Company registration number 13435174 (England and Wales)
CLEARSKY CINEMA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CLEARSKY CINEMA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CLEARSKY CINEMA LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
13,302
13,958
Cash at bank and in hand
150
317
13,452
14,275
Creditors: amounts falling due within one year
4
(77,500)
(71,750)
Net current liabilities
(64,048)
(57,475)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(64,148)
(57,575)
Total equity
(64,048)
(57,475)

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 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

The financial statements were approved and signed by the director and authorised for issue on 4 April 2024
M Collins
Director
Company registration number 13435174 (England and Wales)
CLEARSKY CINEMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Clearsky Cinema Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Manfield House, 1 Southampton Street, London, WC2R 0LR.

1.1
Reporting period

The previous financial statements were presented for a period longer than one year as these were the first financial statements from incorporation until the first reporting end date. As a result the numbers are not directly comparable with the results for the year-ended 30 June 2023.

1.2
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.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CLEARSKY CINEMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Film tax credits treated as other operating income

The company’s business model of financing feature films incorporates claims under the UK film tax credit legislation. These claims are considered to be part of the ordinary activities of the company and therefore the film tax credit claims are included within other operating income on the face of the profit and loss account.

2
Employees

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

2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
13,302
13,958
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
77,500
71,750
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
CLEARSKY CINEMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
5
Called up share capital
(Continued)
- 4 -

The ordinary shares of £1 each have full and equal rights to participate in voting in all circumstances and in dividends and capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

 

6
Related party transactions
2023
2022
Amounts due to related parties
£
£
Other related parties
73,000
69,500
2023-06-302022-07-01false04 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityM Collinsfalse134351742022-07-012023-06-30134351742023-06-30134351742022-06-3013435174core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3013435174core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3013435174core:ShareCapital2023-06-3013435174core:ShareCapital2022-06-3013435174core:RetainedEarningsAccumulatedLosses2023-06-3013435174core:RetainedEarningsAccumulatedLosses2022-06-3013435174bus:Director12022-07-012023-06-30134351742021-06-022022-06-3013435174core:WithinOneYear2023-06-3013435174core:WithinOneYear2022-06-3013435174core:CurrentFinancialInstruments2023-06-3013435174core:CurrentFinancialInstruments2022-06-3013435174bus:PrivateLimitedCompanyLtd2022-07-012023-06-3013435174bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3013435174bus:FRS1022022-07-012023-06-3013435174bus:AuditExemptWithAccountantsReport2022-07-012023-06-3013435174bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP