Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity43truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09729173 2023-01-01 2023-12-31 09729173 2022-01-01 2022-12-31 09729173 2023-12-31 09729173 2022-12-31 09729173 c:Director2 2023-01-01 2023-12-31 09729173 d:PlantMachinery 2023-01-01 2023-12-31 09729173 d:FurnitureFittings 2023-01-01 2023-12-31 09729173 d:CurrentFinancialInstruments 2023-12-31 09729173 d:CurrentFinancialInstruments 2022-12-31 09729173 d:CurrentFinancialInstruments 1 2023-12-31 09729173 d:CurrentFinancialInstruments 1 2022-12-31 09729173 d:Non-currentFinancialInstruments 2023-12-31 09729173 d:Non-currentFinancialInstruments 2022-12-31 09729173 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09729173 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09729173 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09729173 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09729173 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 09729173 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 09729173 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 09729173 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 09729173 d:ShareCapital 2023-12-31 09729173 d:ShareCapital 2022-12-31 09729173 d:SharePremium 2023-12-31 09729173 d:SharePremium 2022-12-31 09729173 d:CapitalRedemptionReserve 2023-12-31 09729173 d:CapitalRedemptionReserve 2022-12-31 09729173 d:RetainedEarningsAccumulatedLosses 2023-12-31 09729173 d:RetainedEarningsAccumulatedLosses 2022-12-31 09729173 c:FRS102 2023-01-01 2023-12-31 09729173 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09729173 c:FullAccounts 2023-01-01 2023-12-31 09729173 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09729173 2 2023-01-01 2023-12-31 09729173 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09729173










INFINITI FILMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INFINITI FILMS LIMITED
REGISTERED NUMBER: 09729173

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
103,284
89,040

Debtors: amounts falling due within one year
 3 
215,406
75,764

Cash at bank and in hand
 4 
88,941
16,843

  
407,631
181,647

Creditors: amounts falling due within one year
 5 
(191,492)
(140,783)

Net current assets
  
 
 
216,139
 
 
40,864

Total assets less current liabilities
  
216,139
40,864

Creditors: amounts falling due after more than one year
 6 
(14,595)
(25,781)

  

Net assets
  
201,544
15,083


Capital and reserves
  

Called up share capital 
  
21,875
21,875

Share premium account
  
113,750
113,750

Capital redemption reserve
  
9,375
9,375

Profit and loss account
  
56,544
(129,917)

  
201,544
15,083


Page 1

 
INFINITI FILMS LIMITED
REGISTERED NUMBER: 09729173
    
BALANCE SHEET (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 comprehensive income 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 11 September 2024.




C Fearnley
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

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

1.


General information

The company is a private company limited by shares, incorporated under the Companies Act 2006 and registered in England and Wales (no.9729173). The address of the registered office is c/o Langtons, The Plaza, 100 Old Hall Street, Liverpool, Merseyside L3 9QJ.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company is the production of co-extruded and blown films.

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

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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.

Page 3

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

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Plant and machinery
-
20%
straight-line
Fixtures and fittings
-
20%
straight-line

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.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements 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
Page 4

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

2.Accounting policies (continued)


2.7
Financial instruments (continued)

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.

 
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

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.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

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

 
2.14

Taxation

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.


3.


Debtors

2023
2022
£
£


Trade debtors
213,016
43,506

Other debtors
2,390
31,531

Prepayments and accrued income
-
727

215,406
75,764


Page 6

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

4.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
88,941
16,843

Less: bank overdrafts
-
(34,673)

88,941
(17,830)



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
34,674

Bank loans
10,145
9,868

Trade creditors
130,722
-

Corporation tax
22,133
-

Other taxation and social security
21,609
40,283

Proceeds of factored debts
-
53,709

Other creditors
4,633
749

Accruals and deferred income
2,250
1,500

191,492
140,783


Other loans are secured by a fixed and floating charge over the assets and undertaking of the company.
The proceeds of factored debts are secured by a fixed and floating charge over the assets and undertaking of the company.


6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,595
25,781

14,595
25,781


Other loans are secured by a fixed and floating charge over the assets and undertaking of the company.

Page 7

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

7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,145
9,869


10,145
9,869

Amounts falling due 1-2 years

Bank loans
10,402
10,119


10,402
10,119

Amounts falling due 2-5 years

Bank loans
4,193
15,662


4,193
15,662


24,740
35,650



8.


Pension commitments

The Company operates a 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 £438 (2022 - £267). Contributions totalling £2,874 (2022 - £1,100) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8