Registered number: 12665640
CLAPPERBOARD STUDIOS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLAPPERBOARD STUDIOS LIMITED
COMPANY INFORMATION
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S Fernandez-Velasco Fernandez
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J M Fernandez-Velasco Iglesias
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S Huntley (resigned 7 July 2023)
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3rd Floor, Waverley House
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Ecovis Wingrave Yeats LLP
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Chartered Accountants and Statutory Auditor
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3rd Floor, Waverley House
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CLAPPERBOARD STUDIOS LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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CLAPPERBOARD STUDIOS LIMITED
REGISTERED NUMBER: 12665640
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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CLAPPERBOARD STUDIOS LIMITED
REGISTERED NUMBER: 12665640
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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 15 July 2024.
The notes on pages 4 to 13 form part of these financial statements.
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CLAPPERBOARD STUDIOS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Prior year adjustment - correction of error
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At 1 January 2022 (as restated)
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Comprehensive income for the year
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At 1 January 2023 (as previously stated)
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Prior year adjustment - correction of error
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At 1 January 2023 (as restated)
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Comprehensive income for the year
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The notes on pages 4 to 13 form part of these financial statements.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Clapperboard Studios Limited is a private company, limited by shares, incorporated in England and Wales, registration number 12665640. The registered office is 3rd Floor Waverley House, 7-12 Noel Street, London, W1F 8GQ.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The Company made a profit for the year of £220,918 (2022 - £501,948) and has net assets of £985,967 (2022 - £765,048) at the balance sheet date and is expected to continue to generate profits as a result of the production activities in its subsidiary companies.The Company has received confirmation that it, and its subsidiaries, are supported by a group company, Zebra Producciones SA, a company registered in Spain for a period of no less than 12 months from the date of signing of these financial statements. On this basis the directors are satisfied that the Company is able to meet its liabilities as they fall due and for this reason these financial statements have been prepared on a going concern basis.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Turnover represents amounts receivable for the development of television projects and television production activities net of VAT and trade discounts.
For long term contracts, profit is recognised on delivery of each contract where there is a reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.
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Foreign currency translation
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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.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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, using the straight-line method.
Depreciation is provided on the following basis:
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Investments in subsidiaries are measured at cost less accumulated impairment.
Work in Progress (WIP) assets are recorded at the lower of cost or net realisable value and are inclusive of all costs directly related to producing television programmes. Amounts held in WIP are specifically related to producing television programmes and are carried on the balance sheet to the extent that they will generate revenue post year end.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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.
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.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
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.
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Revenue recognition
Production revenues and expenses are recognised on delivery of the contract activity where the outcome of the contract can be estimated reliably, otherwise revenue is recognised only to the extent of recoverable contract costs incurred. Where the outcome is uncertain, revenue is deferred and production costs incurred to date are held on the Balance sheet within work in progress.
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The average monthly number of employees, including directors, during the year was 16 (2022 - 13).
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Clapperboard Madam Blanc Limited
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Clapperboard Studios Deadline Limited
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Clapperboard Studios SPV 1 Ltd
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Clapperboard Studios SPV 2 Ltd
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Clapperboard Studios SPV 3 Ltd
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Clapperboard Studios SPV 4 Ltd
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Clapperboard Studios SPV 5 Ltd
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Clapperboard Studios SPV 6 Ltd
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Clapperboard Studios SPV 7 Ltd
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Clapperboard Studios SPV 8 Ltd
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Clapperboard Studios SPV 9 Ltd
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Clapperboard Studios SPV 10 Ltd
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The registered address of all subsidiaries is 3rd Floor Waverley House, 7-12 Noel Street, London, United Kingdom, W1F 8GQ.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Amounts owed by related parties
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Called up share capital not paid
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Prepayments and accrued income
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Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to related parties
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Other taxation and social security
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Accruals and deferred income
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Within amounts owed to group undertakings is a loan of £5,984,229 (2022 - £495,831) which accrues interest at 4.62% in average per annum. The loan is unsecured and repayable on demand.
All other amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £0.01 each
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These financial statements reflect a prior year restatement due to a change in the Company's revenue recognition policy to align to the Group policy. Revenue was previously recognised on the basis of the percentage stage completion of a production. Following the change in the accounting policy, revenue is recognised on the delivery of each episode, and, as a result, the prior year figures have been restated. The effect is to reduce production income by £177,974 in the profit and loss account, and instead reflect these within the balance sheet as an increase in deferred income of £177,974. The net impact on the result for the prior year (restated) was to reduce the profit for the period by £177,974. The net impact on the opening reserves for the prior year (restated) was to reduce profit for the period by £51,587.
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Related party transactions
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The Company has taken advantage of the exemption available under section 33.1A of FRS 102 and has not disclosed transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
During the year the Company provided a net cash advance to a related party by virtue of common ownership for an amount totalling £5,000 (2022 - £71,124). At the year end £61,124 (2022 - £56,124) is outstanding due from the related party. The amount is unsecured, interest free and repayable on demand.
During the year the Company received a net cash advance from a related party by virtue of common ownership for an amount totalling £118,895 (2022 - £242,903). At the year end £509,505 (2022 - £390,610) is outstanding due to the related party. The amount is unsecured, interest free and repayable on demand.
During the year the Company received a cash advance from a related party by virtue of its shareholding in the Company for an amount totalling £Nil (2022 - £Nil). At the year end £50,000 (2022 - £50,000) is outstanding due to the related party. The amount is unsecured, interest free and repayable on demand.
During the year the Company received a cash advance from a related party by virtue of its shareholding in the Company for an amount totalling £Nil (2022 - £Nil). At the year end £50,000 (2022 - £50,000) is outstanding due to the related party. The amount is unsecured, interest free and repayable on demand.
During the year the Company received a cash advance from a related party by virtue of common ownership for an amount totalling £5,488,394 (2022 - £495,831). At the year end £5,984,229 (2022 - £495,831) is outstanding. Interest is charged on the loan at 4.62% in average per annum. The loan is unsecured and repayable on demand.
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CLAPPERBOARD STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The parent entity of the smallest group within which the financial statements are consolidated at 31 December 2023 is Izen Producciones Audiovisuales S.L., a company registered in Spain. The consolidated financial statements are available from Calle del Comandante Azcarraga 7, 28016, Madrid, Spain.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 15 July 2024 by Kate Barekati (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
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