Company Registration No. 10049165 (England and Wales)
Flicker Productions Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Flicker Productions Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Flicker Productions Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,630
-
0
Current assets
Debtors
5
540,134
1,697,406
Cash at bank and in hand
21,393
329,480
561,527
2,026,886
Creditors: amounts falling due within one year
6
(978,560)
(2,160,077)
Net current liabilities
(417,033)
(133,191)
Total assets less current liabilities
(414,403)
(133,191)
Creditors: amounts falling due after more than one year
7
(60,000)
(96,000)
Net liabilities
(474,403)
(229,191)
Capital and reserves
Called up share capital
8
1,250
1,250
Share premium account
629,750
629,750
Profit and loss reserves
(1,105,403)
(860,191)
Total equity
(474,403)
(229,191)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Flicker Productions Limited
Statement of financial position (continued)
As at 31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Jamie Munro
Director
Company Registration No. 10049165
Flicker Productions Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information

Flicker Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 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 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

As at the year end, the company has net liabilities of £474,403 (2022: £229,191). The directors acknowledge that the company has cash of £21,393 (2022: £329,480). They have formed the view that, as at the date of approving the financial statements, there is reasonable expectation that the company will have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover comprises amounts receivable for work carried out on productions and is recognised on a straight line basis spread equally over the life of the production. Distribution income is recognised in the period to which it relates.

1.4
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.

Camera
2 years
Computers
2 years
Offfice Equipment
2 years

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 disposal are determined by comparing the processed with the carrying amount and recognised in the statement of profit and loss.

Flicker Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.5
Cash and cash equivalents

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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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 settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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.

Classification of financial liabilities

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.

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.

 

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.

1.7
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.

Flicker Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.8
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.

1.9
Retirement benefits

 

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 

1.10
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.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of employees, including directors, during the period was 13 (2022: 17)

Flicker Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Tangible fixed assets
Plant and machinery etc
Offfice Equipment
Total
£
£
£
Cost
At 1 January 2023
11,612
5,366
16,978
Additions
4,752
-
0
4,752
Disposals
(244)
-
0
(244)
At 31 December 2023
16,120
5,366
21,486
Depreciation and impairment
At 1 January 2023
(11,612)
(5,366)
(16,978)
Depreciation charged in the year
(1,878)
-
0
(1,878)
At 31 December 2023
(13,490)
(5,366)
(18,856)
Carrying amount
At 31 December 2023
2,630
-
2,630
At 31 December 2022
-
-
-
0
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
28,734
1,263,571
Other debtors
511,400
433,835
540,134
1,697,406

A loan to Nick Underhill, a director, amounts to £4,056 (2022: £4,056). The loan is held in other debtors and is outstanding at year end. The loan is interest free and has no fixed repayment date.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
62,467
177,106
Amounts owed to group undertakings
559,737
699,000
Taxation and social security
31,049
293,939
Other creditors
325,307
990,032
978,560
2,160,077
Flicker Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
Creditors: amounts falling due within one year (continued)
7

Within other creditors is an amount owed to Coutts & Company that is part of the Government's Coronavirus Business Interruption Loan Scheme (CBILS). Under the terms of CBILS the Government will pay interest and fees for the first twelve months of the loan and provides a guarantee.

 

To secure the above loan, the company entered in to agreements with Coutts & Company. These agreements contain fixed and floating charges over assets of the company and a negative pledge.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
60,000
96,000
8
Called up share capital
2023
2022
£
£
Ordinary share capital
1,250 Ordinary shares of £1 each
1,250
1,250
9
Related party transactions

During the period, the company was charged fees of £132,377 (2022: £222,522) and recharges of £20,410 (2022: £11,778), both including VAT, by STV Studios Services Limited, a shareholder in the company, and a company with a common director. The amount settled in the year was £221,883 (2022: £149,460). A balance of £52,876 (2022: £89,973) included in trade creditors, £Nil (2022: £19,786) included in accruals and £Nil (2022: £3,192) included in amounts owed to group undertakings is owed to STV Studios Services Limited as at 31 December 2023.

 

The company also received broadcaster and distribution income from Keshet International UK Limited who has an indirect holding in Flicker Productions Limited. The total amount received in the period was £75,113 (2022: £139,553). An amount of £75,125 (2022: £139,541) was settled. The balance at the year end was £0 (2022: £12) included within trade debtors.

10
Parent company

By virtue of their majority shareholding in the company, Colleen Flynn and Nick Underhill are considered to be the ultimate controlling parties.

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