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Company No: 08014203 (England and Wales)

SHAPESHIFTER CREATIVE LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SHAPESHIFTER CREATIVE LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SHAPESHIFTER CREATIVE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SHAPESHIFTER CREATIVE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 8,863 11,282
Tangible assets 4 4,132 7,934
12,995 19,216
Current assets
Debtors 5 2,368 13,112
Cash at bank and in hand 476 275
2,844 13,387
Creditors: amounts falling due within one year 6 ( 7,183) ( 37,221)
Net current liabilities (4,339) (23,834)
Total assets less current liabilities 8,656 (4,618)
Net assets/(liabilities) 8,656 ( 4,618)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 8,556 ( 4,718 )
Total shareholders' funds/(deficit) 8,656 ( 4,618)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Shapeshifter Creative Ltd (registered number: 08014203) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S L Carpenter
Director

16 January 2025

SHAPESHIFTER CREATIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SHAPESHIFTER CREATIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Shapeshifter Creative Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 10 Oliver Street, Ampthill, MK45 2SA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £8,656. The company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

**Cryptocurrencies**

Cryptocurrencies are recognised and measured at cost under cost model (including all directly attributable costs) less subsequent amortisation and impairment losses.

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets 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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 May 2023 11,282 11,282
Additions 37,272 37,272
Disposals ( 39,691) ( 39,691)
At 30 April 2024 8,863 8,863
Accumulated amortisation
At 01 May 2023 0 0
At 30 April 2024 0 0
Net book value
At 30 April 2024 8,863 8,863
At 30 April 2023 11,282 11,282

4. Tangible assets

Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 May 2023 20,116 449 83,785 104,350
Additions 0 0 1,596 1,596
At 30 April 2024 20,116 449 85,381 105,946
Accumulated depreciation
At 01 May 2023 18,301 449 77,666 96,416
Charge for the financial year 405 0 4,993 5,398
At 30 April 2024 18,706 449 82,659 101,814
Net book value
At 30 April 2024 1,410 0 2,722 4,132
At 30 April 2023 1,815 0 6,119 7,934

5. Debtors

2024 2023
£ £
Trade debtors 0 9,397
Amounts owed by directors 1,760 0
Prepayments 41 450
VAT recoverable 567 0
Corporation tax 0 3,265
2,368 13,112

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 215 1,881
Amounts owed to directors 0 32,280
Accruals 3,700 1,500
Taxation and social security 3,268 1,560
7,183 37,221

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Included within other debtors is a balance of £1,760 owed by the company directors (2023: £32,280 owed to the company directors). The balance is unsecured and interest free, with no fixed repayment terms.