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COMPANY REGISTRATION NUMBER: 12742292
Woodcut International Ltd
Filleted Unaudited Financial Statements
31 May 2024
Woodcut International Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
885,161
924,443
Current assets
Debtors
6
500,978
323,788
Cash at bank and in hand
2,686
89,390
---------
---------
503,664
413,178
Creditors: amounts falling due within one year
7
( 550,946)
( 652,235)
---------
---------
Net current liabilities
( 47,282)
( 239,057)
---------
---------
Total assets less current liabilities
837,879
685,386
Creditors: amounts falling due after more than one year
8
( 1,027,004)
( 777,004)
------------
---------
Net liabilities
( 189,125)
( 91,618)
------------
---------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
( 189,126)
( 91,619)
---------
--------
Shareholders deficit
( 189,125)
( 91,618)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Woodcut International Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
K Beal
Director
Company registration number: 12742292
Woodcut International Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 2a, 2c And 2d Leylands Business Park, Leylands Farm, Nobs Crook, Colden Common, Winchester, SO21 1TH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company recorded a loss for the year of £97,507 (2023: loss of £44,641) and as at the year-end had net liabilities of £189,125 (2023: £91,619). In the Directors' opinion based on positive cash balances and a strong pipeline of known receipts together with forecast sales, the company will have sufficient funds to meet its liabilities for at least twelve months from approval of these accounts. The company continues to push into new territories and is continually increasing its catalogue of productions available to distribute. Furthermore, the company has the continued support of its immediate parent company, Woodcut Media Ltd. The Directors have therefore concluded that it is appropriate to prepare the accounts on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the licence fee received. Revenue from the sale of goods is recognised when the client has confirmed receipt of the programme deliverables and the licence period start date has passed. Any costs incurred will likely be before or in the same month as the revenue is recognised.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. Distribution advance costs are recognised as assets when it is estimated that sufficient future income will be earned to recoup these costs. Where there are indicators of impairment, an independent review is undertaken and any impairment is written off to profit and loss.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website Development
-
3 years straight line
Distribution Advances
-
Over the useful economic life of the production
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employees
The average number of employees in the year was nil (2023: nil).
5. Intangible assets
Website Development
Distribution Advances
Total
£
£
£
Cost
At 1 June 2023
3,129
1,347,082
1,350,211
Additions
196,572
196,572
-------
------------
------------
At 31 May 2024
3,129
1,543,654
1,546,783
-------
------------
------------
Amortisation
At 1 June 2023
2,102
423,666
425,768
Charge for the year
870
234,984
235,854
-------
------------
------------
At 31 May 2024
2,972
658,650
661,622
-------
------------
------------
Carrying amount
At 31 May 2024
157
885,004
885,161
-------
------------
------------
At 31 May 2023
1,027
923,416
924,443
-------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
95,039
76,676
Amounts owed by group undertakings
74,945
Prepayments and accrued income
75,706
59,833
Other debtors
255,288
187,279
---------
---------
500,978
323,788
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,426
59,866
Amounts owed to group undertakings
255,184
Accruals and deferred income
383,773
337,185
Other creditors
105,747
---------
---------
550,946
652,235
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,027,004
777,004
------------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Related party transactions
No transactions with related parties were undertaken which are required to be disclosed under FRS 102.
11. Controlling party
The immediate parent undertaking is Woodcut Media Limited , a company incorporated in England and Wales. The directors consider there to be no ultimate controlling party.