Silverfin false false 31/12/2023 01/01/2023 31/12/2023 William Samuel Arrowsmith 01/04/2021 Simon Dominic Ingram 13/09/2020 Paula Jayne Miller 01/04/2021 30 August 2024 The principal activity of the Company during the financial period was provision of software and technical support predominantly to the Broadcast and Entertainment industry. 12877180 2023-12-31 12877180 bus:Director1 2023-12-31 12877180 bus:Director2 2023-12-31 12877180 bus:Director3 2023-12-31 12877180 2022-12-31 12877180 core:CurrentFinancialInstruments 2023-12-31 12877180 core:CurrentFinancialInstruments 2022-12-31 12877180 core:ShareCapital 2023-12-31 12877180 core:ShareCapital 2022-12-31 12877180 core:RetainedEarningsAccumulatedLosses 2023-12-31 12877180 core:RetainedEarningsAccumulatedLosses 2022-12-31 12877180 core:OtherPropertyPlantEquipment 2022-12-31 12877180 core:OtherPropertyPlantEquipment 2023-12-31 12877180 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 12877180 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 12877180 bus:OrdinaryShareClass1 2023-12-31 12877180 2023-01-01 2023-12-31 12877180 bus:FilletedAccounts 2023-01-01 2023-12-31 12877180 bus:SmallEntities 2023-01-01 2023-12-31 12877180 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12877180 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12877180 bus:Director1 2023-01-01 2023-12-31 12877180 bus:Director2 2023-01-01 2023-12-31 12877180 bus:Director3 2023-01-01 2023-12-31 12877180 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-01-01 2023-12-31 12877180 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 12877180 2022-01-01 2022-12-31 12877180 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 12877180 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12877180 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 12877180 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12877180 (England and Wales)

MUNTY TOWERS SOFTWARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MUNTY TOWERS SOFTWARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MUNTY TOWERS SOFTWARE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
MUNTY TOWERS SOFTWARE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS William Samuel Arrowsmith
Simon Dominic Ingram
Paula Jayne Miller
SECRETARY Paula Jayne Miller
REGISTERED OFFICE C/O Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
COMPANY NUMBER 12877180 (England and Wales)
CHARTERED ACCOUNTANTS Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
MUNTY TOWERS SOFTWARE LIMITED

BALANCE SHEET

As at 31 December 2023
MUNTY TOWERS SOFTWARE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 45,348 33,412
45,348 33,412
Current assets
Debtors 4 45,444 68,507
Cash at bank and in hand 59,395 63,530
104,839 132,037
Creditors: amounts falling due within one year 5 ( 84,185) ( 102,552)
Net current assets 20,654 29,485
Total assets less current liabilities 66,002 62,897
Net assets 66,002 62,897
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 66,001 62,896
Total shareholder's funds 66,002 62,897

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Munty Towers Software Limited (registered number: 12877180) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

Paula Jayne Miller
Director
MUNTY TOWERS SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MUNTY TOWERS SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Munty Towers Software Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 13

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 46,477 46,477
Additions 27,018 27,018
At 31 December 2023 73,495 73,495
Accumulated depreciation
At 01 January 2023 13,065 13,065
Charge for the financial year 15,082 15,082
At 31 December 2023 28,147 28,147
Net book value
At 31 December 2023 45,348 45,348
At 31 December 2022 33,412 33,412

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 23,716 54,062
Other debtors 21,728 14,445
45,444 68,507

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,085 14,805
Amounts owed to Group undertakings 0 31,987
Amounts owed to Parent undertakings 25,606 18,122
Other taxation and social security 24,729 17,715
Other creditors 27,765 19,923
84,185 102,552

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 416,388 40,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 9,033 7,005

8. Related party transactions

At the balance sheet date, the Company owed £Nil to Ionoco Corporate Events Inc., a company in which a director of the Company has significant influence. Purchases of £1,026 (2022 - £Nil) and Sales of £31,258 (2022 - £Nil) were made in the year to Ionoco Corporate Events Inc.

9. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.