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Company registration number: 04220649
Cinema First Limited
Filleted financial statements
31 July 2023
Cinema First Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Cinema First Limited
Directors and other information
Directors Dr P A Clapp
Mr A Leyshon
Mr I B Jacob
Company number 04220649
Registered office 22 Golden Square
London
W1F 9AD
Auditor Redford & Co Limited
Chartered Accountants
1st Floor
64 Baker Street
London
W1U 7GB
Cinema First Limited
Directors responsibilities statement
Year ended 31 July 2023
The directors are responsible for preparing the directors report 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). 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 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 judgments and accounting estimates that are reasonable and prudent; and
- 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.
Cinema First Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,568 -
_______ _______
1,568 -
Current assets
Debtors 6 203,466 666,560
Cash at bank and in hand 5,763,139 3,458,061
_______ _______
5,966,605 4,124,621
Creditors: amounts falling due
within one year 7 ( 3,412,616) ( 2,387,060)
_______ _______
Net current assets 2,553,989 1,737,561
_______ _______
Total assets less current liabilities 2,555,557 1,737,561
_______ _______
Net assets 2,555,557 1,737,561
_______ _______
Capital and reserves
Called up share capital 8 8
Profit and loss account 2,555,549 1,737,553
_______ _______
Shareholders funds 2,555,557 1,737,561
_______ _______
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Dr P A Clapp Mr A Leyshon Mr I B Jacob
Director Director Director
Company registration number: 04220649
Cinema First Limited
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. The address of the registered office is 22 Golden Square, London, W1F 9AD.
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 and in sterling, which is the functional currency of the company.
Going concern
The directors of the company have prepared the financial statements on a going concern basis as the company will have adequate financial resources to meet its future obligations as they fall due and will be able to settle all liabilities within the agreed terms.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered based on the agreement with the sponsor, stated net of discounts and of Value Added Tax.
Taxation
Current tax is the tax payable in respect of the taxable profit for the current and past periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.Deferred tax is provided in full, when material, in respect of taxation deferred by timing differences between treatment of certain items for taxation and accounting purposes. Deferred tax assets are only recognised to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on rates and laws enacted or substantively enacted by the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 33.3 % straight line
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2022 - -
Additions 2,258 2,258
_______ _______
At 31 July 2023 2,258 2,258
_______ _______
Depreciation
At 1 August 2022 - -
Charge for the year 690 690
_______ _______
At 31 July 2023 690 690
_______ _______
Carrying amount
At 31 July 2023 1,568 1,568
_______ _______
At 31 July 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 193,536 -
Other debtors 9,930 666,560
_______ _______
203,466 666,560
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 25,066 575,907
Corporation tax 217,725 1,120
Social security and other taxes 182,247 -
Other creditors 2,987,578 1,810,033
_______ _______
3,412,616 2,387,060
_______ _______
8. Summary audit opinion
The auditor's report for the year dated 17 April 2024 was unqualified.
The senior statutory auditor was Jarnel Grewal for and on behalf of Redford & Co Limited