Prettybird Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 06622508 (England and Wales)
Prettybird Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Prettybird Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,704
8,918
Current assets
Work in progress
-
296,805
Debtors
4
493,274
611,019
Cash at bank and in hand
1,302,076
1,391,086
1,795,350
2,298,910
Creditors: amounts falling due within one year
5
(437,389)
(1,117,891)
Net current assets
1,357,961
1,181,019
Total assets less current liabilities
1,371,665
1,189,937
Provisions for liabilities
(2,229)
(2,229)
Net assets
1,369,436
1,187,708
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
1,369,434
1,187,706
Total equity
1,369,436
1,187,708
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 23 September 2024 and are signed on its behalf by:
K Emhoff
Director
Company Registration No. 06622508
Prettybird Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Prettybird Limited is a private company limited by shares incorporated in England and Wales. The registered office is Room T132, Third Floor, New Wing Somerset House, Strand, London, United Kingdom, WC2R 1LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is measured by shoot days. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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:
Fixtures, fittings & equipment
25% straight line
1.5
Work in progress
Work in progress represents costs incurred on productions which are shot post year end and are valued at the lower of cost and net realisable value.
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.
Prettybird Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.7
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
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.
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.
1.9
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 profit and loss account 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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
Prettybird Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
58,914
Additions
16,146
At 31 December 2023
75,060
Depreciation and impairment
At 1 January 2023
49,996
Depreciation charged in the year
11,360
At 31 December 2023
61,356
Carrying amount
At 31 December 2023
13,704
At 31 December 2022
8,918
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
286,796
447,551
Amounts owed by group undertakings
75,501
Other debtors
12,577
49,047
Prepayments and accrued income
118,400
114,421
493,274
611,019
Prettybird Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
98,113
108,391
Amounts owed to group undertakings
174,177
Corporation tax
54,692
5,888
Other taxation and social security
110,424
34,470
Other creditors
6,383
5,864
Accruals and deferred income
167,777
789,101
437,389
1,117,891
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
200
200
2
2
Ordinary B Shares of 1p each
22
22
-
-
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Joanna Cosgrove
Statutory Auditor:
Moore Kingston Smith LLP
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
21,346
14,490
Prettybird Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
9
Related party transactions
During the year the company made purchases of £1,874 (2022: £399,850) and sales of £21,562 (2022: £233,375) from and to In Camera Films Ltd. At the year end a balance was owed to the company of £25,425 (2022: £150). In Camera Films Ltd is a related party by virtue of common directors.
On 20 September 2023, Prettybird LLC came under the same 100% control as Prettybird Limited. During the year, up to 20 September 2023, Prettybird Limited made sales of £787,199 (2022: £1,052,528) to and purchases of £10,330 (2022: £339,613) from Prettybird LLC. All outstanding balances at the year end are reflected in the intercompany account. At the prior year end a balance of £16,130 was owed to Prettybird Limited from Prettybird LLC.
On 20 September 2023, Ventureland Limited became under the same 100% control as Prettybird Limited. During the year, up to 20 September 2023, Prettybird Limited made sales of £5,683 (2022: £7,599) to and purchases of £5,527 (2022: £339,613) from Ventureland Limited. At the prior year end a balance of £1,382 was owed to Prettybird Limited from Ventureland Limited.
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with companies that are wholly owned members of the group.
10
Parent company
The immediate parent company is PEH Investco, LLC, by virtue of its 100% shareholding.
There is no ultimate controlling party.