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Registered number: 07272938









PRODUCTION SWITCHBOARD MEDIA LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9


 
PRODUCTION SWITCHBOARD MEDIA LIMITED
REGISTERED NUMBER: 07272938

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
112
145

Current assets
  

Debtors: amounts falling due after more than one year
 5 
1,333
1,333

Debtors: amounts falling due within one year
 5 
49,748
67,524

Cash at bank and in hand
  
4,686
7,030

  
55,767
75,887

Creditors: amounts falling due within one year
 6 
(75,404)
(65,367)

Net current (liabilities)/assets
  
 
 
(19,637)
 
 
10,520

Total assets less current liabilities
  
(19,525)
10,665

Creditors: amounts falling due after more than one year
 7 
(14,740)
(17,240)

Net liabilities
  
(34,265)
(6,575)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(34,365)
(6,675)

  
(34,265)
(6,575)


Page 1

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
REGISTERED NUMBER: 07272938

BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 by: 




D G Rudland
Director

Date: 28 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Production Switchboard Media Limited is a private company, limited by shares, and registered in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4AP.
The functional and presentational currency of the company is considered to be pounds sterling (£). 

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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operation for the foreseeable future. The director has confirmed that for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, he will continue to maintain his financial support of the company.
Based on the above, the director believes that the company will have sufficient resources to enable it to continue in operation for a period of at least twelve months from the date of approval of these financial statements.
Therefore the director continues to consider it appropriate to prepare the financial statements on a 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 value added tax.

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.

Page 3

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
25%
reducing balance

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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

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.

Page 4

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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 payments 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.

Page 5

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Pensions

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.

 
2.10

Interest income

Interest income is recognised in Statement of Income and Retained Earnings using the effective
interest method.

 
2.11

Borrowing costs

All borrowing costs are recognised in Statement of Income and Retained Earnings in the year in
which they are incurred.

 
2.12

Taxation

Tax is recognised in Statement of Retained Earnings 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 corporation 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.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).

Page 6

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 September 2022
200
1,853
2,053



At 31 August 2023

200
1,853
2,053



Depreciation


At 1 September 2022
164
1,744
1,908


Charge for the year on owned assets
6
27
33



At 31 August 2023

170
1,771
1,941



Net book value



At 31 August 2023
30
82
112



At 31 August 2022
36
109
145

Page 7

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,333
1,333


2023
2022
£
£

Due within one year

Trade debtors
25,846
29,918

Other debtors
19,457
29,291

Prepayments and accrued income
2,500
1,000

Tax recoverable
1,945
7,315

49,748
67,524



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
2,664

Bank loan
4,401
3,943

Trade creditors
24,004
13,242

Corporation tax
1,359
5,756

Other taxation and social security
1,734
9,714

Other creditors
41,406
27,548

Accruals and deferred income
2,500
2,500

75,404
65,367



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
14,740
17,240


The bank loan is supported by a guarantee from the UK Government to the bank under the Bounce Back Loan Scheme.

Page 8

 
PRODUCTION SWITCHBOARD MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



9.


Pension commitments

The company operates defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £914 (2022 - £1,162). Contributions of £359 (2022 - £558) were payable to the fund at the balance sheet date and are included in creditors.


10.


Transactions with directors

At 1 September 2022, the director owed the company £17,054. During the year the company received net repayments of £11,290. Interest was charged at the HMRC approved rate on the overdrawn balance. At 31 August 2023 the balance owed by the director was £5,764.


Page 9