Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05979656 2023-01-01 2023-12-31 05979656 2022-01-01 2022-12-31 05979656 2023-12-31 05979656 2022-12-31 05979656 c:Director1 2023-01-01 2023-12-31 05979656 d:PlantMachinery 2023-01-01 2023-12-31 05979656 d:PlantMachinery 2023-12-31 05979656 d:PlantMachinery 2022-12-31 05979656 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05979656 d:ComputerEquipment 2023-01-01 2023-12-31 05979656 d:ComputerEquipment 2023-12-31 05979656 d:ComputerEquipment 2022-12-31 05979656 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05979656 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05979656 d:OtherPropertyPlantEquipment 2023-12-31 05979656 d:OtherPropertyPlantEquipment 2022-12-31 05979656 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05979656 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05979656 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05979656 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05979656 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 05979656 d:CurrentFinancialInstruments 2023-12-31 05979656 d:CurrentFinancialInstruments 2022-12-31 05979656 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05979656 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05979656 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05979656 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05979656 d:ShareCapital 2023-12-31 05979656 d:ShareCapital 2022-12-31 05979656 d:RetainedEarningsAccumulatedLosses 2023-12-31 05979656 d:RetainedEarningsAccumulatedLosses 2022-12-31 05979656 c:FRS102 2023-01-01 2023-12-31 05979656 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05979656 c:FullAccounts 2023-01-01 2023-12-31 05979656 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05979656 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05979656 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05979656 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05979656









EAST CITY FILMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EAST CITY FILMS LIMITED
REGISTERED NUMBER: 05979656

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
21,504
28,409

Investments
 7 
2
2

  
21,506
28,411

Current assets
  

Debtors: amounts falling due within one year
 8 
20,023
377,627

Cash at bank and in hand
  
462,059
86,536

  
482,082
464,163

Creditors: amounts falling due within one year
 9 
(92,091)
(171,085)

Net current assets
  
 
 
389,991
 
 
293,078

Total assets less current liabilities
  
411,497
321,489

Creditors: amounts falling due after more than one year
  
(6,666)
(10,666)

Provisions for liabilities
  

Deferred tax
  
(5,376)
(5,398)

Net assets
  
 
 
399,455
 
 
305,425


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
398,455
304,425

  
399,455
305,425


Page 1

 
EAST CITY FILMS LIMITED
REGISTERED NUMBER: 05979656
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider 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 directors acknowledge their 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 on 3 September 2024.




A Cowan
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

East City Films Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS. 

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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.

 
2.4

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.
Production revenue
Revenue represents amounts receivable for work carried out in producing virtual reality films and  documentaries, revenue is recognised in line with the underlying production agreements. Provision is made for any loss-making contracts as soon as identified (i.e. expected overspend is in excess of originally anticipated margin). 

Page 3

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting 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 reporting 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 reporting date.

Page 4

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 The estimated useful lives range as follows:

Intellectual property
-
10
years

 
2.9

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.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line
Computer equipment
-
33.33% straight line
VR assets
-
33.33% straight line

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 5

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Basic Financial 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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.


4.


Employees

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

Page 6

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Intellectual property

£



Cost


At 1 January 2023
65,133



At 31 December 2023

65,133



Amortisation


At 1 January 2023
65,133



At 31 December 2023

65,133



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Computer equipment
VR assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
38,571
10,278
34,945
83,794


Additions
-
5,345
-
5,345



At 31 December 2023

38,571
15,623
34,945
89,139



Depreciation


At 1 January 2023
38,571
9,337
7,477
55,385


Charge for the year on owned assets
-
1,164
11,086
12,250



At 31 December 2023

38,571
10,501
18,563
67,635



Net book value



At 31 December 2023
-
5,122
16,382
21,504



At 31 December 2022
-
941
27,468
28,409


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2




Page 8

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
15,390
70,855

Amounts owed by group undertakings
-
66,164

Other debtors
4,633
32

Prepayments and accrued income
-
240,576

20,023
377,627



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
4,000
4,000

Trade creditors
8,269
4,321

Amounts owed to group undertakings
-
5,731

Corporation tax
28,476
82,260

Other taxation and social security
-
4,631

Other creditors
45,578
64,601

Accruals and deferred income
5,768
5,541

92,091
171,085



10.


Deferred taxation




2023


£






At beginning of year
5,398


Charged to profit or loss
(22)



At end of year
5,376

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,376
5,398

Page 9

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently adminstered fund. The pension costs charge represents contributions paid by the company and amounted to £62,000 (2022: £12,000). Amounts owed to the fund at the reporting date totalled £nil (2022: £nil).


12.


Related party transactions

The company is exempt from disclosing related party transactions with companies that are wholly owned within the group.
At the reporting date the company owed A Cowan, a director £22,126 (2022: £32,092) which is included in other creditors. The balance was provided interest free and is repayable on demand.
At the reporting date the company owed D Emerson, a director £23,452 (2022: £32,509) which is included in other creditors. The balance was provided interest free and is repayable on demand.
The company has not entered into any other transactions with related parties that are material and that have not been concluded under normal market conditions. 

Page 10

 
EAST CITY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 11