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COMPANY REGISTRATION NUMBER: 05351745
Woodcut Media Ltd
Filleted Unaudited Financial Statements
31 May 2024
Woodcut Media Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
403,373
478,393
Tangible assets
6
45,782
13,651
Investments
7
2
2
---------
---------
449,157
492,046
Current assets
Debtors
8
1,789,736
1,903,794
Cash at bank and in hand
7,531
43,510
------------
------------
1,797,267
1,947,304
Creditors: amounts falling due within one year
9
( 2,915,957)
( 3,345,969)
------------
------------
Net current liabilities
( 1,118,690)
( 1,398,665)
------------
------------
Total assets less current liabilities
( 669,533)
( 906,619)
Creditors: amounts falling due after more than one year
10
( 36,538)
( 44,475)
---------
---------
Net liabilities
( 706,071)
( 951,094)
---------
---------
Capital and reserves
Called up share capital
11
198,100
198,100
Profit and loss account
( 904,171)
( 1,149,194)
---------
------------
Shareholders deficit
( 706,071)
( 951,094)
---------
------------
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 Media Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
K Beal
Director
Company registration number: 05351745
Woodcut Media 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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
The company recorded a profit for the year of £245,023 (2023: £189,171) and as at the year-end had net liabilities of £781,791 (2023: £951,094). 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 invest in development with a healthy pipeline of new projects expected. The Directors have therefore concluded that it is appropriate to prepare the accounts on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Other operating income
Other operating income relates to an insurance claim received in the year relating to an insured production which incurred additional expenses in order to ensure completion. Income has been recognised in the period in which the insurance claim was made and received.
Revenue recognition
The entity recognises revenue from rendering services using the percentage of completion method. The stage of completion is measured by the proportion of costs incurred for work performed to date compared to the estimated total costs. Costs incurred for work performed to date do not include costs relating to future activities. This policy is only applied to projects where the stage of completion, costs incurred as costs to complete a production can be reliably measured.
Income tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets relate to TV and film production costs. These costs are being amortised over their estimated useful life of 4-10 years. Production costs are capitalised where the company retains the rights to a production and it is probable that future economic benefits will be received in accordance with section 18 of FRS 102.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Cash and cash equivalents These comprise cash at bank. Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair-value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 51 (2023: 41 ).
5. Intangible assets
Production rights
£
Cost
At 1 June 2023 and 31 May 2024
909,509
---------
Amortisation
At 1 June 2023
431,116
Charge for the year
75,020
---------
At 31 May 2024
506,136
---------
Carrying amount
At 31 May 2024
403,373
---------
At 31 May 2023
478,393
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 June 2023
25,396
34,907
60,303
Additions
24,258
9,083
11,312
44,653
--------
-------
--------
---------
At 31 May 2024
49,654
9,083
46,219
104,956
--------
-------
--------
---------
Depreciation
At 1 June 2023
23,769
22,883
46,652
Charge for the year
5,020
250
7,252
12,522
--------
-------
--------
---------
At 31 May 2024
28,789
250
30,135
59,174
--------
-------
--------
---------
Carrying amount
At 31 May 2024
20,865
8,833
16,084
45,782
--------
-------
--------
---------
At 31 May 2023
1,627
12,024
13,651
--------
-------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
2
----
Impairment
At 1 June 2023 and 31 May 2024
----
Carrying amount
At 31 May 2024
2
----
At 31 May 2023
2
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Woodcut International Limited
Ordinary
100
Woodcut Screen Limited
Ordinary
100
8. Debtors
2024
2023
£
£
Trade debtors
1,025,191
624,198
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,905
258,001
Other debtors
761,640
1,021,595
------------
------------
1,789,736
1,903,794
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
320,824
625,040
Trade creditors
742,765
578,054
Amounts owed to group undertakings and undertakings in which the company has a participating interest
74,945
157,175
Social security and other taxes
164,195
273,098
Other creditors
1,613,228
1,712,602
------------
------------
2,915,957
3,345,969
------------
------------
Included in other creditors is a pension creditor balance of £9,919 (2023: £8,221).
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
36,538
44,475
--------
--------
There is a fixed charge over any freehold property, other immovable property or intellectual property rights of Woodcut Media Limited. There is also a floating charge over all property of the company.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
198,100
198,100
198,100
198,100
---------
---------
---------
---------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
28,136
Later than 1 year and not later than 5 years
96,104
---------
----
124,240
---------
----
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K Beal
82
271
( 82)
271
----
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K Beal
82
82
----
----
----
----
14. Related party transactions
As at 31st May 2024, the company owed £ 74,945 (2023: owed £ 255,184 by) to Woodcut International Limited , a connected party. This loan is interest free and repayable on demand. As at 31st May 2024, the company was due £ 25,405 (2023: £ 25,405 ) from Spark TV Limited , a connected party. This loan is interest free and repayable on demand. As at 31st May 2024, the company was due £nil (2023: £157,175) from Anthology Theatre Limited , a connected party. This loan was interest free and repayable on demand. As at 31st May 2024, the company owed £nil (2023: £ 157,175 ) to Anthology Media Limited, a connected party. This loan was interest free and repayable on demand.