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Registered number: 12361112 (England and Wales)














SHUTTLEROCK UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SHUTTLEROCK UK LIMITED
 
 
COMPANY INFORMATION


Directors
J Hendriksen 
J Mole 




Registered number
12361112



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
SHUTTLEROCK UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8

 
SHUTTLEROCK UK LIMITED
REGISTERED NUMBER:12361112

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
1,272
3,208

  
1,272
3,208

Current assets
  

Debtors: amounts falling due within one year
 5 
582,464
359,660

Bank and cash balances
  
231,229
269,022

  
813,693
628,682

Creditors: amounts falling due within one year
 6 
(490,780)
(408,437)

Net current assets
  
 
 
322,913
 
 
220,245

Total assets less current liabilities
  
324,185
223,453

  

Net assets
  
324,185
223,453

Page 1

 
SHUTTLEROCK UK LIMITED
REGISTERED NUMBER:12361112
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 7 
3,023
3,023

Profit and loss account
  
321,161
220,429

  
324,185
223,453


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 comprehensive income 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 by: 

J Hendriksen
Director

Date: 31 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SHUTTLEROCK UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

The directors have reviewed forecasts and budgets to assess the going concern ability of the Group for at least 12 months from the date of signing these financial statements.
Shuttlerock UK Ltd has been profitable for consecutive years, and is therefore in a net asset position. As per forecasts, profits are expected to continue and as such there is no concern over liquidity over the next twelve months.
For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational 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. 

Page 3

 
SHUTTLEROCK UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is measured at the fair value of consideration received or receivable from the provision of advertisement services. Turnover is recognised via subscription services and direct sales. Subscription services are recognised over the length of the contract to the extent that it is probable that the economic benefits will flow the Company and the revenue can be reliably measured. Direct advertisement sales are recognised at the point projects enter into production.

Rendering of services

Turnover from contracts, 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.

 
1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.7

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 profit or loss 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.

 
1.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

Page 4

 
SHUTTLEROCK UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)

 
1.9

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.

Depreciation is provided on the following basis:

Computer equipment
-
50%
on cost

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 profit or loss.

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
1.12

Creditors

Short-term creditors are measured at the transaction price.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 12 November 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 9 (2023 - 10).

Page 5

 
SHUTTLEROCK UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2023
18,654



At 31 March 2024

18,654



Depreciation


At 1 April 2023
15,446


Charge for the year 
1,936



At 31 March 2024

17,382



Net book value



At 31 March 2024
1,272



At 31 March 2023
3,208
Page 6

 
SHUTTLEROCK UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
303,883
310,264

Amounts owed by group undertakings
129,244
13,620

Other debtors
11,583
1,167

Prepayments and accrued income
137,754
34,609

582,464
359,660



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,387
4,754

Corporation tax
34,993
22,689

Other taxation and social security
49,332
67,986

Other creditors
-
18,249

Accruals and deferred income
405,068
294,759

490,780
408,437



7.


Reserves

Capital contribution reserve

The capital contribution reserve represents accumulated share based payment expenses.
Certain employees of the Company along with other group employees have been granted options over the shares in Shuttlerock Limited. The options are granted at an independently determined fair value and the expense is recognised evenly over the vesting period with a corresponding amount recognised in the capital contribution reserve.
All share options have fully vested prior to 2023, and no new options have been awarded in the current year (2023: NIL).


8.


Controlling party

Shuttlerock Limited is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 47 Bridge Street, Nelson, 7010, New Zealand.

Page 7

 
SHUTTLEROCK UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
 
Page 8