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REGISTERED NUMBER: 02828689 (England and Wales)















Report of the Director and

Unaudited Consolidated Financial Statements for the Year Ended 30 June 2024

for

Clear Cut Pictures Limited

Clear Cut Pictures Limited (Registered number: 02828689)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Report of the Director 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Notes to the Consolidated Financial Statements 8


Clear Cut Pictures Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: H G Queiro





REGISTERED OFFICE: 44-48 Bloomsbury Street
London
WC18 3QJ





REGISTERED NUMBER: 02828689 (England and Wales)





ACCOUNTANTS: OPPENHEIMS Chartered Accountants
Statutory Auditors
Springfield
Cox Green Lane
Maidenhead
Berkshire
SL6 3EY

Clear Cut Pictures Limited (Registered number: 02828689)

Report of the Director
for the Year Ended 30 June 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024.

DIRECTOR
H G Queiro held office during the whole of the period from 1 July 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





H G Queiro - Director


21 October 2024

Clear Cut Pictures Limited (Registered number: 02828689)

Consolidated Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 4,297,663 5,029,605

Cost of sales 60,243 186,814
GROSS PROFIT 4,237,420 4,842,791

Administrative expenses 4,413,029 4,321,940
OPERATING (LOSS)/PROFIT 4 (175,609 ) 520,851

Interest receivable and similar income 16,249 4,837
(159,360 ) 525,688
Gain/loss on revaluation of assets 31,916 8,227
(LOSS)/PROFIT BEFORE TAXATION (127,444 ) 533,915

Tax on (loss)/profit 5 343 3,478
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(127,787

)

530,437

(Loss)/profit attributable to:
Owners of the parent (127,787 ) 530,437

Clear Cut Pictures Limited (Registered number: 02828689)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 507,402 687,387
Investments 8 - -
507,402 687,387

CURRENT ASSETS
Debtors 9 972,686 1,099,607
Investments 10 234,036 202,120
Prepayments and accrued income 40,697 23,340
Cash at bank 915,616 995,624
2,163,035 2,320,691
CREDITORS
Amounts falling due within one year 11 453,704 462,349
NET CURRENT ASSETS 1,709,331 1,858,342
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,216,733

2,545,729

ACCRUALS AND DEFERRED INCOME 102,005 303,214
NET ASSETS 2,114,728 2,242,515

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Other reserves 68,639 68,639
Retained earnings 2,021,089 2,148,876
SHAREHOLDERS' FUNDS 2,114,728 2,242,515

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

Clear Cut Pictures Limited (Registered number: 02828689)

Consolidated Balance Sheet - continued
30 June 2024


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

The financial statements were approved by the director and authorised for issue on 21 October 2024 and were signed by:





H G Queiro - Director


Clear Cut Pictures Limited (Registered number: 02828689)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 371,203 533,642
Investments 8 40,000 40,000
411,203 573,642

CURRENT ASSETS
Debtors 9 838,356 993,473
Investments 10 234,036 202,120
Cash at bank 805,014 794,535
1,877,406 1,990,128
CREDITORS
Amounts falling due within one year 11 875,678 667,028
NET CURRENT ASSETS 1,001,728 1,323,100
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,412,931

1,896,742

ACCRUALS AND DEFERRED INCOME 102,005 303,214
NET ASSETS 1,310,926 1,593,528

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Retained earnings 1,285,926 1,568,528
SHAREHOLDERS' FUNDS 1,310,926 1,593,528

Company's (loss)/profit for the financial year (282,602 ) 479,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Clear Cut Pictures Limited (Registered number: 02828689)

Company Balance Sheet - continued
30 June 2024


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

The financial statements were approved by the director and authorised for issue on 21 October 2024 and were signed by:





H G Queiro - Director


Clear Cut Pictures Limited (Registered number: 02828689)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Clear Cut Pictures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and in accordance with the property

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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
Deferred tax is not recognised in respect of all timing differences that have originated but not reversed at the balance sheet date on the grounds that there are losses available and future capital expenditure will offset any reversal of timing differences.

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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

At 30th June 2024 the maximum potential reversal (net of losses) is £22,400 and deferred tax not provided
£5,600.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 65 (2023 - 68 ) .

Clear Cut Pictures Limited (Registered number: 02828689)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2023 - 1 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

30.6.24 30.6.23
£    £   
Depreciation - owned assets 259,035 276,748

5. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 343 3,478
Tax on (loss)/profit 343 3,478

At 30th June 2024 there were group tax losses of £485,000 available to set against future profits.

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
etc
£   
COST
At 1 July 2023 2,828,537
Additions 79,050
At 30 June 2024 2,907,587
DEPRECIATION
At 1 July 2023 2,141,150
Charge for year 259,035
At 30 June 2024 2,400,185
NET BOOK VALUE
At 30 June 2024 507,402
At 30 June 2023 687,387

Clear Cut Pictures Limited (Registered number: 02828689)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

7. TANGIBLE FIXED ASSETS - continued

Company
Plant and
machinery
etc
£   
COST
At 1 July 2023 2,556,103
Additions 75,653
At 30 June 2024 2,631,756
DEPRECIATION
At 1 July 2023 2,022,461
Charge for year 238,092
At 30 June 2024 2,260,553
NET BOOK VALUE
At 30 June 2024 371,203
At 30 June 2023 533,642

8. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 40,000
NET BOOK VALUE
At 30 June 2024 40,000
At 30 June 2023 40,000


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 592,043 719,019 457,813 634,710
Other debtors 380,643 380,588 380,543 358,763
972,686 1,099,607 838,356 993,473

Clear Cut Pictures Limited (Registered number: 02828689)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. CURRENT ASSET INVESTMENTS

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Listed investments 234,036 202,120 234,036 202,120

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade creditors 198,824 177,376 158,287 155,714
Amounts owed to group undertakings - - 497,483 247,318
Taxation and social security 212,080 246,666 198,870 234,847
Other creditors 42,800 38,307 21,038 29,149
453,704 462,349 875,678 667,028

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
H G Queiro
Balance outstanding at start of year 55,000 55,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,000 55,000

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is H G Queiro.