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Company registration number: 06640100
Unit 7 Film Services Ltd
Unaudited filleted financial statements
31 July 2023
Unit 7 Film Services Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Unit 7 Film Services Ltd
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 325,321 322,581
_______ _______
325,321 322,581
Current assets
Stocks 41,225 57,246
Debtors 7 56,331 27,793
Cash at bank and in hand 58,460 32,417
_______ _______
156,016 117,456
Creditors: amounts falling due
within one year 8 ( 230,753) ( 270,298)
_______ _______
Net current liabilities ( 74,737) ( 152,842)
_______ _______
Total assets less current liabilities 250,584 169,739
Creditors: amounts falling due
after more than one year 9 ( 85,852) ( 105,623)
Provisions for liabilities ( 31,200) ( 24,646)
_______ _______
Net assets 133,532 39,470
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 133,530 39,468
_______ _______
Shareholders funds 133,532 39,470
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2024 , and are signed on behalf of the board by:
Mr Mark Shelley
Director
Company registration number: 06640100
Unit 7 Film Services Ltd
Statement of changes in equity
Year ended 31 July 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2021 2 79,102 79,104
Profit for the year 80,366 80,366
_______ _______ _______
Total comprehensive income for the year - 80,366 80,366
Dividends paid and payable ( 70,000) ( 70,000)
User defined investments by and distributions to owners movement 1 - ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 120,000) ( 120,000)
_______ _______ _______
At 31 July 2022 and 1 August 2022 2 39,467 39,469
Profit for the year 161,063 161,063
_______ _______ _______
Total comprehensive income for the year - 161,063 161,063
Dividends paid and payable ( 67,000) ( 67,000)
_______ _______ _______
Total investments by and distributions to owners - ( 67,000) ( 67,000)
_______ _______ _______
At 31 July 2023 2 133,530 133,532
_______ _______ _______
Unit 7 Film Services Ltd
Notes to the financial statements
Year ended 31 July 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 The Four Columns, Broughton Hall Business Park, Skipton, North Yorkshire, BD23 3AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the end of the reporting period can be measured reliably and the costs incurred and costs to complete the transaction can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 25 % reducing balance
Equipment for hire - 5 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2022 and 31 July 2023 34,560 34,560
_______ _______
Amortisation
At 1 August 2022 and 31 July 2023 34,560 34,560
_______ _______
Carrying amount
At 31 July 2023 - -
_______ _______
At 31 July 2022 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Equipment for hire Total
£ £ £ £ £ £
Cost
At 1 August 2022 196,532 80,366 78,203 58,717 52,386 466,204
Additions 3,986 - 2,797 - 15,429 22,212
_______ _______ _______ _______ _______ _______
At 31 July 2023 200,518 80,366 81,000 58,717 67,815 488,416
_______ _______ _______ _______ _______ _______
Depreciation
At 1 August 2022 - 51,178 37,410 35,348 19,685 143,621
Charge for the year - 7,299 4,199 5,843 2,133 19,474
_______ _______ _______ _______ _______ _______
At 31 July 2023 - 58,477 41,609 41,191 21,818 163,095
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 July 2023 200,518 21,889 39,391 17,526 45,997 325,321
_______ _______ _______ _______ _______ _______
At 31 July 2022 196,532 29,188 40,793 23,369 32,701 322,583
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 46,678 21,357
Other debtors 9,653 6,436
_______ _______
56,331 27,793
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 19,057 17,151
Trade creditors 3,235 2,292
Corporation tax 44,618 19,578
Social security and other taxes 40,321 24,922
Other creditors 123,522 206,355
_______ _______
230,753 270,298
_______ _______
The bank loan is secured by a Fixed charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 85,852 105,623
_______ _______
The bank loan is secured by a Fixed charge over the assets of the company.