Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30true332022-12-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06713746 2022-12-01 2023-11-30 06713746 2021-12-01 2022-11-30 06713746 2023-11-30 06713746 2022-11-30 06713746 c:Director1 2022-12-01 2023-11-30 06713746 c:Director2 2022-12-01 2023-11-30 06713746 d:PlantMachinery 2022-12-01 2023-11-30 06713746 d:PlantMachinery 2023-11-30 06713746 d:PlantMachinery 2022-11-30 06713746 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06713746 d:MotorVehicles 2022-12-01 2023-11-30 06713746 d:MotorVehicles 2023-11-30 06713746 d:MotorVehicles 2022-11-30 06713746 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06713746 d:OfficeEquipment 2022-12-01 2023-11-30 06713746 d:OfficeEquipment 2023-11-30 06713746 d:OfficeEquipment 2022-11-30 06713746 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06713746 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06713746 d:Goodwill 2022-12-01 2023-11-30 06713746 d:Goodwill 2023-11-30 06713746 d:Goodwill 2022-11-30 06713746 d:CurrentFinancialInstruments 2023-11-30 06713746 d:CurrentFinancialInstruments 2022-11-30 06713746 d:Non-currentFinancialInstruments 2023-11-30 06713746 d:Non-currentFinancialInstruments 2022-11-30 06713746 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 06713746 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 06713746 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 06713746 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 06713746 d:ShareCapital 2023-11-30 06713746 d:ShareCapital 2022-11-30 06713746 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 06713746 d:RetainedEarningsAccumulatedLosses 2023-11-30 06713746 d:RetainedEarningsAccumulatedLosses 2022-11-30 06713746 c:OrdinaryShareClass1 2022-12-01 2023-11-30 06713746 c:OrdinaryShareClass1 2023-11-30 06713746 c:OrdinaryShareClass1 2022-11-30 06713746 c:FRS102 2022-12-01 2023-11-30 06713746 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 06713746 c:FullAccounts 2022-12-01 2023-11-30 06713746 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 06713746 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 06713746 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 06713746 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 06713746 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 06713746 d:Goodwill d:OwnedIntangibleAssets 2022-12-01 2023-11-30 06713746 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06713746










CULTURE COLONY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
CULTURE COLONY LIMITED
REGISTERED NUMBER: 06713746

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
3,827
5,042

Tangible assets
 6 
43,811
46,453

  
47,638
51,495

Current assets
  

Debtors: amounts falling due within one year
 7 
6,275
1,792

Cash at bank and in hand
  
2,233
1,356

  
8,508
3,148

Creditors: amounts falling due within one year
 8 
(21,139)
(20,401)

Net current liabilities
  
 
 
(12,631)
 
 
(17,253)

Total assets less current liabilities
  
35,007
34,242

Creditors: amounts falling due after more than one year
 9 
(14,237)
(18,499)

Provisions for liabilities
  

Deferred tax
 10 
(10,411)
(2,628)

  
 
 
(10,411)
 
 
(2,628)

Net assets
  
10,359
13,115


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
10,259
13,015

  
10,359
13,115


Page 1

 
CULTURE COLONY LIMITED
REGISTERED NUMBER: 06713746
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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 on 10 June 2024.




Peter Telfer
Suzanne Kemp
Director
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Culture Colony Limited, (06713746) , is a private company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at 1 Bryndulas, Ceinws, Machynlleth, Powys, SY20 9EY. 
The principal activity of the company continues to be video production activities. 

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 following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis and with the continued support of the directors and other creditors/lenders.

 
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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 4

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

 
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:

Plant and machinery
-
10%
Motor vehicles
-
10%
Office equipment
-
10%

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

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.

Page 5

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 Balance sheet 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.

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.

Other financial assets

Page 6

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement
Page 7

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.

 
2.15

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.    


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 8

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
53,186



At 30 November 2023

53,186



Amortisation


At 1 December 2022
48,144


Charge for the year on owned assets
1,215



At 30 November 2023

49,359



Net book value



At 30 November 2023
3,827



At 30 November 2022
5,042



Page 9

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
75,619
27,341
7,940
110,900


Additions
2,226
-
-
2,226



At 30 November 2023

77,845
27,341
7,940
113,126



Depreciation


At 1 December 2022
50,772
10,300
3,376
64,448


Charge for the year on owned assets
2,707
1,704
456
4,867



At 30 November 2023

53,479
12,004
3,832
69,315



Net book value



At 30 November 2023
24,366
15,337
4,108
43,811



At 30 November 2022
24,847
17,042
4,564
46,453

Page 10

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
5,160
-

Other debtors
-
1,414

Prepayments and accrued income
1,115
378

6,275
1,792



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
2,393
81

Other creditors
17,086
18,825

Accruals and deferred income
1,660
1,495

21,139
20,401



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
13,533
17,717

Other creditors
704
782

14,237
18,499


Page 11

 
CULTURE COLONY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(2,628)


Charged to profit or loss
(7,783)



At end of year
(10,411)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,953
5,887

Tax losses carried forward
(542)
(3,259)

10,411
2,628


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



12.


Reserves

Profit and loss account

The profit and loss account represents the accumulated  profits of the Company since incorporation less distributions made to the shareholders. 

 
Page 12