REGISTERED NUMBER: |
SHOWLITE LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
REGISTERED NUMBER: |
SHOWLITE LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Profit and Loss | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 15 |
Cash Flow Statement | 16 |
Notes to the Cash Flow Statement | 17 |
Notes to the Financial Statements | 19 |
SHOWLITE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Registered Auditors (Statutory Auditor) |
Pembroke House |
Llantarnam Park Way |
Cwmbran |
Torfaen |
NP44 3AU |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their strategic report for the year ended 31st March 2024. |
REVIEW OF BUSINESS |
The company was incorporated on 11/02/1992. |
During the year the, then, directors and shareholders completed their long term strategy and brought a younger generation of leadership into the company who share their core objectives. The new majority shareholders bring both different ideas to the company but also reinforce the departing shareholders desire to provide excellent service to all organisers. |
The company is 100% owned by Showlite Holdings Limited, which is 100% owned by C L Digital Holdings Ltd. The group is 100% owned by the directors and the senior management team. Meetings of that cohort take place regularly during the year and all strategic initiatives are developed and explored at those meetings. All shareholders are therefore fully aware of the director's actions and their strategic goals for the success of the company. |
Since acquisition the new directors have increased the company's presence at industry events and increased other marketing activities. They have accelerated the company's adoption of net zero targets and achieving ESSA's sustainability accreditation. They have initiated a project to replace the company's existing online offering by partnering with a leading industry provider. |
The new shareholders have also brought their expertise in graphics to the company and we have been able to widen our offering in that area. In the opposite direction we have also been able to offer our traditional expertise to their own customers. The full impact of these synergies will take some time to fully work though. |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and written in the context of the risks and uncertainties we face. |
Turnover for the year increased by 4.29% from £12,018,787 in 2023 to £12,534,263 in 2024. |
Cost of sales also increased by 7.88% from £7,312,860 in 2023 to £7,888,747 in 2024 resulting in a gross profit for the year of £4,645,516. The gross profit represents 37.06% of turnover, a decrease from 39.15% in the previous year. |
Head count was increased during the year, during the change of ownership, increasing wages by 13.31%. |
Considering other income, expenditure and finance costs, the company made a net profit for the year before taxation of £1,167,230 compared with a net profit of £1,702,087 in the previous year. |
The cash balance has decreased from £2,552,340 in 2023 to £2,268,390 in 2024. |
Our performance in 2024 was encouraging, reflecting a continuing increase in activity in exhibitions and events. |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The business environment in which we operate continues to be challenging. The risks and challenges we are likely to face include: |
- Managing the challenges posed by the ongoing Covid-19 global pandemic when events were cancelled and postponed to later dates. |
- High rates of inflation causing uncertainty for selling prices, as these are often set 12 months in advance. High inflation during those 12 months impacts profit margins. Venues also delay publishing their electrical tariffs which add uncertainty and delay publication of our price lists. |
-We are aware that one major venue may be promoting themselves as a full service contractor by undercutting their electrical tariff. This has the potential to harm the competitiveness of the whole industry and past experience shows this will be a short term exercise until the venue realise that it has made losses rather than profits. |
- Finding and retaining excellent staff, as well as maintaining appropriate staffing levels at each site. The industry remains a labour intensive sector and during covid quality labour left the industry and hasn't returned. The company is working on initiatives with third parties to develop a quality labour pool, which would benefit all contractors, and we have also increased our own head count of quality labour. The company has invested in a younger management team with the capacity to continue our quality of service delivery for many years to come. |
- Managing the burden of increasing fuel and energy costs, increasing overheads. |
- Serious accident to staff or public. The company has placed various safety measures and procedures in place which are audited by external bodies. |
- Loss of computer data. Backups are regularly taken and stored to prevent a catastrophic loss. |
- Theft or loss of physical assets. The company maintains an appropriate level of insurance to cover this. |
The directors actively manage the company so that when risks do materialise they can be addressed promptly and efficiently. |
FUTURE EXPECTATIONS |
2024/2025 will be a bedding in year with many new initiatives being worked on and the benefits of those will take some time to be fully appreciated. |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
KEY PERFORMANCE INDICATORS |
The directors review and monitor all aspects of the business but consider that turnover, gross profit and gross profit percentage are key performance indications for the business. |
KPI | 2024 | 2023 |
Turnover | £12,534,263 | £12,018,787 |
Gross Profit | £4,645,516 | £4,705,927 |
Gross Profit % | 37.06% | 39.15% |
ON BEHALF OF THE BOARD: |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31st March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of activities of exhibition and fair organisers. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st March 2024. |
DIRECTORS |
The directors who have held office during the period from 1st April 2023 to the date of this report are as follows: |
FINANCIAL INSTRUMENTS |
The company's financial instruments comprise of bank balances, trade debtors, trade creditors, hire purchase loans, intercompany loans within the group and bank loans. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial statements concerned is shown below: |
In respect of bank balances, liquidity is managed by maintaining sufficient cash balances. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with Section 414C(11) Companies Act 2006 to set out its strategic report information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. It has done so in respect of future development and financial risks and uncertainties. |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Green & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOWLITE LIMITED |
Qualified Opinion |
We have audited the financial statements of Showlite Limited (the 'company') for the year ended 31st March 2024 which comprise the Profit and Loss, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion, except for the possible effects of the matter described in the basis of qualified opinion section of our audit report, the financial statements: |
* give a true and fair view of the state of the company's affairs as at 31 March 2024 and of the company's profit for the year then ended |
* have been properly prepared in accordance with (United Kingdom Generally Accepted Accounting Practice in conformity with the requirements of the Companies Act 2006 |
* have been prepared in accordance with the requirement of the Companies Act 2006. |
Basis for opinion |
Limitation of scope |
We did not observe the counting of physical stock at 31 March 2023 and are unable to satisfy ourselves by alternative means concerning the opening stock quantities held at 31 March 2023, which are included in the balance sheet at £111,239, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Key audit matters |
Except for the matters described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOWLITE LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
Arising solely from the limitation on the scope of our work relating to opening stock, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of the audit. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOWLITE LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk or irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: |
* Enquiry of management and those charged with governance around actual and potential litigation and claims as actual , suspected and alleged fraud; |
* Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; |
* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
* Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates or indicators of potential bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters which we | required to address |
The comparative figures for the financial year are unaudited as the company was exempt from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SHOWLITE LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Registered Auditors (Statutory Auditor) |
Pembroke House |
Llantarnam Park Way |
Cwmbran |
Torfaen |
NP44 3AU |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
PROFIT AND LOSS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,164,268 | 1,651,353 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,196,474 | 1,732,830 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
BALANCE SHEET - continued |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2024 |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Finance costs paid | (60 | ) | - |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Loans to group undertakings | ( |
) | ( |
) |
New HP loans in the year |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
3,150,673 |
Cash and cash equivalents at end of year |
2 |
2,268,390 |
2,552,340 |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 29,244 | 30,743 |
Finance income | (32,206 | ) | (10,617 | ) |
1,395,203 | 1,909,572 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,268,390 | 2,552,340 |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,552,340 | 3,218,524 |
Bank overdrafts | ( |
) |
2,552,340 | 3,150,673 |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,552,340 | (283,950 | ) | 2,268,390 |
2,552,340 | ( |
) | 2,268,390 |
Debt |
Finance leases | (213,054 | ) | 61,842 | (151,212 | ) |
Debts falling due within 1 year | (200,000 | ) | - | (200,000 | ) |
Debts falling due after 1 year | (566,667 | ) | 200,000 | (366,667 | ) |
(979,721 | ) | 261,842 | (717,879 | ) |
Total | 1,572,619 | (22,108 | ) | 1,550,511 |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Showlite Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in the exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements, but excluding value added tax. |
Revenue is generally recognised as contract activity progress so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. |
Revenue that is contingent on events outside of the company is recognised when the contingent event occurs. |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash flows that are largely independent of the cash flows from other assets or groups of assets. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
(i) Financial assets and liabilities |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on net basis, or to realise the asset and settle the liability simultaneously. |
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at costs (which may be nil) less impairment. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risk and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
(ii) Equity instruments |
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Employees | 63 | 52 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Hire purchase |
PAYE interest |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Deferred tax - accelerated capital allowances | 28,058 | 45,727 |
Total tax charge | 353,149 | 290,740 |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
A Ordinary shares of £1 each |
Interim |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts owed by Group undertakings are unsecured. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Corporation Tax |
Social security and other taxes |
VAT | 405,556 | 433,473 |
Other creditors |
Accruals and deferred income |
The hire purchase agreements are secured on the assets to which they relate. |
The bank loan is secured by a fixed and floating charge over the company's assets. |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
The hire purchase agreements are secured on the assets to which they relate. |
The bank loan is secured by a fixed and floating charge over the company's assets. |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The interest rate on the bank loan is fixed at 2.17%. |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 149,826 | 121,768 |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st April 2023 |
Provided during year |
Balance at 31st March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 3,000 | 3,000 |
B Ordinary | £1 | 1,000 | 1,000 |
C Ordinary | £1 | 800 | 800 |
4,800 | 4,800 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1st April 2023 |
Profit for the year |
At 31st March 2024 |
18. | ULTIMATE PARENT COMPANY |
C L Digital Holdings Ltd (incorporated in UK ) is regarded by the directors as being the company's ultimate parent company. |
Showlite Limited and its parent company, Showlite Holdings Limited were acquired by C L Digital Holdings Ltd on 05/12/2023. |
The immediate parent company is Showlite Holdings Limited, registered in England and Wales at Unit D, Usk Vale Park, Cwmoody, Pontypool, Torfaen, NP4 OJL. |
The ultimate parent company is C L Digital Holdings Ltd, registered in England and Wales at Unit 103-104 Clearwater Road, Queensway Meadows Industrial Estate, Newport, Wales, NP19 4ST. |
SHOWLITE LIMITED (REGISTERED NUMBER: 02686368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
20. | RELATED PARTY DISCLOSURES |
Included in trade debtors is a balance of £2,544 owed by Ottimo Digital Ltd, and included in trade creditors is balance of £59,442 owed to Ottimo Digital Ltd. Ottimo Digital Ltd is a company under the control of the Directors L A Crew and N Lindwall. During the year the company made sales of £2,120 to Ottimo Digital Ltd and purchases of £175,452. |
21. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |