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Registered number: 11013595









STUDIO SOHO DISTRIBUTION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2022

 
STUDIO SOHO DISTRIBUTION LIMITED
REGISTERED NUMBER: 11013595

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
213,201
135,864

Tangible assets
 5 
1,517
-

Investments
 6 
133,000
73,500

  
347,718
209,364

Current assets
  

Debtors: amounts falling due within one year
 7 
1,303,096
796,985

Cash at bank and in hand
 8 
20,079
37,924

  
1,323,175
834,909

Creditors: amounts falling due within one year
 9 
(1,056,053)
(661,553)

Net current assets
  
 
 
267,122
 
 
173,356

Total assets less current liabilities
  
614,840
382,720

Creditors: amounts falling due after more than one year
 10 
(783,882)
(597,270)

  

Net liabilities
  
(169,042)
(214,550)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(169,052)
(214,560)

  
(169,042)
(214,550)


Page 1

 
STUDIO SOHO DISTRIBUTION LIMITED
REGISTERED NUMBER: 11013595
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 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 comprehensive income 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: 




N P Hamson
Director

Date: 22 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
STUDIO SOHO DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

Soho Soho Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1-2 Portland Mews, London, England, W1F 8JE (Registered number 11013595).

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The director has obtained assurances from the shareholders to continue to provide adequate funds to meet its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
STUDIO SOHO DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
STUDIO SOHO DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
STUDIO SOHO DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2021 - 1).


4.


Intangible assets




Licence fees

£



Cost


At 1 November 2021
145,011


Additions
80,787



At 31 October 2022

225,798



Amortisation


At 1 November 2021
9,147


Charge for the year on owned assets
3,450



At 31 October 2022

12,597



Net book value



At 31 October 2022
213,201



At 31 October 2021
135,864



Page 6

 
STUDIO SOHO DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,022



At 31 October 2022

2,022



Depreciation


Charge for the year on owned assets
505



At 31 October 2022

505



Net book value



At 31 October 2022
1,517



At 31 October 2021
-

Page 7

 
STUDIO SOHO DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2021
73,500


Additions
59,500



At 31 October 2022
133,000





7.


Debtors

2022
2021
£
£


Trade debtors
65,881
28,935

Amounts owed by group undertakings
114,904
110,900

Other debtors
1,068,048
620,093

Prepayments and accrued income
54,263
37,057

1,303,096
796,985



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
20,079
37,924

Less: bank overdrafts
(9,567)
(978)

10,512
36,946


Page 8

 
STUDIO SOHO DISTRIBUTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
9,567
978

Trade creditors
351,944
228,277

Amounts owed to group undertakings
636,678
339,663

Other creditors
72
35

Accruals and deferred income
57,792
92,600

1,056,053
661,553



10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
783,882
597,270

783,882
597,270



11.


Related party transactions

Included in creditors is an amount of £636,678 (2021: £339,663) due to Film Soho Limited, a company under  common control.
Included in trade creditors is an amount of £40,310 (2021: £nil) owed to Film Soho in relation to group undertakings, these were settled in 2023.

 
Page 9