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Registered number: 03687838









OUTLINE PRODUCTIONS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OUTLINE PRODUCTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
M T Fleming 
U Streib 
H C Veale (resigned 31 January 2024)
L J Mansfield (resigned 31 December 2023)




Company secretary
H C Veale (resigned 31 January 2024)



Registered number
03687838



Registered office
Bankstock Building, 2nd Floor
42-44 De Beauvoir Crescent

London

N1 5SB




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants and Statutory Auditors

3rd Floor Waverley House

7-12 Noel Street

London

W1F 8GQ





 
OUTLINE PRODUCTIONS LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 10


 
OUTLINE PRODUCTIONS LIMITED
REGISTERED NUMBER: 03687838

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible fixed assets
 5 
10
11

  
10
11

Current assets
  

Debtors
 6 
1,685
1,962

Cash at bank and in hand
  
21
453

  
1,706
2,415

Creditors: amounts falling due within one year
 7 
(1,440)
(2,435)

Net current assets/(liabilities)
  
 
 
266
 
 
(20)

Total assets less current liabilities
  
276
(9)

  

Net assets/(liabilities)
  
276
(9)


Capital and reserves
  

Called up share capital 
 8 
-
-

Share premium account
 9 
45
45

Profit and loss account
 9 
231
(54)

  
276
(9)


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 20 September 2024.


M T Fleming
Director

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Outline Productions Limited is a private company limited by shares incorporated in England and Wales, registration number 03687838. The registered office is Bankstock Building, 2nd floor, 42-44 De Beauvoir Crescent, N1 5SB. 

The principal activity of the Company during the year was that of the provision of TV production and distribution services.

2.Accounting policies

  
2.1

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 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 £1,000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 
2.2

Going concern

The Company made a profit for the year of £285,000 (2022 – £73,000) and has net assets of £276,000 (2022 – net liabilities of £9,000). The directors are committed to the Company’s development slate and creative direction, while the production management and operations of the Company remain integrated within the Tin Roof Media Group. The directors are satisfied that the Company is able to meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements, and therefore consider it appropriate that these financial statements be prepared on the going concern basis.

Page 2

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Turnover

Revenue is recognised when 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 from customers, net of trade discounts, VAT and other sales related taxes.
Production revenue comprises broadcaster license fees and other pre-sales receivable for work carried out in producing television programmes. 
To the extent that they meet the requirements of FRS102 certain customer-specific production contracts are reported using the percentage-of-completion method. 
In this method, revenues and gains on customer-specific contracts are recognised based on the stage of completion of the respective project concerned. The percentage of completion is calculated as the ratio of the contract costs incurred up until the end of the year to the total estimated project costs (cost-to-cost method). Irrespective of the extent to which a project has been completed, losses resulting from customer-specific contracts are immediately recognised in full in the year in which the loss is identified. Gross profit on production activity is recognised over the year of the production. 
Overspends on productions are recognised as they arise and underspends are recognised on completion of the productions. 
Distribution revenue from completed programme sales is recognised when it is payable to the company by its distribution agents.

  
2.4

Production costs

In most cases, when the Company is commissioned to make a programme by a broadcaster, the broadcaster pays a licence fee for the programme in their own territory and the Company retains the right to exploit the programme elsewhere. 

  
2.5

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 to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Camera and office equipment                   - 25% reducing balance
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.

Page 3

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Impairment of fixed assets

At each reporting end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

  
2.7

Work in progress

Work in progress comprises costs on productions that are incomplete at the period-end less any amounts recognised as cost of sales.

  
2.8

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments 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. 

  
2.9

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 its financial instruments.
Financial instruments are recognised 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 trade and other receivables, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
 
Page 4

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

Impairment of financial assets 
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date. 
Financial assets are impaired when there is objective evidence that, because of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. 
Derecognition of financial assets 
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 its liabilities. 
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Company 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities 
Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire

  
2.10

Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. 

Page 5

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.11

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. 

  
2.12

Retirement benefits

The Company operates a defined contribution scheme for the benefit of its employees. The amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. 

  
2.13

Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction. 

Monetary assets and liabilities denominated in foreign currencies are translates at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date or the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. Translation differences on the assets and liabilities of overseas subsidiaries are recognised in other comprehensive income.

  
2.14

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the period. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting year.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
Page 6

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

 
2.15

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed. 
Rent free periods or other incentives received for entering into an operating lease are accounted for as a reduction to the expense and are recognised on a straight-line basis over the lease term.


3.


Judgments and key sources of estimation uncertainty

Useful economic life and impairment of tangible fixed assets
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate.  The actual lives of the assets are assessed annually and may vary depending on a number of factors.  In re-assessing asset lives, factors such as technological innovation are taken into account.  Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Deferred tax asset
The Company has not recorded a deferred tax asset relating to the accumulated losses and other deductions of the Company as there is uncertainty as to when future profits will arise within the Company.
Revenue recognition
Management continually assess the projected total costs of each production. On the basis of these estimated, revenue is recognised.
Where productions are in progress at the period end and where billing exceeds the value of the work done, the excess is classified as deferred income.  Where billing is less than the value of work done, the excess is classified as accrued income.


4.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 14).

Page 7

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Camera and office equipment

£000



Cost or valuation


At 1 January 2023
38


Additions
2



At 31 December 2023

40



Depreciation


At 1 January 2023
27


Charge for the year
3



At 31 December 2023

30



Net book value



At 31 December 2023
10



At 31 December 2022
11

Page 8

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors due within one year


2023
2022
£000
£000



Trade debtors
48
1,043

Amounts owed by group undertakings
1,626
526

Other debtors
9
7

Prepayments and accrued income
2
386

1,685
1,962


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
64
290

Amounts owed to group undertakings
1,338
1,050

Other taxation and social security
3
10

Other creditors
-
2

Accruals and deferred income
35
1,083

1,440
2,435


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


8.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
-
-

The Company's ordinary shares have attached to them voting, dividend and capital distribution (including
on winding up) rights but do not confer any rights of redemption.


Page 9

 
OUTLINE PRODUCTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Reserves

Share premium account

Consideration received for shares issued above their nominal value net of transaction costs.

Profit and loss account

Includes all current and prior period retained profits and losses.


10.


Contingent liabilities

The Company is party to a composite guarantee with TC Loans (CBILS) Limited, under which there is an aggregate potential liability of £2,500,000.

TC Loans (CBILS) Limited holds a fixed and floating charge over all assets, property and undertaking of the Company in respect of a loan agreement entered into by the Company's parent. 


11.


Related party transactions

At the year end the Company was owed an amount of £1,626,127 (2022 - £525,790by a fellow subsidiary.


12.


Post balance sheet events

On 15 April 2024 the immediate parent company, Tin Roof Media Ltd, acquired a further 18% of the Ordinary share capital of the Company, at par. 


13.


Controlling party

The Company is a subsidiary of Tin Roof Media Limited, a company registered in the United Kingdom.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20 September 2024 by Kate Barekati (Senior statutory auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 10