Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false02022-01-01falseFinancial and other support0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05998748 2022-01-01 2022-12-31 05998748 2021-01-01 2021-12-31 05998748 2022-12-31 05998748 2021-12-31 05998748 c:CompanySecretary1 2022-01-01 2022-12-31 05998748 c:Director1 2022-01-01 2022-12-31 05998748 c:Director2 2022-01-01 2022-12-31 05998748 c:RegisteredOffice 2022-01-01 2022-12-31 05998748 c:Agent1 2022-01-01 2022-12-31 05998748 d:CurrentFinancialInstruments 2022-12-31 05998748 d:CurrentFinancialInstruments 2021-12-31 05998748 d:Non-currentFinancialInstruments 2022-12-31 05998748 d:Non-currentFinancialInstruments 2021-12-31 05998748 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05998748 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05998748 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05998748 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 05998748 d:ShareCapital 2022-12-31 05998748 d:ShareCapital 2021-12-31 05998748 d:RetainedEarningsAccumulatedLosses 2022-12-31 05998748 d:RetainedEarningsAccumulatedLosses 2021-12-31 05998748 c:OrdinaryShareClass1 2022-01-01 2022-12-31 05998748 c:OrdinaryShareClass1 2022-12-31 05998748 c:OrdinaryShareClass1 2021-12-31 05998748 c:OrdinaryShareClass2 2022-01-01 2022-12-31 05998748 c:OrdinaryShareClass2 2022-12-31 05998748 c:OrdinaryShareClass2 2021-12-31 05998748 c:FRS102 2022-01-01 2022-12-31 05998748 c:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 05998748 c:FullAccounts 2022-01-01 2022-12-31 05998748 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05998748 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05998748









SHORTSTV FRANCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
SHORTSTV FRANCE LIMITED
 
 
COMPANY INFORMATION


Directors
M L Schneider 
F C Pilcher 




Company secretary
R M Mackenzie



Registered number
05998748



Registered office
Unit 2.01a Piano House
9 Brighton Terrace

London

England

SW9 8DJ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Victoria House

199 Avebury Boulevard

Milton Keynes

MK9 1AU




Bankers
Barclays Bank PLC
1 Churchill Place

London

E14 5HP





 
SHORTSTV FRANCE LIMITED
 

CONTENTS



Page
Accountants' report
 
1
Statement of financial position
 
2 - 3
Notes to the financial statements
 
4 - 9

  
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Report to the directors on the preparation of the unaudited statutory financial statements of ShortsTV France Limited for the year ended 31 December 2022 

We have compiled the accompanying financial statements of ShortsTV France Limited (the ‘Company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of ShortsTV France Limited as at 31 December 2022, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com.

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 9 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of the Company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 9 August 2023. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its directors, as a body, for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Milton Keynes

31 January 2024
Page 1

 
SHORTSTV FRANCE LIMITED
REGISTERED NUMBER:05998748

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note

  

Current assets
  

Debtors
 4 
384,805
341,810

Cash at bank and in hand
  
11,919
12,069

  
396,724
353,879

Creditors: amounts falling due within one year
 5 
(875,176)
(915,552)

Net current liabilities
  
 
 
(478,452)
 
 
(561,673)

Total assets less current liabilities
  
(478,452)
(561,673)

Creditors: amounts falling due after more than one year
 6 
(156,036)
(146,660)

  

Net liabilities
  
(634,488)
(708,333)


Capital and reserves
  

Called up share capital 
 7 
325,001
325,001

Profit and loss account
  
(959,489)
(1,033,334)

  
(634,488)
(708,333)

Page 2

 
SHORTSTV FRANCE LIMITED
REGISTERED NUMBER:05998748
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




F C Pilcher
Director
Date: 31 January 2024


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SHORTSTV FRANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

ShortsTV France Limited is a private company, limited by shares and is incorporated in England and Wales.
Registered number: 05998748
Registered office:
Unit 2.01a Piano House
9 Brighton Terrace
London 
England
SW9 8DJ

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the Company has received confirmation from the group of its intention to continue to provide financial and other support to the extent necessary to enable the Company to continue to pay its liabilities as and when they become due for a period not less than one year from the date of approval of these financial statements. Having regard to this intention, the directors believe it is appropriate to prepare these financial statements on a going concern basis.
 
When assessing whether the group are able to provide the financial support required, the directors note that forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate with the level of its current facilities in order to be able to provide the support required.

Page 4

 
SHORTSTV FRANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currencies

Exchange gains and losses are recognised in the profit or loss.

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 5

 
SHORTSTV FRANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.4
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
SHORTSTV FRANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The average monthly number of employees during the year was 0 (2021: 0).


4.


Debtors

2022
2021

Due after more than one year


Debtors due after more than 1 year
384,805
341,810

Page 7

 
SHORTSTV FRANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Creditors: Amounts falling due within one year

2022
2021

Trade creditors
3,172
3,172

Amounts owed to group undertakings
868,685
832,830

Accruals and deferred income
3,319
79,550

875,176
915,552


Amounts owed to group undertakings totalling €868,685 are unsecured, carry no interest and are repayable on demand.


6.


Creditors: Amounts falling due after more than one year

2022
2021

Amounts owed to group undertakings
156,036
146,660


The loan notes totalling €156,036 are unsecured, carry interest at 11.72% and are redeemable in full on 24 November 2024.


7.


Share capital

As restated
2022
2021
Allotted, called up and fully paid



928,571 (2021: 928,571) Ordinary shares of 0.35 each
325,000
325,000
1 (2021: 1) Ordinary share of £1.00
1
1

325,001

325,001

The Ordinary shares of €0.35 and Ordinary share of £1.00 each rank equally in all respects including dividends, voting rights and capital (including on winding up) with the Ordinary shares of £1.00 each. Each Ordinary €0.35 share and Ordinary £1.00 share is entitled to one vote in any circumstances.
The foreign exchange rate used is the historic rate of €1.3983 for every £1.00



8.


Prior year adjustment

A prior year adjustment has been carried out to correct the number of Ordinary shares of £1.00 disclosed from 2 shares issued to 1 share issued. This has reduced the share capital balance from €325,002 to €325,001 and increased the profit and loss reserve from (€1,033,335) to (€1,033,334).

Page 8

 
SHORTSTV FRANCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Related party transactions

The Company has taken advantage of the exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group. 


10.


Immediate parent undertaking

The immediate parent undertaking of the company is Shorts International Limited, a company registered in England and Wales, with the same registered address as the company.

Page 9