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Registration number: 03799976

Hotcam Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

 

Hotcam Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Hotcam Ltd

Company Information

Directors

B P H Spratt

H K Coulam

P M Green

A J Starr

Registered office

Unit 9-10 Alliance Road
Westpoint Trading Estate
London
W3 0RA

 

Hotcam Ltd

Statement of Financial Position as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

3,235,733

1,836,875

Current assets

 

Debtors

5

1,825,798

1,600,827

Cash at bank and in hand

 

182

211,905

 

1,825,980

1,812,732

Creditors: Amounts falling due within one year

6

(2,183,512)

(1,239,334)

Net current (liabilities)/assets

 

(357,532)

573,398

Total assets less current liabilities

 

2,878,201

2,410,273

Creditors: Amounts falling due after more than one year

6

(1,406,377)

(1,021,797)

Provisions for liabilities

8

(421,842)

(381,977)

Net assets

 

1,049,982

1,006,499

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

1,049,882

1,006,399

Shareholders' funds

 

1,049,982

1,006,499

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

 

Hotcam Ltd

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 12 February 2025 and signed on its behalf by:
 

.........................................

H K Coulam

Director

.........................................

P M Green

Director

Company registration number: 03799976

 

Hotcam Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

50

50

1,255,455

1,255,555

Prior period adjustment

-

-

(249,056)

(249,056)

At 1 April 2023 (As restated)

50

50

1,006,399

1,006,499

Profit for the year

-

-

43,483

43,483

At 31 March 2024

50

50

1,049,882

1,049,982

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

50

50

1,170,652

1,170,752

Prior period adjustment

-

-

(349,243)

(349,243)

At 1 April 2022 (As restated)

50

50

821,409

821,509

Profit for the year

-

-

184,990

184,990

At 31 March 2023

50

50

1,006,399

1,006,499

 

Hotcam Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 9-10 Alliance Road
Westpoint Trading Estate
London
W3 0RA

The principal activity of the company is that of the hire and sale of professional broadcast equipment and the provision of crew, technical management, engineering and production services

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date of £1,049,982.
With the resources that the company has, the directors believe that the company has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from the hire of equipment and the provision of services evenly over the period to which the service relates.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Hotcam Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15-40% reducing balance

Furniture, fittings and equipment

20% straight line on cost

Office equipment

5-20% straight line on cost

Motor vehicles

25% straight line on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hotcam Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 35 (2023 - 23). At 31 March 2024 there were 38 persons employed by the company.

 

Hotcam Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Plant and equipment
£

Furniture, fittings and equipment
 £

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

5,334,482

362,109

75,201

171,807

5,943,599

Additions

1,586,937

277,523

31,279

263,769

2,159,508

At 31 March 2024

6,921,419

639,632

106,480

435,576

8,103,107

Depreciation

At 1 April 2023

3,652,497

256,725

64,428

133,074

4,106,724

Charge for the year

618,026

78,547

8,165

55,912

760,650

At 31 March 2024

4,270,523

335,272

72,593

188,986

4,867,374

Carrying amount

At 31 March 2024

2,650,896

304,360

33,887

246,590

3,235,733

At 31 March 2023

1,681,985

105,384

10,773

38,733

1,836,875

 

Hotcam Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

(As restated)

2023
£

Trade debtors

252,597

371,744

Amounts owed by group undertakings

1,241,215

1,080,575

Other debtors

331,986

148,508

1,825,798

1,600,827

Other debtors includes an amount of £136,845 (2023: £72,405) receivable in greater than one year in respect of property lease deposits.

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Bank loans and overdrafts

7

981,027

520,740

Trade creditors

 

584,395

324,153

Taxation and social security

 

36,418

49,379

Other creditors

 

581,672

345,062

 

2,183,512

1,239,334

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

1,406,377

1,021,797

 

Hotcam Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loans

40,000

40,000

Bank overdrafts

90,842

-

Finance lease liabilities

850,185

480,740

981,027

520,740

2024
£

2023
£

Non-current loans and borrowings

Bank loans

46,668

86,668

Finance lease liabilities

1,359,709

935,129

1,406,377

1,021,797

Amounts due under finance leases are secured on the assets concerned. Additionally an amount of £515,663 (2023: £725,826) due under finance leases is also secured by a fixed and floating charge over the assets and undertakings of the company.

The bank loans and overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.

8

Provisions for liabilities

Deferred tax
£

At 1 April 2023

381,977

Increase in existing provision

39,865

At 31 March 2024

421,842

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £1,852,289 (2023 - £1,985,374). This amount represents the total of future minimum payments under property leases.

 

Hotcam Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Prior period adjustment

During the year the directors conducted a review of accrued and deferred income and identified that certain revenues had not been recognised in the correct period in previous years' financial statements. The deferred tax provision was also misstated. This has been adjusted in the current year and the comparatives have been restated.

The effect of the prior period adjustments is that net assets at 31 March 2023 are £249,056 (2022: £349,243) lower than previously stated, and profit for the year ended 31 March 2023 is £92,814 higher than previously stated.