REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2023 |
for |
Seventy7 Manchester Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2023 |
for |
Seventy7 Manchester Limited |
Seventy7 Manchester Limited (Registered number: 01211027) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
Seventy7 Manchester Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bridge House |
12 Market Street |
Glossop |
Derbyshire |
SK13 8AR |
Seventy7 Manchester Limited (Registered number: 01211027) |
Statement of Financial Position |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 7 |
Debtors: amounts falling due after more than one year |
7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
Seventy7 Manchester Limited (Registered number: 01211027) |
Statement of Financial Position - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Seventy7 Manchester Limited (Registered number: 01211027) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Seventy7 Manchester Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The director is required to assess the basis on which the accounts for the year ended 30th November 2023 are prepared and, in particular, whether the going concern basis remains appropriate. |
The company made a loss for the year as a whole reflecting higher costs in the early part of the year and the costs of subsequent downsizing. In the second half of the year the company achieved a return to profitability in each of the last six months of the year. |
Since the year end, the company has continued to trade profitably, and the director is optimistic about achieving a positive result for the year as a whole. |
Notwithstanding the erosion caused by the recent loss making, the company has maintained a substantial level of capital at net asset level and had sizable cash balances at the year-end It has, In addition, the availability of an invoice discounting facility. |
Taking into account the foregoing, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its accounts. |
Preparation of consolidated financial statements |
The financial statements contain information about Seventy7 Manchester Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Income recognition |
Income comprises the turnover attributable to normal contract activity and the sub-letting of studios during the year, exclusive of VAT. |
Normal contract activity is measured on an accruals basis, attributing the revenue to the period in which the service was performed, where activity overlaps the year end. |
Tangible fixed assets |
Improvements to property | - |
Plant and photographic equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investment in a subsidiary company is held at cost less accumulated impairment losses. |
Seventy7 Manchester Limited (Registered number: 01211027) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans. |
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Directors' loans, trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Seventy7 Manchester Limited (Registered number: 01211027) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Plant and | Fixtures |
to | photographic | and | Computer |
property | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
PROVISIONS |
At 1 December 2022 |
and 30 November 2023 | 141,000 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The shares in the group undertaking represent the company’s investment in its Indian subsidiary. Whilst this company provides sub-contract services for the company, no dividends or other distributions have ever been received and it is the directors’ view that any such realisation is remote. Accordingly the investment has been fully impaired. |
7. | DEBTORS |
30.11.23 | 30.11.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Other debtors |
Tax |
Prepayments |
Seventy7 Manchester Limited (Registered number: 01211027) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | DEBTORS - continued |
30.11.23 | 30.11.22 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Taxation under 1 year relates to s455 tax paid in relation to a former director's overdrawn loan account that will become refundable to the company upon repayment of the loan. |
Other debtors over 1 year relate to monies recoverable from D Walter, a former director. The loan is repayable by 4 October 2026, unless extended by mutual consent.. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 63,477 | 45,714 |
Accruals and deferred income |
Social security and other taxes include £54,000 (2022 - £54,000) in respect of taxation obligations relating to historic tax planning. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Social security and other taxes |
Social security and other taxes are in respect of taxation obligations relating to historic tax planning. The amount due is being repaid at £4,500 per calendar month. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.23 | 30.11.22 |
£ | £ |
Bank overdrafts |
Bank loans and overdrafts - unlimited guarantee given by the company dated 20 November 2013 and 2 October 2014. |
Hire purchase contracts - secured on the assets financed. |
11. | ULTIMATE CONTROLLING PARTY |
The directors regard Seventy7 Group Limited, a company incorporated in England and Wales, as being the company's ultimate parent undertaking and controlling party. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Seventy7 Manchester Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Seventy7 Manchester Limited for the year ended 30 November 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Seventy7 Manchester Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Seventy7 Manchester Limited and state those matters that we have agreed to state to the director of Seventy7 Manchester Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Seventy7 Manchester Limited and its director for our work or for this report. |
It is your duty to ensure that Seventy7 Manchester Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Seventy7 Manchester Limited. You consider that Seventy7 Manchester Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Seventy7 Manchester Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bridge House |
12 Market Street |
Glossop |
Derbyshire |
SK13 8AR |