Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalse5545truefalse 03756336 2023-01-01 2023-12-31 03756336 2022-01-01 2022-12-31 03756336 2023-12-31 03756336 2022-12-31 03756336 c:Director3 2023-01-01 2023-12-31 03756336 d:FurnitureFittings 2023-01-01 2023-12-31 03756336 d:FurnitureFittings 2023-12-31 03756336 d:FurnitureFittings 2022-12-31 03756336 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03756336 d:OfficeEquipment 2023-01-01 2023-12-31 03756336 d:OfficeEquipment 2023-12-31 03756336 d:OfficeEquipment 2022-12-31 03756336 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03756336 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03756336 d:CurrentFinancialInstruments 2023-12-31 03756336 d:CurrentFinancialInstruments 2022-12-31 03756336 d:Non-currentFinancialInstruments 2023-12-31 03756336 d:Non-currentFinancialInstruments 2022-12-31 03756336 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03756336 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03756336 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03756336 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03756336 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 03756336 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 03756336 d:ShareCapital 2023-12-31 03756336 d:ShareCapital 2022-12-31 03756336 d:SharePremium 2023-12-31 03756336 d:SharePremium 2022-12-31 03756336 d:CapitalRedemptionReserve 2023-12-31 03756336 d:CapitalRedemptionReserve 2022-12-31 03756336 d:RetainedEarningsAccumulatedLosses 2023-12-31 03756336 d:RetainedEarningsAccumulatedLosses 2022-12-31 03756336 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03756336 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03756336 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03756336 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03756336 d:RetirementBenefitObligationsDeferredTax 2023-12-31 03756336 d:RetirementBenefitObligationsDeferredTax 2022-12-31 03756336 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03756336 c:OrdinaryShareClass1 2023-12-31 03756336 c:OrdinaryShareClass1 2022-12-31 03756336 c:FRS102 2023-01-01 2023-12-31 03756336 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03756336 c:FullAccounts 2023-01-01 2023-12-31 03756336 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03756336 d:WithinOneYear 2023-12-31 03756336 d:WithinOneYear 2022-12-31 03756336 d:BetweenOneFiveYears 2023-12-31 03756336 d:BetweenOneFiveYears 2022-12-31 03756336 2 2023-01-01 2023-12-31 03756336 4 2023-01-01 2023-12-31 03756336 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 03756336









FINELIGHT MEDIA LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FINELIGHT MEDIA LIMITED
REGISTERED NUMBER: 03756336

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,484
33,848

  
27,484
33,848

Current assets
  

Debtors: amounts falling due within one year
 5 
721,567
707,582

Cash at bank and in hand
  
92,785
289,065

  
814,352
996,647

Creditors: amounts falling due within one year
 6 
(644,747)
(473,868)

Net current assets
  
 
 
169,605
 
 
522,779

Total assets less current liabilities
  
197,089
556,627

Creditors: amounts falling due after more than one year
 7 
(28,333)
(48,333)

Provisions for liabilities
  

Deferred tax
 9 
(87,425)
(8,461)

  
 
 
(87,425)
 
 
(8,461)

Net assets
  
81,331
499,833


Capital and reserves
  

Called up share capital 
 10 
1,788
1,788

Share premium account
  
49,781
49,781

Capital redemption reserve
  
79,202
79,202

Profit and loss account
  
(49,440)
369,062

  
81,331
499,833


Page 1

 
FINELIGHT MEDIA LIMITED
REGISTERED NUMBER: 03756336

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 profit and loss account 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 25 September 2024.



................................................
Mr R A Dickson
Director

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

Page 2

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Finelight Media Limited is a company limited by shares, incorporated in England and Wales, with company number 03756336. The registered adress of the company is Units J, K & L And Second Floor Seymour House, Muspole Street, Norwich, Norfolk, England, NR3 1DJ.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors are continually assessing the impact of the current economic climate. This year the company experienced a significant downturn in performance and made a trading loss in the year. However it is not expected that this performance will continue in the future, and results are expected to improve going forwards. Therefore, the directors deem it appropraite to prepare the accounts on a going concern basis.

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

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:

Rendering of services

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

Page 4

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% straight line
Office equipment
-
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.

Page 5

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 55 (2022 - 45).

Page 6

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
16,754
35,052
51,806


Additions
158
8,172
8,330



At 31 December 2023

16,912
43,224
60,136



Depreciation


At 1 January 2023
4,542
13,416
17,958


Charge for the year on owned assets
3,161
11,533
14,694



At 31 December 2023

7,703
24,949
32,652



Net book value



At 31 December 2023
9,209
18,275
27,484



At 31 December 2022
12,211
21,636
33,847

Page 7

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
589,643
650,834

Amounts owed by group undertakings
45,993
-

Other debtors
12,219
2,815

Prepayments and accrued income
41,785
24,411

Amounts recoverable on contracts
31,927
29,522

721,567
707,582



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
20,000
20,000

Trade creditors
54,987
236,720

Amounts owed to group undertakings
446,491
-

Corporation tax
-
140,486

Other taxation and social security
34,867
29,208

Other creditors
9,872
-

Accruals and deferred income
78,530
47,454

644,747
473,868


The bank overdraft is secured by a standard debenture on the assets of the Company.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
28,333
48,333

28,333
48,333


Page 8

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
20,000
20,000


20,000
20,000


Amounts falling due 2-5 years

Bank loans
28,333
48,333


28,333
48,333


48,333
68,333


Page 9

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
8,461


credited to profit or loss
78,964



At end of year
87,425

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
6,871
8,461

Tax losses carried forward
(81,954)
-

Pension surplus
(1,400)
-

87,425
8,461


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



178,792 (2022 - 178,792) Ordinary shares of £0.01 each
1,788
1,788



11.


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 contributions made by the company during the year were £77,938 (2022 - £44,011). The contributions payable to the fund at the balance sheet date were £5,595 (2022 - £Nil).

Page 10

 
FINELIGHT MEDIA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
45,000
40,444

Later than 1 year and not later than 5 years
86,250
-

131,250
40,444


13.


Controlling party

The ultimate controlling party is Finelight Media Group Limited.


Page 11