Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-3122023-02-012falsemotion picture production servicestruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09386873 2023-02-01 2024-01-31 09386873 2022-02-01 2023-01-31 09386873 2024-01-31 09386873 2023-01-31 09386873 c:Director2 2023-02-01 2024-01-31 09386873 d:OfficeEquipment 2023-02-01 2024-01-31 09386873 d:OfficeEquipment 2024-01-31 09386873 d:OfficeEquipment 2023-01-31 09386873 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 09386873 d:CurrentFinancialInstruments 2024-01-31 09386873 d:CurrentFinancialInstruments 2023-01-31 09386873 d:Non-currentFinancialInstruments 2024-01-31 09386873 d:Non-currentFinancialInstruments 2023-01-31 09386873 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 09386873 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 09386873 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 09386873 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 09386873 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 09386873 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 09386873 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 09386873 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 09386873 d:ShareCapital 2024-01-31 09386873 d:ShareCapital 2023-01-31 09386873 d:RetainedEarningsAccumulatedLosses 2024-01-31 09386873 d:RetainedEarningsAccumulatedLosses 2023-01-31 09386873 c:FRS102 2023-02-01 2024-01-31 09386873 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 09386873 c:FullAccounts 2023-02-01 2024-01-31 09386873 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09386873 2 2023-02-01 2024-01-31 09386873 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 09386873









PICTURE PERFECT LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
PICTURE PERFECT LTD
REGISTERED NUMBER: 09386873

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,151
2,689

Current assets
  

Debtors: amounts falling due within one year
 5 
146,697
118,734

Cash at bank and in hand
 6 
78,232
50,529

  
224,929
169,263

Creditors: amounts falling due within one year
 7 
(110,847)
(80,573)

Net current assets
  
 
 
114,082
 
 
88,690

Total assets less current liabilities
  
116,233
91,379

Creditors: amounts falling due after more than one year
 8 
(2,788)
(4,638)

  

Net assets
  
113,445
86,741


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
113,444
86,740

  
113,445
86,741


Page 1

 
PICTURE PERFECT LTD
REGISTERED NUMBER: 09386873
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 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 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 on 9 January 2025.




Mr J Thakrar
Director

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

Page 2

 
PICTURE PERFECT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Picture Perfect Ltd is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The company's principal activity was that of motion picture production services.

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 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.

 
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:

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

Interest income

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

Page 3

 
PICTURE PERFECT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

 
2.8

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.

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
PICTURE PERFECT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% reducing balance

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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Page 5

 
PICTURE PERFECT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 February 2023
6,799


Additions
179



At 31 January 2024

6,978



Depreciation


At 1 February 2023
4,110


Charge for the year on owned assets
717



At 31 January 2024

4,827



Net book value



At 31 January 2024
2,151



At 31 January 2023
2,689

Page 6

 
PICTURE PERFECT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
10,635
2,950

Other debtors
131,535
97,244

Prepayments and accrued income
4,527
18,540

146,697
118,734



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
78,232
50,529



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,850
1,850

Trade creditors
3,397
61

Corporation tax
11,465
20,418

Other taxation and social security
10,234
2,998

Other creditors
80,584
51,871

Accruals and deferred income
3,317
3,375

110,847
80,573



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,788
4,638


Page 7

 
PICTURE PERFECT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,850
1,850

Amounts falling due 1-2 years

Bank loans
1,850
1,850

Amounts falling due 2-5 years

Bank loans
938
2,788


4,638
6,488



10.


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 £Nil (2023 - £178) . 


11.


Related party transactions


2024
2023
£
£

Amounts due to connected parties
38,389
2,405
Amounts due from connected parties
130,865
96,563
Income from connected parties
100,467
356,906

Amounts due to and from connected parties are interest free and repayable on demand.

 
Page 8