Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01falseMotion picture production1314truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05420160 2023-04-01 2024-03-31 05420160 2022-04-01 2023-03-31 05420160 2024-03-31 05420160 2023-03-31 05420160 2022-04-01 05420160 c:Director4 2023-04-01 2024-03-31 05420160 d:PlantMachinery 2023-04-01 2024-03-31 05420160 d:PlantMachinery 2024-03-31 05420160 d:PlantMachinery 2023-03-31 05420160 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05420160 d:MotorVehicles 2023-04-01 2024-03-31 05420160 d:MotorVehicles 2024-03-31 05420160 d:MotorVehicles 2023-03-31 05420160 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05420160 d:FurnitureFittings 2023-04-01 2024-03-31 05420160 d:FurnitureFittings 2024-03-31 05420160 d:FurnitureFittings 2023-03-31 05420160 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05420160 d:ComputerEquipment 2023-04-01 2024-03-31 05420160 d:ComputerEquipment 2024-03-31 05420160 d:ComputerEquipment 2023-03-31 05420160 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05420160 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05420160 d:Goodwill 2024-03-31 05420160 d:Goodwill 2023-03-31 05420160 d:CurrentFinancialInstruments 2024-03-31 05420160 d:CurrentFinancialInstruments 2023-03-31 05420160 d:Non-currentFinancialInstruments 2024-03-31 05420160 d:Non-currentFinancialInstruments 2023-03-31 05420160 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05420160 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05420160 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05420160 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05420160 d:ShareCapital 2024-03-31 05420160 d:ShareCapital 2023-03-31 05420160 d:RetainedEarningsAccumulatedLosses 2024-03-31 05420160 d:RetainedEarningsAccumulatedLosses 2023-03-31 05420160 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 05420160 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05420160 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 05420160 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 05420160 d:RetirementBenefitObligationsDeferredTax 2024-03-31 05420160 d:RetirementBenefitObligationsDeferredTax 2023-03-31 05420160 c:FRS102 2023-04-01 2024-03-31 05420160 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05420160 c:FullAccounts 2023-04-01 2024-03-31 05420160 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05420160 6 2023-04-01 2024-03-31 05420160 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 05420160










SPECIALIST FILMING LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SPECIALIST FILMING LTD
REGISTERED NUMBER: 05420160

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
228,197
214,816

Investments
 6 
1,856
1,951

  
230,053
216,767

Current assets
  

Debtors: amounts falling due within one year
 7 
517,142
1,257,005

Cash at bank and in hand
  
1,236,645
226,612

  
1,753,787
1,483,617

Creditors: amounts falling due within one year
 8 
(440,559)
(249,008)

Net current assets
  
 
 
1,313,228
 
 
1,234,609

Total assets less current liabilities
  
1,543,281
1,451,376

Creditors: amounts falling due after more than one year
 9 
-
(67,500)

  

Deferred tax
 10 
-
-

Net assets
  
1,543,281
1,383,876


Capital and reserves
  

Called up share capital 
  
99
99

Profit and loss account
  
1,543,182
1,383,777

  
1,543,281
1,383,876


Page 1

 
SPECIALIST FILMING LTD
REGISTERED NUMBER: 05420160
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 statement of income and retained earnings 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 9 October 2024.




P J Beckett
Director

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

Page 2

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Specialist Filming Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 05420160). Its registered office is Unit B4 West 12 Studios, Askew Crescent, London, W12 9DP. The principal activity of the Company throughout the year continued to be that of motion picture production activities. 

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation 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 Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

 
2.5

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 Statement of Income and Retained Earnings 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

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current 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.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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, as follows.

The depreciation rates used are:

Plant and machinery
-
15% - 33% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% 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 the Statement of Income and Retained Earnings.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 6

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest 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 paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 14).

Page 7

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
90,000



At 31 March 2024

90,000



Amortisation


At 1 April 2023
90,000



At 31 March 2024

90,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 8

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
2,257,675
37,162
460
10,995
2,306,292


Additions
80,991
7,087
-
2,399
90,477


Transfers intra group
14,578
10,738
-
234
25,550


Disposals
(18,282)
-
-
-
(18,282)



At 31 March 2024

2,334,962
54,987
460
13,628
2,404,037



Depreciation


At 1 April 2023
2,079,155
1,959
234
10,128
2,091,476


Charge for the year on owned assets
87,890
10,655
57
498
99,100


Disposals
(14,736)
-
-
-
(14,736)



At 31 March 2024

2,152,309
12,614
291
10,626
2,175,840



Net book value



At 31 March 2024
182,653
42,373
169
3,002
228,197



At 31 March 2023
178,520
35,203
226
867
214,816


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,951


Foreign exchange movement
(95)



At 31 March 2024
1,856




Page 9

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
207,555
337,429

Amounts owed by group undertakings
-
667,482

Other debtors
120,920
151,900

Prepayments and accrued income
96,176
27,046

Tax recoverable
70,334
70,334

Deferred taxation
22,157
2,814

517,142
1,257,005



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
67,500
30,000

Trade creditors
57,459
19,644

Amounts owed to group undertakings
54,090
-

Corporation tax
92,436
18,756

Other taxation and social security
87,999
58,710

Other creditors
22,988
-

Accruals and deferred income
58,087
121,898

440,559
249,008


Obligations under finance lease and hire purchase contracts are secured against the relevant assets.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
67,500


Obligations under finance lease and hire purchase contracts are secured against the relevant assets.

Page 10

 
SPECIALIST FILMING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
2,814
36,594


Charged to profit or loss
19,343
(33,780)



At end of year
22,157
2,814

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
9,518
(5,853)

Tax losses carried forward
-
8,667

Pension surplus
12,639
-

22,157
2,814


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 cost charge represents contributions payable by the Company to the fund and amounted to £57,872 (2023 - £10,678). Contributions totalling £50,555 (2023 - £nil) were payable to the fund at the Balance Sheet date and are included in creditors.


12.


Controlling party

The ultimate holding company of Specialist Filming Ltd is Paramex Ventures Limited whose registered office is Unit B4 West 12 Studios, 2a Askew Crescent, London, W12 9DP.
 
Page 11