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Registered number: 14016634









CLAPPERBOARD STUDIOS SPV 9 LTD









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 
 
COMPANY INFORMATION


Directors
S Huntley (resigned 7 July 2023)
M G Klokkos 




Registered number
14016634



Registered office
3rd Floor, Waverley House
7-12 Noel Street

London






Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants and Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London









 
CLAPPERBOARD STUDIOS SPV 9 LTD
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 8


 
CLAPPERBOARD STUDIOS SPV 9 LTD
REGISTERED NUMBER: 14016634

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Work in progress
 5 
1,220,506
-

Debtors: amounts falling due within one year
 6 
1,396,265
1

Bank and cash balances
  
4,263
-

  
2,621,034
1

Creditors: amounts falling due within one year
 7 
(2,621,033)
-

Net current assets
  
 
 
1
 
 
1

Total assets less current liabilities
  
1
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 8 
1
1

  
1
1


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 8 July 2024.




M G Klokkos
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Total equity

£
£


At 31 March 2022
-
-


Comprehensive income for the year

Profit for the year
-
-

Shares issued on incorporation
1
1



At 1 January 2023
1
1


Comprehensive income for the year

Profit for the year
-
-


At 31 December 2023
1
1


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Clapperboard Studios SPV 9 Ltd is a private company, limited by shares, incorporated in England and Wales, registration 14016634. The registered office is 3rd Floor Waverley House, 7-12 Noel Street, London, W1F 8GQ.

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 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:

 
2.2

Going concern

The directors are committed to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. As a result, the directors consider it appropriate that these financial statements are prepared on the going concern basis.

 
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:

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.

Page 3

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Work in progress

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.

 
2.5

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'.

 
2.6

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
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.

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
Page 4

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

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
Page 5

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

 
2.8

Taxation

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Revenue recognition

Production revenues and expenses are recognised by reference to the stage of completion 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. 


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 2).


5.


Work in progress

2023
2022
£
£

Work in progress
1,220,506
-

1,220,506
-


Page 6

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
4,862
-

Amounts owed by group undertakings
564,129
-

Other debtors
79,590
-

Called up share capital not paid
-
1

Prepayments and accrued income
747,684
-

1,396,265
1


Amount owed by group undertakings are unsecured, interest free and repayable on demand. 


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
140,029
-

Amounts owed to group undertakings
1,401,924
-

Other taxation and social security
54,494
-

Other creditors
178,295
-

Accruals and deferred income
846,291
-

2,621,033
-


Amount owed to group undertakings are unsecured, interest free and repayable on demand. 


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 7

 
CLAPPERBOARD STUDIOS SPV 9 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

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 paid a cash advance totalling £190,000 (2022- £Nil) to a related party by virtue of the Company's shareholding in the entity. At the year end an amount totalling £190,000 (2022 - £Nil) was outstanding due from the related party.

10.


Controlling party

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.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 8 July 2024 by Kate Barekati (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 8