1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-31 Sage Accounts Production Advanced 2023 - FRS102_2023 25,000 25,000 25,000 xbrli:pure xbrli:shares iso4217:GBP 06322071 2022-07-31 2023-07-29 06322071 2023-07-29 06322071 2022-07-30 06322071 2021-07-31 2022-07-30 06322071 2022-07-30 06322071 2021-07-30 06322071 core:FurnitureFittings 2022-07-31 2023-07-29 06322071 bus:Director1 2022-07-31 2023-07-29 06322071 core:FurnitureFittings 2022-07-30 06322071 core:FurnitureFittings 2023-07-29 06322071 core:AfterOneYear 2023-07-29 06322071 core:AfterOneYear 2022-07-30 06322071 core:WithinOneYear 2023-07-29 06322071 core:WithinOneYear 2022-07-30 06322071 core:UKTax 2022-07-31 2023-07-29 06322071 core:UKTax 2021-07-31 2022-07-30 06322071 core:ShareCapital 2023-07-29 06322071 core:ShareCapital 2022-07-30 06322071 core:RetainedEarningsAccumulatedLosses 2023-07-29 06322071 core:RetainedEarningsAccumulatedLosses 2022-07-30 06322071 core:CostValuation core:Non-currentFinancialInstruments 2023-07-29 06322071 core:Non-currentFinancialInstruments 2023-07-29 06322071 core:Non-currentFinancialInstruments 2022-07-30 06322071 core:FurnitureFittings 2022-07-30 06322071 bus:Director1 2022-07-30 06322071 bus:Director1 2023-07-29 06322071 bus:Director1 2021-07-30 06322071 bus:Director1 2022-07-30 06322071 bus:Director1 2021-07-31 2022-07-30 06322071 bus:SmallEntities 2022-07-31 2023-07-29 06322071 bus:AuditExemptWithAccountantsReport 2022-07-31 2023-07-29 06322071 bus:SmallCompaniesRegimeForAccounts 2022-07-31 2023-07-29 06322071 bus:PrivateLimitedCompanyLtd 2022-07-31 2023-07-29 06322071 bus:FullAccounts 2022-07-31 2023-07-29
COMPANY REGISTRATION NUMBER: 06322071
CELTIC ENTERTAINMENT LIMITED
Filleted Unaudited Financial Statements
29 July 2023
CELTIC ENTERTAINMENT LIMITED
Statement of Financial Position
29 July 2023
29 Jul 23
30 Jul 22
Note
£
£
£
Fixed assets
Tangible assets
6
1,843
2,303
Investments
7
25,000
25,000
--------
--------
26,843
27,303
Current assets
Debtors
8
88,260
61,815
Cash at bank and in hand
11,492
9,454
--------
--------
99,752
71,269
Creditors: amounts falling due within one year
9
125,716
97,555
---------
--------
Net current liabilities
25,964
26,286
--------
--------
Total assets less current liabilities
879
1,017
Creditors: amounts falling due after more than one year
10
396
396
Provisions
Taxation including deferred tax
547
547
----
-------
Net (liabilities)/assets
( 64)
74
----
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 66)
72
----
----
Shareholders (deficit)/funds
( 64)
74
----
----
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.
For the period ending 29 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CELTIC ENTERTAINMENT LIMITED
Statement of Financial Position (continued)
29 July 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
S Sutherland
Director
Company registration number: 06322071
CELTIC ENTERTAINMENT LIMITED
Notes to the Financial Statements
Period from 31 July 2022 to 29 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14 Stratford Road, London, W8 6QD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for film distribution and production income, net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and Fittings
-
20% reducing balance
Equipment
-
20 % reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Tax on profit
Major components of tax expense
Period from
31 Jul 22 to
Year to
29 Jul 23
30 Jul 22
£
£
Current tax:
UK current tax expense
238
6,575
----
-------
Tax on profit
238
6,575
----
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
31 Jul 22 to
Year to
29 Jul 23
30 Jul 22
£
£
Profit on ordinary activities before taxation
100
32,028
----
--------
Profit on ordinary activities by rate of tax
19
6,085
Effect of expenses not deductible for tax purposes
219
490
----
--------
Tax on profit
238
6,575
----
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 31 July 2022 and 29 July 2023
1,545
6,585
8,130
-------
-------
-------
Depreciation
At 31 July 2022
1,221
4,606
5,827
Charge for the period
64
396
460
-------
-------
-------
At 29 July 2023
1,285
5,002
6,287
-------
-------
-------
Carrying amount
At 29 July 2023
260
1,583
1,843
-------
-------
-------
At 30 July 2022
324
1,979
2,303
-------
-------
-------
7. Investments
Other investments other than loans
£
Cost
At 31 July 2022 and 29 July 2023
25,000
--------
Impairment
At 31 July 2022 and 29 July 2023
--------
Carrying amount
At 29 July 2023
25,000
--------
At 30 July 2022
25,000
--------
This consist of 100% holding in Duke Street Films Ltd, a company in which Mr S. Sutherland is a director and a controlling shareholder.
8. Debtors
29 Jul 23
30 Jul 22
£
£
Trade debtors
47,388
Other debtors
40,872
61,815
--------
--------
88,260
61,815
--------
--------
Amount owed by group undertakings of £38,495 (2022: £38,304) is unsecured, interest free and repayable on demand.
9. Creditors: amounts falling due within one year
29 Jul 23
30 Jul 22
£
£
Trade creditors
3,458
Corporation tax
238
8,848
Social security and other taxes
772
772
Amounts owed to associated undertakings- Ovation Capital Limited
394
1,214
Amounts owed to associated undertakings-Celtic Bak Ltd
60,576
55,576
Other creditors
60,278
31,145
---------
--------
125,716
97,555
---------
--------
Amount owed to group undertakings of £60,970 (2022: 56,790) is unsecured, interest free and repayable on demand.
10. Creditors: amounts falling due after more than one year
29 Jul 23
30 Jul 22
£
£
Bank loans and overdrafts
396
396
----
----
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
29 Jul 23
30 Jul 22
£
£
Included in provisions
547
547
----
----
12. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
29 Jul 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
S Sutherland
13,125
( 48,503)
( 35,378)
--------
--------
--------
30 Jul 22
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
S Sutherland
( 690)
13,815
13,125
----
--------
--------
13. Related party transactions
Mr S Sutherland received producers fees of £NIL (2022: £46,459) and Dividends of £NIL (2022: £22,000).