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REGISTERED NUMBER: 07862597 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Cameraworks Ltd

Cameraworks Ltd (Registered number: 07862597)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cameraworks Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J C Appleton





REGISTERED OFFICE: 115 Hampstead Road
London
NW1 3EE





REGISTERED NUMBER: 07862597 (England and Wales)





ACCOUNTANTS: Charles William
Charles William Limited
Chartered Accountants
115 Hampstead Road
London
NW1 3EE

Cameraworks Ltd (Registered number: 07862597)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 73,220 81,355
Tangible assets 5 1,110,683 1,305,639
Investments 6 2 2
1,183,905 1,386,996

CURRENT ASSETS
Debtors 7 136,336 144,305
Cash at bank 327 -
136,663 144,305
CREDITORS
Amounts falling due within one year 8 (814,678 ) (856,152 )
NET CURRENT LIABILITIES (678,015 ) (711,847 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

505,890

675,149

CREDITORS
Amounts falling due after more than one
year

9

(343,336

)

(402,359

)

PROVISIONS FOR LIABILITIES (139,251 ) (191,159 )
NET ASSETS 23,303 81,631

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 23,297 81,625
SHAREHOLDERS' FUNDS 23,303 81,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cameraworks Ltd (Registered number: 07862597)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 August 2024 and were signed by:





J C Appleton - Director


Cameraworks Ltd (Registered number: 07862597)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Cameraworks Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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:

Revenue from a contract to provide equipment to customers is recognised in the period when the rental takes place. Due to the short-term nature of contracts, no revenue is accrued or deferred at the year-end.

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.

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, using the straight-line method.

Depreciation is provided on the following basis:
Lenses - 12 years
Cameras - 6 years
Lighting - 10 years
Other equipment - 6 years
Grip - 12 years

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.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


Cameraworks Ltd (Registered number: 07862597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Operating leases: the company as lessee
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.

Judgements in applying accounting policies
Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 81,355
AMORTISATION
Charge for year 8,135
At 31 December 2023 8,135
NET BOOK VALUE
At 31 December 2023 73,220
At 31 December 2022 81,355

Cameraworks Ltd (Registered number: 07862597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 15,830 3,077,099 3,092,929
Additions - 53,943 53,943
Disposals - (61,720 ) (61,720 )
At 31 December 2023 15,830 3,069,322 3,085,152
DEPRECIATION
At 1 January 2023 1,583 1,785,707 1,787,290
Charge for year 1,583 231,917 233,500
Eliminated on disposal - (46,321 ) (46,321 )
At 31 December 2023 3,166 1,971,303 1,974,469
NET BOOK VALUE
At 31 December 2023 12,664 1,098,019 1,110,683
At 31 December 2022 14,247 1,291,392 1,305,639

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

7. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 50,112 61,395
Amounts owed by group undertakings 14,493 10,064
Other debtors 38,116 39,231
102,721 110,690

Amounts falling due after more than one year:
Other debtors 33,615 33,615

Aggregate amounts 136,336 144,305

Cameraworks Ltd (Registered number: 07862597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 197,250 222,414
Finance leases 53,274 357,275
Trade creditors 134,143 141,206
Taxation and social security 124,154 71,826
Other creditors 305,857 63,431
814,678 856,152

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 75,264 134,287
Finance leases 268,072 268,072
343,336 402,359

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end, the company owed £285,285 (2022 - £52,660) to Mr James Appleton, the director of the company.

11. GOING CONCERN

The director of the Company has committed personal funds to ensure that the Company can meet its liabilities as and when they fall due and as such considers it appropriate for the financial statements to be prepared on a going concern basis.

The director believes the business is progressing well in the post Coronavirus (COVID 19) pandemic period which affected the business significantly,

12. FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the average interest method. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

13. FIXED ASSET INVESTMENTS

Fixed asset investments comprises 100% of Storyhouse Pictures Limited.

14. COMMITMENT & CONTINGENCIES

The company has an ongoing annual business leasehold premises commitments of £144,322.