Company registration number 02580472 (England and Wales)
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr M J Hawker
Mr C Badavas
Mr M J Deighan
(Appointed 1 May 2024)
Secretary
Corporation Service Company (U.K.) Limited
Company number
02580472
Registered office
Unit 16-17
Pacific House
1 Easter Island Place
Eastbourne
East Sussex
BN23 6FA
Auditor
Plummer Parsons
18 Hyde Gardens
Eastbourne
East Sussex
BN21 4PT
Business address
Unit 16-17
Pacific House
1 Easter Island Place
Eastbourne
East Sussex
BN23 6FA
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of copyright licensing on behalf of rights owners, music rights to churches and schools, enabling them to legally comply with copyright laws, and distributes music content by way of subscription services.

Review of the business

Founded in 1991, CCLI licenses music rights to churches and schools enabling legal compliance with copyright laws, offers a subscription service for song lyrics and sheet music, and issues music licenses on behalf of rights societies. Relatedly, CCLI returns significant royalty income to the owners and writers of the songs it represents across its programs.

Principal risks and uncertainties

As a going concern, CCLI is exposed to certain risks and uncertainties, namely (a) changes in copyright laws could negatively affect license holder retention, revenues, and growth, (b) revenues could be diminished by legislative changes to the Collective Worship mandate, (c) increased competition could decrease market share, and (d) the ability of churches to maintain and acquire licensing may be impacted by increased operating costs, lower attendance and reduced giving.

 

Such uncertainties have long existed, and CCLI continues to closely monitor and thoughtfully respond to them.

Development and performance

CCLI remains financially healthy. Growth indicators are positive for its core products. New products are in development to satisfy changing market needs and priorities.

Key performance indicators

Customer satisfaction is a driving force and success is exemplified in retention, growth, and uptake of CCLI’s products and services. CCLI actively solicits customer feedback and responds to market needs.

 

Song owner and writer satisfaction is also key and is achieved by accurate representation of their works and rights, and in the value CCLI returns to them.

 

Financial wellness is a primary focus, enabling CCLI to continue to provide innovative market solutions to its customer base. All factors are regularly evaluated and thoughtfully managed.

Other information and explanations

CCLI exceeded its twelve-month revenue targets across its license and subscription offerings while maintaining strong relationships with music rights owners, church licensees and key denominations, education authorities, and societies it serves.

 

Financial targets were established at the beginning of the fiscal year. Throughout the ensuing twelve months, budgets were monitored, variances (if any) identified, and action plans established where needed.

On behalf of the board

Mr M J Deighan
Director
20 December 2024
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,912,395. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M J Hawker
Mr C Badavas
Mr G E Ross
(Resigned 1 May 2023)
Mr M J Deighan
(Appointed 1 May 2024)
Auditor

In accordance with the company's articles, a resolution proposing that Plummer Parsons be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M J Deighan
Director
20 December 2024
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Christian Copyright Licensing International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the financial statements:

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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 objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. The extent to which our procedures are capable of detecting such irregularities is detailed below:

Based on our understanding of the company and industry, and through discussion with the director and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006, employment law, Data Protection Act, GDPR, Intellectual Property law and other relevant legislation.

 

We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, being FRS 102. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase income or reduce expenditure, related party transactions, management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
- 6 -

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and

• A review of relevant correspondence, including correspondence with HM Revenue & Customs, for signs of potential non-compliance with laws and regulations; and

• A review of specific nominal codes within the accounting records that would highlight costs associated with non-compliance of relevant laws and regulations; and

• Assessment of identified fraud risk factors; and

• Challenging assumptions and judgements made by management in its significant accounting estimates; and

• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation, as well as throughout the year.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• 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. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Director.

• Conclude on the appropriateness of the Director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
- 7 -

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 an auditor's report 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.

Steven Griffen FCA FCCA (Senior Statutory Auditor)
For and on behalf of Plummer Parsons
7 January 2025
Chartered Accountants
Statutory Auditor
18 Hyde Gardens
Eastbourne
East Sussex
BN21 4PT
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,769,973
11,405,984
Cost of sales
(7,935,198)
(7,675,119)
Gross profit
3,834,775
3,730,865
Administrative expenses
(3,514,363)
(3,504,410)
Operating profit
4
320,412
226,455
Interest receivable and similar income
6
691,987
543,355
Profit before taxation
1,012,399
769,810
Tax on profit
7
(132,489)
(35,526)
Profit for the financial year
22
879,910
734,284
Profit for the financial year is all attributable to the owner of the parent company.
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Profit for the year
879,910
734,284
Other comprehensive income
-
-
Total comprehensive income for the year
879,910
734,284
Total comprehensive income for the year is all attributable to the owner of the parent company.
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
70,168
88,388
Investments
11
2,500
2,500
72,668
90,888
Current assets
Debtors
15
5,930,884
9,449,523
Cash at bank and in hand
4,779,120
3,655,095
10,710,004
13,104,618
Creditors: amounts falling due within one year
16
(10,780,505)
(10,160,854)
Net current (liabilities)/assets
(70,501)
2,943,764
Net assets
2,167
3,034,652
Capital and reserves
Called up share capital
20
20
20
Share premium account
21
14,274
14,274
Profit and loss reserves
22
(12,127)
3,020,358
Total equity
2,167
3,034,652

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
Mr M J Deighan
Director
Company registration number 02580472 (England and Wales)
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
70,168
87,323
Investments
11
19,348
19,348
89,516
106,671
Current assets
Debtors
15
5,830,254
9,758,709
Cash at bank and in hand
3,119,700
2,086,621
8,949,954
11,845,330
Creditors: amounts falling due within one year
16
(8,402,170)
(8,029,800)
Net current assets
547,784
3,815,530
Net assets
637,300
3,922,201
Capital and reserves
Called up share capital
20
20
20
Share premium account
21
14,274
14,274
Profit and loss reserves
22
623,006
3,907,907
Total equity
637,300
3,922,201

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £627,494 (2023 - £541,814 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
Mr M J Deighan
Director
Company registration number 02580472 (England and Wales)
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
20
14,274
2,286,074
2,300,368
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
734,284
734,284
Balance at 31 March 2023
20
14,274
3,020,358
3,034,652
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
879,910
879,910
Dividends
8
-
-
(3,912,395)
(3,912,395)
Balance at 31 March 2024
20
14,274
(12,127)
2,167
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
20
14,274
3,366,093
3,380,387
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
541,814
541,814
Balance at 31 March 2023
20
14,274
3,907,907
3,922,201
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
627,494
627,494
Dividends
8
-
-
(3,912,395)
(3,912,395)
Balance at 31 March 2024
20
14,274
623,006
637,300
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
4,403,652
(6,183,229)
Interest paid
4,298
871
Income taxes paid
(64,356)
(58,767)
Net cash inflow/(outflow) from operating activities
4,343,594
(6,241,125)
Investing activities
Proceeds from disposal of tangible fixed assets
839
-
Interest received
458,868
300,073
Other income received from investments
233,119
243,282
Net cash generated from investing activities
692,826
543,355
Financing activities
Dividends paid to equity shareholders
(3,912,395)
-
0
Net cash used in financing activities
(3,912,395)
-
Net increase/(decrease) in cash and cash equivalents
1,124,025
(5,697,770)
Cash and cash equivalents at beginning of year
3,655,095
9,352,865
Cash and cash equivalents at end of year
4,779,120
3,655,095
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
4,320,446
(6,214,656)
Income taxes paid
(64,356)
(58,767)
Net cash inflow/(outflow) from operating activities
4,256,090
(6,273,423)
Investing activities
Proceeds from disposal of tangible fixed assets
839
-
0
Interest received
455,426
300,697
Other income received from investments
233,119
243,282
Net cash generated from investing activities
689,384
543,979
Financing activities
Dividends paid to equity shareholders
(3,912,395)
-
Net cash used in financing activities
(3,912,395)
-
Net increase/(decrease) in cash and cash equivalents
1,033,079
(5,729,444)
Cash and cash equivalents at beginning of year
2,086,621
7,816,065
Cash and cash equivalents at end of year
3,119,700
2,086,621
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information

Christian Copyright Licensing International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 16-17, Pacific House, 1 Easter Island Place, Eastbourne, East Sussex, BN23 6FA.

 

The group consists of Christian Copyright Licensing International Limited and all of its subsidiaries.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Christian Copyright Licensing International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Unearned licence fees

Licence fees are received from subscribers annually for the 12 month licence period. Income from these fees is recognised rateably over the ensuing 12 month period, becoming fully recognised by the 13th month following receipt of the cash. The licence fees received are recorded on the balance sheet as unearned licence fees, a liability. This account is reduced monthly as a portion of the licence fees are recorded as income.

 

Accrued royalties

The company pays royalties to publishers semi annually based on a percentage of licence fees received. Accrued royalties, a liability, is the non-paid royalty fee obligation. It is increased monthly based on cash received from subscribers. It is reduced twice yearly as payments to publishers are made.

 

Prepaid royalties

Royalty payments are recorded as liabilities as soon as the cash is received from the subscriber. However since the licence fees are earned rateably over the 12 month licence period, royalties due to the publishers are expensed in the same manner. Prepaid royalties, as assets, is the royalty payment due to the publisher not yet expensed, The prepaid royalty is reduced by one twelfth each month until the licence period expires.

 

Agency licences

Income from licences sold under agency agreements is carried to accrued royalties in the balance sheet until paid over. Any agreed services fee is accounted for immediately in the profit and loss accounts.

 

Service charge fees

These are recognised on the same basis as licence fees above.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
20% and 33.3% on cost
1.7
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:

Leasehold improvements
10%
Plant and equipment
20% and 30.3% on cost
Fixtures and fittings
20%

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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 current liabilities.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
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 if, and only if, there is 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Licence fees
10,348,172
9,979,682
Service charge fees
869,160
884,046
Miscellaneous fees and charges
552,641
542,256
11,769,973
11,405,984
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,963,122
9,600,821
Europe
1,806,851
1,805,163
11,769,973
11,405,984
2024
2023
£
£
Other revenue
Interest income
458,868
300,073
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
308,829
(8,089)
Fees payable to the group's auditor for the audit of the group's financial statements
17,167
12,105
Depreciation of owned tangible fixed assets
15,641
21,717
Loss on disposal of tangible fixed assets
1,740
-
Operating lease charges
52,910
53,339
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
22
23
15
16
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
906,624
956,387
657,942
724,667
Social security costs
123,652
125,690
69,917
78,356
Pension costs
26,873
27,573
20,708
22,155
1,057,149
1,109,650
748,567
825,178
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
64,576
13,153
Interest receivable from group companies
394,263
286,875
Other interest income
29
45
Total interest revenue
458,868
300,073
Income from fixed asset investments
Income from participating interests - associates
233,119
243,282
Total income
691,987
543,355
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
458,839
300,028
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
133,305
64,328
Deferred tax
Origination and reversal of timing differences
(816)
(28,802)
Total tax charge
132,489
35,526
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Taxation
(Continued)
- 25 -

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,012,399
769,810
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
253,100
146,264
Tax effect of expenses that are not deductible in determining taxable profit
1,085
3,755
Permanent capital allowances in excess of depreciation
504
(2,898)
Effect of overseas tax rates
(63,104)
(36,569)
Deferred tax adjustments in respect of prior years
(816)
(28,802)
Dividend income
(58,280)
(46,224)
Taxation charge
132,489
35,526
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
3,912,395
-
9
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2023
226,768
Disposals
(19,347)
At 31 March 2024
207,421
Amortisation and impairment
At 1 April 2023
226,768
Disposals
(19,347)
At 31 March 2024
207,421
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
Company
Software
£
Cost
At 1 April 2023
212,575
Disposals
(19,347)
At 31 March 2024
193,228
Amortisation and impairment
At 1 April 2023
212,575
Disposals
(19,347)
At 31 March 2024
193,228
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
142,677
98,706
25,476
266,859
Disposals
-
0
(90,176)
(5,975)
(96,151)
At 31 March 2024
142,677
8,530
19,501
170,708
Depreciation and impairment
At 1 April 2023
58,241
94,961
25,269
178,471
Depreciation charged in the year
14,268
1,167
206
15,641
Eliminated in respect of disposals
-
0
(87,598)
(5,974)
(93,572)
At 31 March 2024
72,509
8,530
19,501
100,540
Carrying amount
At 31 March 2024
70,168
-
-
70,168
At 31 March 2023
84,436
3,745
207
88,388
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Tangible fixed assets
(Continued)
- 27 -
Company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
142,677
77,446
15,823
235,946
Disposals
-
0
(77,387)
(4,019)
(81,406)
At 31 March 2024
142,677
59
11,804
154,540
Depreciation and impairment
At 1 April 2023
58,241
74,559
15,823
148,623
Depreciation charged in the year
14,268
308
-
0
14,576
Eliminated in respect of disposals
-
0
(74,808)
(4,019)
(78,827)
At 31 March 2024
72,509
59
11,804
84,372
Carrying amount
At 31 March 2024
70,168
-
0
-
0
70,168
At 31 March 2023
84,436
2,887
-
0
87,323
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
2,500
2,500
19,348
19,348
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
2,500
Carrying amount
At 31 March 2024
2,500
At 31 March 2023
2,500
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
19,348
Carrying amount
At 31 March 2024
19,348
At 31 March 2023
19,348
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CCLI Lizenzagentur GmbH
5 Carl-Benz Strasse, 68723 Schwetzingen, Baden-Wurttemberg,Germany
Ordinary
100.00
13
Significant undertakings

The group also has significant holdings in undertakings which are not consolidated:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Christian Video Licensing International (Europe) Limited
Unit 16-17 Pacific House, 1 Easter Island Place, Eastbourne, BN23 6FA
Ordinary
50.00
The aggregate capital and reserves and the profit for the year of the undertakings noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Christian Video Licensing International (Europe) Limited
472,307
14,471
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,546,928
9,191,025
5,576,557
9,507,365
Equity instruments measured at cost less impairment
2,500
2,500
19,348
19,348
Carrying amount of financial liabilities
Measured at amortised cost
6,491,282
6,223,012
5,312,662
5,116,901
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
45,213
73
-
0
-
0
Amounts owed by undertakings in which the company has a participating interest
74,147
77,029
962,608
1,164,576
Other debtors
3,079,553
2,962,826
2,265,934
2,191,692
Prepayments and accrued income
238,977
108,064
108,718
100,910
3,437,890
3,147,992
3,337,260
3,457,178
Amounts falling due after more than one year:
Amounts owed by group undertakings
2,477,522
6,286,875
2,477,522
6,286,875
Deferred tax asset (note 17)
15,472
14,656
15,472
14,656
2,492,994
6,301,531
2,492,994
6,301,531
Total debtors
5,930,884
9,449,523
5,830,254
9,758,709
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
147,169
196,356
97,896
146,832
Amounts owed to group undertakings
481,384
462,861
481,384
462,861
Amounts owed to undertakings in which the group has a participating interest
94,455
107,332
94,455
107,332
Corporation tax payable
133,231
64,282
133,231
64,282
Other taxation and social security
43,964
47,473
25,066
28,354
Deferred income
18
4,112,028
3,826,087
2,931,211
2,820,263
Other creditors
222,183
222,898
107,667
114,846
Accruals
5,546,091
5,233,565
4,531,260
4,285,030
10,780,505
10,160,854
8,402,170
8,029,800
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
15,472
14,656
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
15,472
14,656
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(14,656)
(14,656)
Credit to profit or loss
(816)
(816)
Asset at 31 March 2024
(15,472)
(15,472)

The deferred tax asset set out above is expected to reverse and relates to timing differences which can be utilised against future expected profits.

CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
18
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
4,112,028
3,826,087
2,931,211
2,820,263
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,873
27,573

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
21
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
14,274
14,274
14,274
14,274
22
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
3,020,358
2,286,074
3,907,907
3,366,093
Profit for the year
879,910
734,284
627,494
541,814
Dividends
(3,912,395)
-
(3,912,395)
-
At the end of the year
(12,127)
3,020,358
623,006
3,907,907
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
53,334
33,712
43,675
33,712
Between two and five years
132,700
-
118,605
-
186,034
33,712
162,280
33,712
24
Controlling party

The parent company and smallest group into which the accounts of Christian Copyright Licencing International Limited are consolidated is the Christian Copyright Licencing International LLC group, registered office 17205 SE Mill Plain Blvd, Suite 150, Vancouver, WA 98683, United States.

25
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
879,910
734,284
Adjustments for:
Taxation charged
132,489
35,526
Investment income
(691,987)
(543,355)
Loss on disposal of tangible fixed assets
1,740
-
Depreciation and impairment of tangible fixed assets
15,641
21,717
Movements in working capital:
Decrease/(increase) in debtors
3,519,455
(6,409,351)
Increase/(decrease) in creditors
260,463
(105,458)
Increase in deferred income
285,941
83,408
Cash generated from/(absorbed by) operations
4,403,652
(6,183,229)
CHRISTIAN COPYRIGHT LICENSING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
26
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
627,494
541,814
Adjustments for:
Taxation charged
132,489
35,526
Investment income
(688,545)
(543,979)
Loss on disposal of tangible fixed assets
1,740
-
Depreciation and impairment of tangible fixed assets
14,576
18,761
Movements in working capital:
Decrease/(increase) in debtors
3,929,271
(6,232,248)
Increase/(decrease) in creditors
192,473
(88,723)
Increase in deferred income
110,948
54,193
Cash generated from/(absorbed by) operations
4,320,446
(6,214,656)
27
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,655,095
1,124,025
4,779,120
28
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,086,621
1,033,079
3,119,700
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