000 was recorded in the financial statements.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
10% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss and held as a current investment.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Group
Leasehold improvements
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
927,483
1,131,217
679,838
336,418
3,074,956
Additions
124,522
295,025
26,935
446,482
Disposals
( 589,173)
( 589,173)
---------
------------
---------
---------
------------
At 30 June 2023
462,832
1,426,242
706,773
336,418
2,932,265
---------
------------
---------
---------
------------
Depreciation
At 1 July 2022
918,952
643,187
675,759
315,748
2,553,646
Charge for the year
9,132
257,828
4,478
5,311
276,749
Disposals
( 585,517)
( 585,517)
---------
------------
---------
---------
------------
At 30 June 2023
342,567
901,015
680,237
321,059
2,244,878
---------
------------
---------
---------
------------
Carrying amount
At 30 June 2023
120,265
525,227
26,536
15,359
687,387
---------
------------
---------
---------
------------
At 30 June 2022
8,531
488,030
4,079
20,670
521,310
---------
------------
---------
---------
------------
Company
Leasehold improvements
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
711,925
1,131,217
679,838
336,418
2,859,398
Additions
266,826
19,053
285,879
Disposals
( 589,173)
( 589,173)
---------
------------
---------
---------
------------
At 30 June 2023
122,752
1,398,043
698,891
336,418
2,556,104
---------
------------
---------
---------
------------
Depreciation
At 1 July 2022
703,394
643,187
675,759
315,748
2,338,088
Charge for the year
4,875
255,478
4,226
5,311
269,890
Disposals
( 585,517)
( 585,517)
---------
------------
---------
---------
------------
At 30 June 2023
122,752
898,665
679,985
321,059
2,022,461
---------
------------
---------
---------
------------
Carrying amount
At 30 June 2023
499,378
18,906
15,359
533,643
---------
------------
---------
---------
------------
At 30 June 2022
8,531
488,030
4,079
20,670
521,310
---------
------------
---------
---------
------------
5. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
40,000
--------
Impairment
At 1 July 2022 and 30 June 2023
--------
Carrying amount
At 1 July 2022 and 30 June 2023
40,000
--------
At 30 June 2022
40,000
--------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
The Edit Store Limited
Ordinary
100
Clear Cut Nations and Regions Limited
Ordinary
100
6. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
719,019
993,403
634,710
620,081
Amounts owed by group undertakings and undertakings in which the company has a participating interest
83,596
48,289
Other debtors
403,928
135,087
358,763
130,304
------------
------------
------------
---------
1,122,947
1,128,490
1,077,069
798,674
------------
------------
------------
---------
7. Investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Other investments
202,120
193,893
202,120
193,893
---------
---------
---------
---------
8. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
177,375
127,397
155,714
97,694
Amounts owed to group undertakings and undertakings in which the company has a participating interest
330,914
84,029
Social security and other taxes
246,666
270,804
234,847
193,539
Other creditors
341,522
740,637
332,363
727,674
---------
------------
------------
------------
765,563
1,138,838
1,053,838
1,102,936
---------
------------
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
565,563
550,187
314,993
314,445
Later than 1 year and not later than 5 years
1,246,747
1,775,740
675,985
990,978
Later than 5 years
161,108
197,678
------------
------------
---------
------------
1,973,418
2,523,605
990,978
1,305,423
------------
------------
---------
------------
10. Other financial commitments
As at the reporting date, the company and the group had no capital or other commitments or contracts for capital expenditure in place (2022: £nil).
11. Charges
There is a charge dated 11 May 2016 in favour of Svenska Handelsbanken Ab. The charge contains a fixed and floating charge over all the property of the undertaking of the company. There is a security dated 28 July 1998 in favour of Inchstar Limited, in respect of a rent deed.
12. Summary audit opinion
The auditor's report for the year dated 13 February 2024 was unqualified .
The senior statutory auditor was Terrence Bourne , for and on behalf of Shipleys LLP .
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:
Balance brought forward and outstanding
2023
2022
£
£
H G Queiro
55,000
( 22,094)
--------
--------
14. Related party transactions
Group
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
15. Controlling party
The ultimate controlling party is considered to be the director, H G Queiro .