REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
FOR |
CLEAN SWWIPE ENTERTAINMENT PLC |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
FOR |
CLEAN SWWIPE ENTERTAINMENT PLC |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Statement of Directors' Responsibilities | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
CLEAN SWWIPE ENTERTAINMENT PLC |
COMPANY INFORMATION |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Business Advisors |
Summit House |
Woodland Park |
Bradford Road |
Cleckheaton |
West Yorkshire |
BD19 6BW |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
STRATEGIC REPORT |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
The directors present their strategic report for the period 5 August 2022 to 31 August 2023. |
REVIEW OF BUSINESS |
The company was incorporated on 5 August 2022. During the period, the company has conducted preliminary activities for substantive activity to commence in due course. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Compliance with regulation, legal and ethical standards is a high priority for the Board of Directors. The directors are responsible to ensure that a proper internal control framework exists to manage financial risks and that controls operate effectively. The principal risks and uncertainties are inaccurate pricing and external competition. |
STRATEGY |
The company intends to substantively commence its trading activities in the next financial year. The Board of Directors have significant progress to develop the ecosystem and framework for the company to generate profits. |
ON BEHALF OF THE BOARD: |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
The directors present their report with the financial statements of the company for the period 5 August 2022 to 31 August 2023. |
INCORPORATION |
The company was incorporated on 5 August 2022 . |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of motion picture, video and television programme production activities |
DIVIDENDS |
No dividends will be distributed for the period ended 31 August 2023. |
DIRECTORS |
The directors who have held office during the period from 5 August 2022 to the date of this report are as follows: |
Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Shenward LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLEAN SWWIPE ENTERTAINMENT PLC |
Opinion |
We have audited the financial statements of Clean Swwipe Entertainment Plc (the 'company') for the period ended 31 August 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLEAN SWWIPE ENTERTAINMENT PLC |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. |
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which governs the preparation of the financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase profit, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. |
Audit procedures performed included, but not limited to: |
- Enquiry of management around actual and potential litigation claims and instances of non-compliance with laws and regulations; |
- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; |
- Reviewing financial statements disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations; and |
- Review of board meeting minutes (where held). |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CLEAN SWWIPE ENTERTAINMENT PLC |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Business Advisors |
Summit House |
Woodland Park |
Bradford Road |
Cleckheaton |
West Yorkshire |
BD19 6BW |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
INCOME STATEMENT |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
Notes | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | 5 | ( |
) |
Interest receivable and similar income |
LOSS BEFORE TAXATION | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
Notes | £ |
LOSS FOR THE PERIOD | ( |
) |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
( |
) |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2023 |
Notes | £ |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 August 2023 | ( |
) |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
STATEMENT OF CASH FLOWS |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Share issue |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
2 |
Cash and cash equivalents at end of period | 2 | 401 |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Loss before taxation | ( |
) |
Finance income | (1 | ) |
(11,103 | ) |
Increase in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 31 August 2023 |
31.8.23 | 5.8.22 |
£ | £ |
Cash and cash equivalents | 401 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 5.8.22 | Cash flow | At 31.8.23 |
£ | £ | £ |
Net cash |
Cash at bank | - | 401 | 401 |
- | 401 |
Total | - | 401 | 401 |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Clean Swwipe Entertainment Plc is a public company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Details of these judgements can be found in the accounting policies. |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party, |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities in payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Provisions for liabilities |
Provisions are made when 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 the Income Statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position 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. |
Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
4. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the period ended 31 August 2023. |
The average number of employees during the period was NIL. |
£ |
Directors' remuneration |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
£ |
Auditors' remuneration |
CLEAN SWWIPE ENTERTAINMENT PLC (REGISTERED NUMBER: 14278208) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 5 AUGUST 2022 TO 31 AUGUST 2023 |
6. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Loss before tax | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Creation of losses | 2,109 |
Total tax charge | - |
At the year end, the company has £11,102 of trading losses to carry forward. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
Accrued expenses |
9. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal |
value: | £ |
Share capital 1 | £1 | 100,000 |
100,000 Ordinary shares of £1 each were allotted |
10. | RESERVES |
Retained |
earnings |
£ |
Deficit for the period | ( |
) |
At 31 August 2023 | ( |
) |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is K Ssharma by virtue of his shareholding. |