Registered number: 13770283
CLAPPERBOARD STUDIOS SPV 5 LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLAPPERBOARD STUDIOS SPV 5 LTD
COMPANY INFORMATION
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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 Stautory Auditor
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3rd Floor, Waverley House
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CLAPPERBOARD STUDIOS SPV 5 LTD
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 SPV 5 LTD
REGISTERED NUMBER: 13770283
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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Net current assets/(liabilities)
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Total assets less current liabilities
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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.
The notes on pages 3 to 9 form part of these financial statements.
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CLAPPERBOARD STUDIOS SPV 5 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the period
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Shares issued on incorporation
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At 1 January 2023 (as previously stated)
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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 3 to 9 form part of these financial statements.
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CLAPPERBOARD STUDIOS SPV 5 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Clapperboard Studios SPV 5 Ltd is a private company, limited by shares, incorporated in England and Wales, registration number 13770283. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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:
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.
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CLAPPERBOARD STUDIOS SPV 5 LTD
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. Foreseeablelosses are provided for in full at the point at which the loss is anticipated.
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 SPV 5 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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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.
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'.
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.
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CLAPPERBOARD STUDIOS SPV 5 LTD
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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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 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.
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CLAPPERBOARD STUDIOS SPV 5 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 2 (2022 - 3).
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CLAPPERBOARD STUDIOS SPV 5 LTD
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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Prepayments and accrued income
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Amounts owed by group undertakings 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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Other taxation and social security
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Accruals and deferred income
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
During the prior year the Company entered into a loan agreement for an amount totalling £645,000 in order to fund a production and drew down on £581,951. Interest accrued a £63,049 premium. During the year, the loan was repaid in full and no default interest accrued at 2% over the Bank of England annual base rate applied.
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Allotted, called up and fully paid
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1 (2022 - 1) Ordinary share of £1.00
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CLAPPERBOARD STUDIOS SPV 5 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 £2,241,783 and production costs by £2,227,519 in the profit and loss account, and instead reflect these within the balance sheet as deferred income of £2,241,783 and recognition of work-in-progress of £2,227,519. The net impact on the result for the prior year (restated) was to increase the loss for the period by £14,264.
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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.
At the year end the Company was owed a balance totalling £24,381 (2022 - £24,381) from a related party by virtue of common ownership. The amount is unsecured, interest free and repayable on demand.
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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 8 July 2024 by Kate Barekati (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
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