Caseware UK (AP4) 2022.0.179 2022.0.179 2024-03-312024-03-312024-05-01false52023-04-01trueThe principal activity for the year under review was that of television, sport and corporate video production.5trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05989418 2023-04-01 2024-03-31 05989418 2022-04-01 2023-03-31 05989418 2024-03-31 05989418 2023-03-31 05989418 c:Director1 2023-04-01 2024-03-31 05989418 c:Director2 2023-04-01 2024-03-31 05989418 d:Buildings 2023-04-01 2024-03-31 05989418 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 05989418 d:Buildings d:LongLeaseholdAssets 2024-03-31 05989418 d:Buildings d:LongLeaseholdAssets 2023-03-31 05989418 d:MotorVehicles 2023-04-01 2024-03-31 05989418 d:MotorVehicles 2024-03-31 05989418 d:MotorVehicles 2023-03-31 05989418 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05989418 d:FurnitureFittings 2023-04-01 2024-03-31 05989418 d:FurnitureFittings 2024-03-31 05989418 d:FurnitureFittings 2023-03-31 05989418 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05989418 d:OfficeEquipment 2023-04-01 2024-03-31 05989418 d:OfficeEquipment 2024-03-31 05989418 d:OfficeEquipment 2023-03-31 05989418 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05989418 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05989418 d:CurrentFinancialInstruments 2024-03-31 05989418 d:CurrentFinancialInstruments 2023-03-31 05989418 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05989418 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05989418 d:ShareCapital 2024-03-31 05989418 d:ShareCapital 2023-03-31 05989418 d:RetainedEarningsAccumulatedLosses 2024-03-31 05989418 d:RetainedEarningsAccumulatedLosses 2023-03-31 05989418 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 05989418 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05989418 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05989418 c:OrdinaryShareClass1 2024-03-31 05989418 c:OrdinaryShareClass1 2023-03-31 05989418 c:FRS102 2023-04-01 2024-03-31 05989418 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05989418 c:FullAccounts 2023-04-01 2024-03-31 05989418 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05989418 d:WithinOneYear 2024-03-31 05989418 d:WithinOneYear 2023-03-31 05989418 d:BetweenOneFiveYears 2024-03-31 05989418 d:BetweenOneFiveYears 2023-03-31 05989418 6 2023-04-01 2024-03-31 05989418 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05989418









CLEAN CUT MEDIA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CLEAN CUT MEDIA LIMITED
REGISTERED NUMBER: 05989418

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
13,806
44,252

Investments
 6 
528,000
528,000

  
541,806
572,252

Current assets
  

Debtors: amounts falling due within one year
 7 
21,556
47,434

Cash at bank and in hand
 8 
13,652
5,209

  
35,208
52,643

Creditors: amounts falling due within one year
 9 
(117,611)
(156,284)

Net current liabilities
  
 
 
(82,403)
 
 
(103,641)

Total assets less current liabilities
  
459,403
468,611

Provisions for liabilities
  

Deferred tax
 10 
(2,622)
(8,408)

  
 
 
(2,622)
 
 
(8,408)

Net assets
  
456,781
460,203


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
456,779
460,201

  
456,781
460,203


Page 1

 
CLEAN CUT MEDIA LIMITED
REGISTERED NUMBER: 05989418
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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: 




................................................
Robert O'Farrell
................................................
Martin Lane
Director
Director


Date: 1 May 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Clean Cut Media Limited is a Limited Company incorporated in the United Kingdom. The address of its registered office is Unit 5, St Johns Mews 13 St. Johns Road, Hampton Wick, Kingston Upon Thames, Surrey, KT1 4AN.

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

The Directors believe that the Company will have adequate resources to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing these financial statements.

 
2.3

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.

  
2.4

Expenses

Expenses incurred have been recognised on an accruals basis.

  
2.5

Property

Property is carried at fair value determined annually by external valuers and derived from the current market rents and property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No amortisation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.6

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.

Page 3

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
straight line basis over 3 years
Production equipment
-
straight line basis over 3 years
Fixtures & fittings
-
straight line basis over 3 years
Office equipment
-
straight line basis over 3 years

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.

 
2.7

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position 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.

Page 4

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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'.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

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.

Page 6

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at date of the Statement of Financial Position and the amounts reported for revenues and expenses during the year.
Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year are addressed below.
Useful economic lives and residual values of non financial assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the non financial assets and note 2.6 for the useful economic lives for each class of assets.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience. Note 12 contains details of the net carrying amount of the debtors and any associated impairment provision. 


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 7

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold Improvements
Production Equipment
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
36,452
241,522
27,421
108,663
414,058



At 31 March 2024

36,452
241,522
27,421
108,663
414,058



Depreciation


At 1 April 2023
36,452
239,589
26,462
67,303
369,806


Charge for the year on owned assets
-
1,933
959
27,554
30,446



At 31 March 2024

36,452
241,522
27,421
94,857
400,252



Net book value



At 31 March 2024
-
-
-
13,806
13,806



At 31 March 2023
-
1,933
959
41,360
44,252


6.


Property





Property

£



Cost or valuation


At 1 April 2023
528,000



At 31 March 2024
528,000




On 28 January 2020 the property owned by Clean Cut Media Ltd was independently valued by Levene Chartered Surveyors at £528,000.


7.


Debtors

2024
2023
£
£


Trade debtors
-
20,308
Page 8

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.Debtors (continued)


Other debtors
21
3,047

Prepayments and accrued income
21,535
24,079

21,556
47,434



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,652
5,209

13,652
5,209



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,487
30,956

Corporation tax
5,857
280

Other taxation and social security
8,233
7,444

Other creditors
45,000
65,000

Accruals and deferred income
43,034
52,604

117,611
156,284



10.


Deferred taxation




2024


£






At beginning of year
(8,408)


Charged to the profit or loss
5,786



At end of year
(2,622)

Page 9

 
CLEAN CUT MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,622)
(8,408)

(2,622)
(8,408)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,000
24,000

Later than 1 year and not later than 5 years
-
2,000

2,000
26,000

 
Page 10