Silverfin false false 30/06/2024 01/07/2023 30/06/2024 S C Douglas 30/06/2004 J F Hollis 30/06/2004 R J Martin 01/09/2004 03 February 2025 The principal activity of the Company during the financial year was that of a film and commercials production company. 05166200 2024-06-30 05166200 bus:Director1 2024-06-30 05166200 bus:Director2 2024-06-30 05166200 bus:Director3 2024-06-30 05166200 2023-06-30 05166200 core:CurrentFinancialInstruments 2024-06-30 05166200 core:CurrentFinancialInstruments 2023-06-30 05166200 core:Non-currentFinancialInstruments 2024-06-30 05166200 core:Non-currentFinancialInstruments 2023-06-30 05166200 core:ShareCapital 2024-06-30 05166200 core:ShareCapital 2023-06-30 05166200 core:CapitalRedemptionReserve 2024-06-30 05166200 core:CapitalRedemptionReserve 2023-06-30 05166200 core:RetainedEarningsAccumulatedLosses 2024-06-30 05166200 core:RetainedEarningsAccumulatedLosses 2023-06-30 05166200 core:LandBuildings 2023-06-30 05166200 core:OtherPropertyPlantEquipment 2023-06-30 05166200 core:LandBuildings 2024-06-30 05166200 core:OtherPropertyPlantEquipment 2024-06-30 05166200 bus:OrdinaryShareClass1 2024-06-30 05166200 core:WithinOneYear 2024-06-30 05166200 core:WithinOneYear 2023-06-30 05166200 core:BetweenOneFiveYears 2024-06-30 05166200 core:BetweenOneFiveYears 2023-06-30 05166200 2023-07-01 2024-06-30 05166200 bus:FilletedAccounts 2023-07-01 2024-06-30 05166200 bus:SmallEntities 2023-07-01 2024-06-30 05166200 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05166200 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05166200 bus:Director1 2023-07-01 2024-06-30 05166200 bus:Director2 2023-07-01 2024-06-30 05166200 bus:Director3 2023-07-01 2024-06-30 05166200 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 05166200 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 05166200 2022-07-01 2023-06-30 05166200 core:LandBuildings 2023-07-01 2024-06-30 05166200 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 05166200 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 05166200 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 05166200 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05166200 (England and Wales)

NICE SHIRT FILMS LIMITED

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

NICE SHIRT FILMS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

NICE SHIRT FILMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
NICE SHIRT FILMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,579 4,174
1,579 4,174
Current assets
Debtors 5 792,086 625,192
Cash at bank and in hand 6 403,274 459,770
1,195,360 1,084,962
Creditors: amounts falling due within one year 7 ( 591,655) ( 494,799)
Net current assets 603,705 590,163
Total assets less current liabilities 605,284 594,337
Creditors: amounts falling due after more than one year 8 ( 9,721) ( 19,983)
Net assets 595,563 574,354
Capital and reserves
Called-up share capital 9 54 54
Capital redemption reserve 46 46
Profit and loss account 595,463 574,254
Total shareholders' funds 595,563 574,354

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Nice Shirt Films Limited (registered number: 05166200) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R J Martin
Director

03 February 2025

NICE SHIRT FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
NICE SHIRT FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Nice Shirt Films Limited (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 35 Ballards Lane, London, N3 1XW, United Kingdom.

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 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 have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

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.

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.

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:

Land and buildings 3 years straight line
Plant and machinery etc. 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 7 6

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 10,000 100,541 110,541
At 30 June 2024 10,000 100,541 110,541
Accumulated depreciation
At 01 July 2023 10,000 96,367 106,367
Charge for the financial year 0 2,595 2,595
At 30 June 2024 10,000 98,962 108,962
Net book value
At 30 June 2024 0 1,579 1,579
At 30 June 2023 0 4,174 4,174

5. Debtors

2024 2023
£ £
Trade debtors 665,015 277,892
Corporation tax 10,786 38,502
Other debtors 116,285 308,798
792,086 625,192

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 403,274 459,770

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,266 10,013
Trade creditors 323,066 10,715
Taxation and social security 18,736 30,725
Other creditors 239,587 443,346
591,655 494,799

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,721 19,983

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
54 Ordinary shares of £ 1.00 each 54 54

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 52,500 57,500
between one and five years 26,250 86,250
78,750 143,750

11. Related party transactions

Transactions with the entity's directors

Advances

Included within current assets is the balance of £31,959 (2023: £31,256), including interest of 2.25% owed by a director of the company, S C Douglas.