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23 September 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
7,769
7,769
xbrli:pure
xbrli:shares
iso4217:GBP
07080857
2023-01-01
2023-12-31
07080857
2023-12-31
07080857
2022-12-31
07080857
2022-01-01
2022-12-31
07080857
2022-12-31
07080857
2021-12-31
07080857
bus:Director3
2023-01-01
2023-12-31
07080857
core:WithinOneYear
2023-12-31
07080857
core:WithinOneYear
2022-12-31
07080857
core:ShareCapital
2023-12-31
07080857
core:ShareCapital
2022-12-31
07080857
core:CapitalRedemptionReserve
2023-12-31
07080857
core:CapitalRedemptionReserve
2022-12-31
07080857
core:RetainedEarningsAccumulatedLosses
2023-12-31
07080857
core:RetainedEarningsAccumulatedLosses
2022-12-31
07080857
bus:SmallEntities
2023-01-01
2023-12-31
07080857
bus:Audited
2023-01-01
2023-12-31
07080857
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
07080857
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
07080857
bus:FullAccounts
2023-01-01
2023-12-31
07080857
core:ComputerEquipment
2023-01-01
2023-12-31
07080857
core:ComputerEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
07080857
Filleted Financial Statements |
|
Year ended 31 December 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
2 |
|
|
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
5 |
687,070 |
243,133 |
Cash at bank and in hand |
3,055 |
2,746 |
|
--------- |
--------- |
|
690,125 |
245,879 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
15,498) |
(
155,009) |
|
--------- |
--------- |
Net current assets |
674,627 |
90,870 |
|
--------- |
-------- |
Total assets less current liabilities |
674,627 |
90,870 |
|
--------- |
-------- |
Net assets |
674,627 |
90,870 |
|
--------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
8 |
Capital redemption reserve |
2 |
2 |
Profit and loss account |
674,617 |
90,860 |
|
--------- |
-------- |
Shareholders funds |
674,627 |
90,870 |
|
--------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Company registration number:
07080857
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, which assumes the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future. At 31 December 2023, the company had net assets of £696,638 (2022: £90,870). The Directors therefore consider it appropriate that these financial statements are prepared on a going concern basis.
Judgements in applying accounting policies and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Revenue Management continually assess the projected total costs of production, which is the basis used for revenue recognition. Where productions are in progress at the year-end and where the billing exceeds the value of the work completed, the excess is classified as deferred income and is shown within creditors. Similarly, where the amount billed is less than the value of the work completed, revenue is accrued and held within debtors. Allowance for doubtful accounts Management continually assesses the recoverability of debtor balances. Where management have concluded that the recoverability of a debtor balance is not virtually certain, a full bad debt provision allowance would be made in the financial statements. When a doubtful debtor balance is recovered, the bad debt provision would be reversed and shown separately from administration costs in the financial statements.
Revenue recognition
Revenue is measured 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 at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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. Revenue represents amounts receivable from the multimedia operations and is recognised over the period of production, in accordance with the underlying signed contract. The revenue is recognised based on the amount of costs incurred as a percentage of total expected costs at completion.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Office Equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
4.
Tangible assets
|
Office equipment |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
7,769 |
|
------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
7,769 |
|
------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
------- |
At 31 December 2022 |
– |
|
------- |
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
67,362 |
35,079 |
Other debtors |
619,708 |
208,054 |
|
--------- |
--------- |
|
687,070 |
243,133 |
|
--------- |
--------- |
|
|
|
Amounts owed by group are interest free, unsecured and repayable on demand.
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
6,426 |
– |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
142,438 |
Other creditors |
9,072 |
12,571 |
|
-------- |
--------- |
|
15,498 |
155,009 |
|
-------- |
--------- |
|
|
|
Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
7.
Contingent liabilities
Coutts & Co holds a fixed and floating charge over the company, to secure loans issued to Unit 9 (UK) Ltd, the parent company of Unit9 Apps Ltd.
8.
Summary audit opinion
The auditor's report dated
23 September 2024
was
unqualified
.
The senior statutory auditor was
Terrence Bourne
, for and on behalf of
Shipleys LLP
.
9.
Related party transactions
During the year, related party transactions were undertaken with group entities. All transactions arose on an arm's length basis through the normal course of business and therefore the directors have taken advantage of the disclosure exemption available under paragraph 1AC.35 of FRS 102. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
10.
Controlling party
The immediate parent company is
Unit 9 (UK) Limited
, a company incorporated in England and Wales. The address of the registered office of Unit 9 (UK) Ltd is 10 Orange Street, Haymarket, London, WC2H 7DQ. The ultimate controlling party is Unit 9 (Holdings) Limited
, a company incorporated in England and Wales. The address of the registered office of Unit 9 Ltd is 10 Orange Street, Haymarket, London, WC2H 7DQ.