Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302024-05-01truetruetruetruetruetruetruetruetruetruetruevideo recording equipment supply and editing services162022-07-01false16 11106519 2022-07-01 2023-06-30 11106519 2021-07-01 2022-06-30 11106519 2023-06-30 11106519 2022-06-30 11106519 c:Director1 2022-07-01 2023-06-30 11106519 c:Director2 2022-07-01 2023-06-30 11106519 c:Director2 2023-06-30 11106519 c:RegisteredOffice 2022-07-01 2023-06-30 11106519 d:FurnitureFittings 2022-07-01 2023-06-30 11106519 d:OfficeEquipment 2022-07-01 2023-06-30 11106519 d:OfficeEquipment 2023-06-30 11106519 d:OfficeEquipment 2022-06-30 11106519 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11106519 d:ComputerEquipment 2022-07-01 2023-06-30 11106519 d:ComputerEquipment 2023-06-30 11106519 d:ComputerEquipment 2022-06-30 11106519 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11106519 d:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 11106519 d:OtherPropertyPlantEquipment 2023-06-30 11106519 d:OtherPropertyPlantEquipment 2022-06-30 11106519 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11106519 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11106519 d:CurrentFinancialInstruments 2023-06-30 11106519 d:CurrentFinancialInstruments 2022-06-30 11106519 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11106519 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 11106519 d:ShareCapital 2023-06-30 11106519 d:ShareCapital 2022-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2023-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2022-06-30 11106519 c:FRS101 2022-07-01 2023-06-30 11106519 c:Audited 2022-07-01 2023-06-30 11106519 c:FullAccounts 2022-07-01 2023-06-30 11106519 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11106519 d:Subsidiary1 2022-07-01 2023-06-30 11106519 d:Subsidiary1 1 2022-07-01 2023-06-30 11106519 c:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 11106519 6 2022-07-01 2023-06-30 11106519 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11106519 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 11106519 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 11106519 d:TaxLossesCarry-forwardsDeferredTax 2022-06-30 11106519 d:OtherDeferredTax 2023-06-30 11106519 d:OtherDeferredTax 2022-06-30 iso4217:GBP xbrli:pure
Company registration number: 11106519







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023


SHOOTSTA LTD








































img15aa.png                        

 


SHOOTSTA LTD
 


 
COMPANY INFORMATION


Directors
T Moylan 
D Harden (appointed 1 June 2023)




Registered number
11106519



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Trading Address
32 Blackfriars Road

London

SE1 8PB






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SHOOTSTA LTD
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 9


 


SHOOTSTA LTD
REGISTERED NUMBER:11106519



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
6,842
20,067

Investments
 5 
72
72

  
6,914
20,139

Current assets
  

Debtors: amounts falling due within one year
 6 
1,310,737
1,219,963

Cash at bank and in hand
 7 
186,421
287,704

  
1,497,158
1,507,667

Creditors: amounts falling due within one year
 8 
(1,698,068)
(1,751,913)

Net current liabilities
  
 
 
(200,910)
 
 
(244,246)

Total assets less current liabilities
  
(193,996)
(224,107)

  

  

  

Net liabilities
  
(193,996)
(224,107)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(194,996)
(225,107)

  
(193,996)
(224,107)


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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: 


................................................
D Harden
Director

Date: 29 April 2024

The notes on pages 10 to 17 form part of these financial statements.

Page 1

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Shootsta Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office and registered number of business is disclosed on the company information page.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

   

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 2

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Going concern

As per prior year, these financial statements have been prepared on a going concern basis. 
The Company realised a net profit before tax of £27,226 and had net liabilities of £193,996 for the year end 30 June 2023. Included in current liabilities is £76,628 owed to Shootsta Pty Ltd, the subsidiary held under this company, and £973,950 owed to Shootsta Global Pte. Ltd, the parent, which are repayable on demand. 
The Directors do not have any reason to believe that these liabilities will be required to be repaid until the Company is in a position to do so and it continues to make repayments on this liability as cash flow allows. 
The Directors have received confirmation that the ultimate parent company, Shootsta Global Pte. Ltd, will continue to support the company for at least twelve months from the date of the financial statements being approved and signed to meet its liabilities as they fall due and that it has sufficient resources to provide this financial support.   

 
2.5

Impact of new international reporting standards, amendments and interpretations

There are no other relevant Standards or amendments issued by the IASB that are effective for an annual period that begins on or after 1 January 2023.

 
2.6

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.

 
2.7

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

The Company provides subscription-based video editing services to its customers.

The performance obligations of services are satisfied over time because the customer simultaneously receives and consumes the benefits provided by the company over the period of the subscription. The revenue of these services is recognised over time by reference to the Company's satisfaction of performance obligation.

Page 3

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Current and deferred 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.

 
2.10

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 4

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
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:

Fixtures and fittings
-
20%
Computer equipment
-
33%
Camera Kits
-
50%

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment

  
2.13

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.

  
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
 
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

  
2.15

Financial Instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Page 5

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Employees

2023
2022
£
£

Wages and salaries
606,082
823,340

Social security costs
103,467
108,585

Cost of defined contribution scheme
15,823
17,113

725,372
949,038


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff including directors
16
16


4.


Tangible fixed assets





Office equipment
Computer equipment
Camera Kits
Total

£
£
£
£



Cost


At 1 July 2022
3,668
32,592
66,394
102,654


Additions
-
2,500
2,045
4,545


Disposals
-
(2,712)
(10,883)
(13,595)



At 30 June 2023

3,668
32,380
57,556
93,604



Depreciation


At 1 July 2022
2,310
20,195
60,082
82,587


Charge for the year
731
8,530
5,171
14,432


Disposals
-
(2,560)
(7,697)
(10,257)



At 30 June 2023

3,041
26,165
57,556
86,762



Net book value



At 30 June 2023
627
6,215
-
6,842



At 30 June 2022
1,358
12,397
6,312
20,067

Page 6

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 July 2022
72



At 30 June 2023
72





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Shootsta Inc
USA
Ordinary
100%


6.


Debtors

2023
2022
£
£


Trade debtors
146,623
235,370

Amounts owed by group undertakings
1,079,006
871,174

Other debtors
2,991
4,880

Prepayments
10,606
39,913

Deferred taxation
71,511
68,626

1,310,737
1,219,963



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
186,421
287,704

186,421
287,704


Page 7

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,953
66,775

Amounts owed to group undertakings
1,050,578
955,300

Other taxation and social security
23,384
48,618

Other creditors
1,933
11,142

Accruals and deferred income
618,220
670,078

1,698,068
1,751,913



9.


Deferred taxation




2023


£






At beginning of year
68,626


Charged to profit or loss
2,885



At end of year
71,511

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,711)
(5,017)

Tax losses carried forward
73,069
70,685

Other expense items
153
2,958

71,511
68,626


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £1,933 (2022- £9,690) were payable to the fund at the reporting date and are included in other creditors.

Page 8

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up in is Shootsta Global Pte Ltd, a company incorporate in Singapore. Shootsta Global Pte Ltd was incorporated in May 2020 so the first consolidated accounts are for the period to 30 June 2023. These consolidated accounts are available online on the following website: https://www.acra.gov .sg .
The address of their registered office is: 144 Robinson Road, #19-01, Singapore 068908
.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 1 May 2024 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 9