Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30truetruetruetruetruetruetruetruetruetrue72023-07-01falsevideo recording equipment supply and editing services16truefalse 11106519 2023-07-01 2024-06-30 11106519 2022-07-01 2023-06-30 11106519 2024-06-30 11106519 2023-06-30 11106519 c:Director1 2023-07-01 2024-06-30 11106519 c:Director2 2023-07-01 2024-06-30 11106519 c:RegisteredOffice 2023-07-01 2024-06-30 11106519 d:FurnitureFittings 2023-07-01 2024-06-30 11106519 d:OfficeEquipment 2023-07-01 2024-06-30 11106519 d:OfficeEquipment 2024-06-30 11106519 d:OfficeEquipment 2023-06-30 11106519 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11106519 d:ComputerEquipment 2023-07-01 2024-06-30 11106519 d:ComputerEquipment 2024-06-30 11106519 d:ComputerEquipment 2023-06-30 11106519 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11106519 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 11106519 d:OtherPropertyPlantEquipment 2024-06-30 11106519 d:OtherPropertyPlantEquipment 2023-06-30 11106519 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11106519 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11106519 d:CurrentFinancialInstruments 2024-06-30 11106519 d:CurrentFinancialInstruments 2023-06-30 11106519 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11106519 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11106519 d:ShareCapital 2024-06-30 11106519 d:ShareCapital 2023-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2024-06-30 11106519 d:RetainedEarningsAccumulatedLosses 2023-06-30 11106519 c:OrdinaryShareClass1 2023-07-01 2024-06-30 11106519 c:OrdinaryShareClass1 2024-06-30 11106519 c:OrdinaryShareClass1 2023-06-30 11106519 c:FRS101 2023-07-01 2024-06-30 11106519 c:Audited 2023-07-01 2024-06-30 11106519 c:FullAccounts 2023-07-01 2024-06-30 11106519 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11106519 d:Subsidiary1 2023-07-01 2024-06-30 11106519 d:Subsidiary1 1 2023-07-01 2024-06-30 11106519 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11106519 6 2023-07-01 2024-06-30 11106519 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 11106519 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11106519 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 11106519 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 11106519 d:OtherDeferredTax 2024-06-30 11106519 d:OtherDeferredTax 2023-06-30 11106519 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11106519







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


SHOOTSTA LTD








































img0099.png                        

 


SHOOTSTA LTD
 


 
COMPANY INFORMATION


Directors
D Harden 
T  Moylan 




Registered number
11106519



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Trading Address
32 Blackfriars Road

London

SE1 8PB






Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SHOOTSTA LTD
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 10


 


SHOOTSTA LTD
REGISTERED NUMBER:11106519



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible fixed assets
 4 
2,142
6,842

Investments
 5 
72
72

  
2,214
6,914

Current assets
  

Debtors: amounts falling due within one year
 6 
1,642,278
1,310,737

Cash at bank and in hand
 7 
33,493
186,421

  
1,675,771
1,497,158

Creditors: amounts falling due within one year
 8 
(1,785,970)
(1,698,068)

Net current liabilities
  
 
 
(110,199)
 
 
(200,910)

Total assets less current liabilities
  
(107,985)
(193,996)

  

  

  

Net liabilities
  
(107,985)
(193,996)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(108,985)
(194,996)

  
(107,985)
(193,996)


The Company's financial statements have been prepared and delivered in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by by 




D Harden
Director

Date: 17 February 2025

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Shootsta Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office and registered number of business is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 2

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Going concern

These financial statements have been prepared on a going concern basis. 
The Company realised a net profit before tax of £110,678 and had net liabilities of £107,985 for the year end 30 June 2024. Included in current liabilities is £1,426,805 owed to Shootsta Global Pte. Ltd, the parent, which are repayable on demand. 
The Directors do not have any reason to believe that these liabilities will be required to be repaid until the Company is in a position to do so and it continues to make repayments on this liability as cash flow allows. 
The Directors have received confirmation that the ultimate parent company, Shootsta Global Pte. Ltd, will continue to support the company for at least twelve months from the date of the financial statements being approved and signed to meet its liabilities as they fall due and that it has sufficient resources to provide this financial support.   

 
2.5

Impact of new international reporting standards, amendments and interpretations

The following amendments are effective for the period beginning 01 January 2024:

IFRS 17 Insurance Contracts
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements);
Definition of Accounting Estimates ( Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors);
Deferred Tax related to Assets and Liabilities arising from a Single Transaction ( Amendments to IAS 12 Income Taxes); and
International Tax Reform - Pillar Two Model Rules(Amendment to IAS 12 Income Taxes)(effective immediately upon the issue of the amendments and retrospectively

These amendments to various IFRS Accounting Standards are mandatorily effective for reporting periods beginning on or after 01 January 2023. There has been no impact from new standards in the financial statements.
 

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

The Company provides subscription-based video editing services to its customers.

The performance obligations of services are satisfied over time because the customer simultaneously receives and consumes the benefits provided by the company over the period of the subscription. The revenue of these services is recognised over time by reference to the Company's satisfaction of performance obligation.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


Page 4

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
33%
Camera Kits
-
50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

  
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
 
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 5

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.15

Financial Instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Financial liabilities
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument and are initially measured at fair value. The subsequent measurement of financial liabilities, at  either at fair value or amortised cost depends on their classification.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with the customers. The expected credit losses on these financial assets are estimated on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.


3.


Employees

2024
2023
£
£

Wages and salaries
253,436
606,082

Social security costs
33,502
103,467

Cost of defined contribution scheme
5,236
15,823

292,174
725,372


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff including directors
7
16

Page 6

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Camera Kits
Total

£
£
£
£



Cost


At 1 July 2023
3,668
32,380
57,556
93,604


Additions
-
1,126
-
1,126


Disposals
(2,794)
(5,211)
-
(8,005)



At 30 June 2024

874
28,295
57,556
86,725



Depreciation


At 1 July 2023
3,041
26,165
57,556
86,762


Charge for the year on owned assets
332
4,092
-
4,424


Disposals
(2,499)
(4,104)
-
(6,603)



At 30 June 2024

874
26,153
57,556
84,583



Net book value



At 30 June 2024
-
2,142
-
2,142



At 30 June 2023
627
6,215
-
6,842


5.


Investments





Investments in subsidiary companies

£



Cost 


At 1 July 2023
72



At 30 June 2024
72





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Shootsta Inc
USA
Ordinary
100%

Page 7

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
38,195
146,623

Amounts owed by group undertakings
1,557,239
1,079,006

Other debtors
-
2,991

Prepayments
-
10,606

Deferred taxation
46,844
71,511

1,642,278
1,310,737


Amounts owed by group undertakings are interest-free, unsecured, and repayable on demand.


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
33,493
186,421

33,493
186,421



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,984
3,953

Amounts owed to group undertakings
1,426,805
1,050,578

Other taxation and social security
4,363
23,384

Other creditors
20,865
1,933

Accruals and deferred income
325,953
618,220

1,785,970
1,698,068


Amounts owed to group undertakings are interest-free, unsecured, and repayable on demand.

Page 8

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Deferred taxation




2024


£






At beginning of year
71,511


Charged to profit or loss
(24,667)



At end of year
46,844

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(536)
(1,711)

Tax losses carried forward
47,070
73,069

Other expense items
310
153

46,844
71,511


10.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1 each
1,000
1,000



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £1,676 (2023- £1,933) were payable to the fund at the reporting date and are included in other creditors.


12.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up in is Shootsta Global Pte Ltd, a company incorporate in Singapore. The consolidated accounts will be for the period to 30 June 2024. The consolidated accounts are available online on the following website: https://www.acra.gov .sg.
The address of their registered office is: 144 Robinson Road, #19-01, Singapore 068908.


Page 9

 


SHOOTSTA LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 18 February 2025 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 10