Company registration number 06501596 (England and Wales)
CATAPULT PRODUCTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CATAPULT PRODUCTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CATAPULT PRODUCTIONS LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,638
27,012
Investment property
5
1,567,476
1,557,958
Investments
6
41,895
62,082
1,638,009
1,647,052
Current assets
Debtors
7
8,924
11,896
Cash at bank and in hand
121,784
492,216
130,708
504,112
Creditors: amounts falling due within one year
8
(73,708)
(108,751)
Net current assets
57,000
395,361
Total assets less current liabilities
1,695,009
2,042,413
Creditors: amounts falling due after more than one year
9
(297,765)
Provisions for liabilities
10
(77,462)
(84,174)
Net assets
1,617,547
1,660,474
Capital and reserves
Called up share capital
11
100
100
Non-distributable profits reserve
12
292,266
251,498
Distributable profit and loss reserves
1,325,181
1,408,876
Total equity
1,617,547
1,660,474
CATAPULT PRODUCTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
Mrs S F Young
Director
Company registration number 06501596 (England and Wales)
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Catapult Productions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5a Bear Lane, Southwark, London, United Kingdom, SE1 0UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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 so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
25% p.a straight line basis
Fixtures and fittings
10 years straight line
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.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Interest in ThinCats and Wine are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2023
1,926
34,410
36,336
Additions
6,164
6,164
At 29 February 2024
1,926
40,574
42,500
Depreciation and impairment
At 1 March 2023
721
8,603
9,324
Depreciation charged in the year
481
4,057
4,538
At 29 February 2024
1,202
12,660
13,862
Carrying amount
At 29 February 2024
724
27,914
28,638
At 28 February 2023
1,205
25,807
27,012
5
Investment property
2024
£
Fair value
At 1 March 2023
1,557,958
Revaluations
9,518
At 29 February 2024
1,567,476
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
5
Investment property
(Continued)
- 6 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director Sally Young. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2024
2023
£
£
Investments
81
82
Other Investments - Wine
41,814
45,699
Loans
-
16,301
41,895
62,082
Movements in fixed asset investments
Shares in group undertakings
Other investments - ThinCats
Other Investments - Wine
Total
£
£
£
£
Cost or valuation
At 1 March 2023
82
16,301
45,699
62,082
Valuation changes
-
-
(3,885)
(3,885)
Principal write off
-
(12,743)
-
(12,743)
Movement
(1)
(3,558)
-
(3,559)
At 29 February 2024
81
-
41,814
41,895
Carrying amount
At 29 February 2024
81
-
41,814
41,895
At 28 February 2023
82
16,301
45,699
62,082
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,179
8,590
Other debtors
2,745
3,306
8,924
11,896
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
42,111
29,744
Trade creditors
260
13,303
Amounts owed to group undertakings
45,381
Corporation tax
15,727
5,323
Other creditors
15,610
15,000
73,708
108,751
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
297,765
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
168,753
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
77,462
84,174
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share A of £1 each
50
50
50
50
Ordinary share B of £1 each
50
50
50
50
100
100
100
100
CATAPULT PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
12
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
251,498
343,532
Non distributable profits in the year
16,230
(92,034)
Transfer of non-distributable profits relating to prior periods
24,538
-
At the end of the year
292,266
251,498
13
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Load Cell Rental Limited
-
45,381