Company Registration No. 04229663 (England and Wales)
Bread and Butter Post Productions Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Bread and Butter Post Productions Limited
Contents
Page
Statement of financial position
2
Notes to the financial statements
3 - 8
Bread and Butter Post Productions Limited
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Bread And Butter Post Productions Limited for the year ended 31 December 2023
1
In accordance with the engagement letter dated 17 January 2024, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Bread and Butter Post Productions Limited for the year ended 31 December 2023, set out on pages to 8 from the accounting records and information and explanations you have given to us.
This report is made solely to the Board of Directors of Bread and Butter Post Productions Limited, as a body, in accordance with the terms of our engagement letter dated 17 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Bread and Butter Post Productions Limited and state those matters that we have agreed to state to the Board of Directors of Bread and Butter Post Productions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bread and Butter Post Productions Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Bread and Butter Post Productions 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 Bread and Butter Post Productions Limited. You consider that Bread and Butter Post Productions 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 Bread and Butter Post Productions 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.
Saffery LLP
10 July 2024
Chartered Accountants
71 Queen Victoria Street
United Kingdom
London
EC4V 4BE
Bread and Butter Post Productions Limited
Statement of financial position
As at 31 December 2023
31 December 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,981
8,468
Current assets
Debtors
5
21,590
2,135
Cash at bank and in hand
334,992
706,164
356,582
708,299
Creditors: amounts falling due within one year
6
(31,987)
(169,761)
Net current assets
324,595
538,538
Net assets
329,576
547,006
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
329,574
547,004
Total equity
329,576
547,006
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 July 2024 and are signed on its behalf by:
Andrea MacArthur
Director
Company Registration No. 04229663
Bread and Butter Post Productions Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information
Bread and Butter Post Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company have adopted the going concern basis of accounting for the preparation of the financial statements on the basis of continued support by directors and the financial resources available to the business at the time of approving the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised on an accruals basis when, and to the extent that, the firm obtains the right to consideration in exchange for completion of film and video post production work.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Bread and Butter Post Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Bread and Butter Post Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Bread and Butter Post Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
2023
2022
Number
Number
Total
2
2
Bread and Butter Post Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
19,503
Additions
921
At 31 December 2023
20,424
Depreciation and impairment
At 1 January 2023
11,035
Depreciation charged in the year
4,408
At 31 December 2023
15,443
Carrying amount
At 31 December 2023
4,981
At 31 December 2022
8,468
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
19,474
Other debtors
2,116
2,135
21,590
2,135
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
102,735
Other taxation and social security
18,923
Other creditors
31,987
48,103
31,987
169,761
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of 1p each
196
196
2
2
Bread and Butter Post Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
8
Related party transactions
Included in other creditors is an amount due to the directors of £29,137 (2022: £55,049).
During the year the directors received dividends totalling £130.920 (2022: £153,860).
2023-12-312023-01-01false10 July 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityAndrea MacArthurAmanda PerryAmanda Perryfalse042296632023-01-012023-12-31042296632023-12-31042296632022-12-3104229663core:OtherPropertyPlantEquipment2023-12-3104229663core:OtherPropertyPlantEquipment2022-12-3104229663core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104229663core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104229663core:CurrentFinancialInstruments2023-12-3104229663core:CurrentFinancialInstruments2022-12-3104229663core:ShareCapital2023-12-3104229663core:ShareCapital2022-12-3104229663core:RetainedEarningsAccumulatedLosses2023-12-3104229663core:RetainedEarningsAccumulatedLosses2022-12-3104229663bus:Director12023-01-012023-12-3104229663core:ComputerEquipment2023-01-012023-12-31042296632022-01-012022-12-3104229663core:OtherPropertyPlantEquipment2022-12-3104229663core:OtherPropertyPlantEquipment2023-01-012023-12-3104229663core:WithinOneYear2023-12-3104229663core:WithinOneYear2022-12-3104229663bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104229663bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104229663bus:FRS1022023-01-012023-12-3104229663bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3104229663bus:Director22023-01-012023-12-3104229663bus:CompanySecretary12023-01-012023-12-3104229663bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP