Company registration number 10791680 (England and Wales)
ROSCO PRODUCTION HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ROSCO PRODUCTION HOLDINGS LTD
COMPANY INFORMATION
Director
D A Worthington
Company number
10791680
Registered office
Unit 24
92-96 De Beauvoir Road
London
N1 4EN
Auditor
Martlet Audit Limited
Martlet House
E1, Yeoman Gate
Yeoman Way
Worthing
West Sussex
BN13 3QZ
ROSCO PRODUCTION HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 35
ROSCO PRODUCTION HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Review of the business

2023 was a positive year for Rosco Productions Group with a substantial increase in turnover compared to 2022. This growth signals strong market demand for the company's services and reflects the effectiveness of our strategic initiatives, particularly in expanding our client base and enhancing service offerings. However, while the turnover has seen a notable rise, it is important to acknowledge the accompanying challenges we faced regarding profit margins, which warrants further examination in our performance analysis.

Principal risks and uncertainties

The company’s principal risk is the level of demand for its services from customers. This demand will be significantly influenced by the trajectory of the global economy and its continued expansion in the coming years.

 

Price Risk

The group has limited exposure to commodity price risk, with any such risks being reviewed and managed on a contract-by-contract basis. The director will revisit the appropriateness of this policy should the group’s operations change in size or nature. Notably, the group has no exposure to equity securities price risk, as it holds no listed or other equity investments.

 

As the group operates internationally, exchange rate fluctuations could impact project budgeting and the overall profitability of our operations. However, the director diligently monitors market trends and fluctuations to mitigate these risks effectively.

 

Credit Risk

The group maintains a robust policy of performing appropriate credit checks on all new and potential customers prior to finalizing sales, thereby minimizing the risk of credit defaults.

 

Liquidity Risk

The group sustains facilities and cash reserves designed to ensure sufficient funds are available to meet operational needs and planned expenses.

 

Interest rate and cash flow risk

The group holds interest-bearing liabilities and is consequently exposed to increases in interest rates. Fortunately, since the year-end, the majority of this debt has been reduced, allowing for a diminishing of this risk in the near future.

ROSCO PRODUCTION HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

Turnover, Gross Profit, Operating Profit, and the value of net assets serve as critical financial key performance indicators (KPIs) utilized by the directors to monitor the company’s performance.

Year end 31 December

2023

2022

Turnover

£38,166,471

£24,518,776

Gross Profit

£4,722,895

£4,578,123

Gross Profit %

12%

18%

Operating Profit

£1,090,288

£1,168,041

Operating Profit %

3%

5%

Cash

£4,754,881

£4,010,795

The significant jump in turnover from £24.5 million in 2022 to £38.2 million in 2023 is a strong indicator of Rosco Productions Group's expanding market presence. However, it is important to note that despite this impressive growth in revenue, our gross profit percentage has declined from 18% to 12%, indicating rising costs or pricing pressures that affected our margins. Similarly, our operating profit percentage decreased from 5% to 3%. This signals that while we are generating more revenue, our profitability on sales has diminished, suggesting a need for a thorough review of our cost structures and operational efficiencies moving forward.

Other information and explanations

Future developments

The director anticipates that the level of activity in 2025 will remain consistent with that of the previous year, reflecting stability in our operational capacity. Additionally, we are committed to the development of innovative solutions and enhanced service offerings to not only meet but exceed customer expectations, thereby ensuring ongoing growth and competitive advantage. Plans to expand into new markets and enhance existing client relationships will be pivotal in driving our growth strategy.

On behalf of the board

D A Worthington
Director
19 March 2025
ROSCO PRODUCTION HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of a full service production company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £339,110. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

D A Worthington
Post reporting date events

On 7 October 2024, the debentures on note 20 has been fully discharged.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ROSCO PRODUCTION HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
D A Worthington
Director
19 March 2025
ROSCO PRODUCTION HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROSCO PRODUCTION HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Rosco Production Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Our evaluation of the directors' assessment of the group's ability to continue to be a going concern included:

 

We assessed the adequacy and appropriateness of the going concern disclosures with reference to the requirements of the financial reporting framework and our understanding of the business.

 

Based on the work we have performed, we have not identified any material uncertainties relating to the events or conditions that, individually or collectively may cast significant doubt on the group's ability to continue as a going concern.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

ROSCO PRODUCTION HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSCO PRODUCTION HOLDINGS LTD
- 6 -

As part of the consolidation process, we have performed testing on the opening balances and reconciliations of the group companies.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

ROSCO PRODUCTION HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSCO PRODUCTION HOLDINGS LTD
- 7 -
Capabilities of the audit in detecting irregularities

As part of an audit in accordance with ISAs, we have exercised professional judgment and maintained professional scepticism throughout the audit. We have also:

 

 

 

 

 

We have communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identified during our audit.

 

We also provided those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

 

From the matters communicated with those charged with governance, we determined those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters - corresponding period

The financial statements for the year ended 31 December 2023 have been audited. The corresponding figures for the year ended 31 December 2022 are unaudited.

ROSCO PRODUCTION HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSCO PRODUCTION HOLDINGS LTD
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Macdonald B.A. F.C.A
For and on behalf of
19 March 2025
Martlet Audit Limited
Chartered Accountants
Statutory Auditor
Martlet House
E1, Yeoman Gate
Yeoman Way
Worthing
West Sussex
BN13 3QZ
ROSCO PRODUCTION HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
38,166,471
24,518,776
Cost of sales
(33,443,576)
(19,940,653)
Gross profit
4,722,895
4,578,123
Distribution costs
(78,403)
(91,803)
Administrative expenses
(3,708,051)
(3,333,427)
Other operating income
153,847
15,148
Operating profit
4
1,090,288
1,168,041
Interest receivable and similar income
8
22,843
194
Interest payable and similar expenses
9
(197)
(3,157)
Profit before taxation
1,112,934
1,165,078
Tax on profit
10
(315,614)
(349,113)
Profit for the financial year
797,320
815,965
Profit for the financial year is attributable to:
- Owners of the parent company
795,725
815,965
- Non-controlling interests
1,595
-
797,320
815,965
ROSCO PRODUCTION HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
797,320
815,965
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(144,930)
277,273
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
652,390
1,093,238
Total comprehensive income for the year is attributable to:
- Owners of the parent company
650,795
1,093,238
- Non-controlling interests
1,595
-
652,390
1,093,238
ROSCO PRODUCTION HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,072,653
2,227,136
Other intangible assets
12
3,750
5,625
Total intangible assets
2,076,403
2,232,761
Tangible assets
13
90,837
104,176
2,167,240
2,336,937
Current assets
Debtors
17
6,794,123
3,401,469
Cash at bank and in hand
4,754,881
4,010,795
11,549,004
7,412,264
Creditors: amounts falling due within one year
18
(6,709,931)
(2,982,592)
Net current assets
4,839,073
4,429,672
Total assets less current liabilities
7,006,313
6,766,609
Creditors: amounts falling due after more than one year
19
-
(85,672)
Provisions for liabilities
Deferred tax liability
21
22,710
19,794
(22,710)
(19,794)
Net assets
6,983,603
6,661,143
Capital and reserves
Called up share capital
24
100
100
Share premium account
1,792,935
1,792,935
Profit and loss reserves
4,933,680
4,868,108
Equity attributable to owners of the parent company
6,726,715
6,661,143
Non-controlling interests
256,888
-
6,983,603
6,661,143
ROSCO PRODUCTION HOLDINGS LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 19 March 2025
19 March 2025
D A Worthington
Director
Company registration number 10791680 (England and Wales)
ROSCO PRODUCTION HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
3,668,074
3,677,254
Current assets
Debtors
17
91,994
-
0
Cash at bank and in hand
20,067
993
112,061
993
Creditors: amounts falling due within one year
18
(510,168)
(240,018)
Net current liabilities
(398,107)
(239,025)
Total assets less current liabilities
3,269,967
3,438,229
Creditors: amounts falling due after more than one year
19
-
(85,672)
Net assets
3,269,967
3,352,557
Capital and reserves
Called up share capital
24
100
100
Share premium account
1,792,935
1,792,935
Profit and loss reserves
1,476,932
1,559,522
Total equity
3,269,967
3,352,557

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £256,520 (2022 - £256,547 profit).

The financial statements were approved and signed by the director and authorised for issue on 19 March 2025
19 March 2025
D A Worthington
Director
Company registration number 10791680 (England and Wales)
ROSCO PRODUCTION HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
100
1,792,935
4,060,590
5,853,625
-
5,853,625
Year ended 31 December 2022:
Profit for the year
-
-
815,965
815,965
-
815,965
Other comprehensive income:
Currency translation differences
-
-
277,273
277,273
-
277,273
Total comprehensive income
-
-
1,093,238
1,093,238
-
1,093,238
Dividends
11
-
-
(285,720)
(285,720)
-
(285,720)
Balance at 31 December 2022
100
1,792,935
4,868,108
6,661,143
-
0
6,661,143
Year ended 31 December 2023:
Profit for the year
-
-
795,725
795,725
1,595
797,320
Other comprehensive income:
Currency translation differences
-
-
(144,930)
(144,930)
-
(144,930)
Total comprehensive income
-
-
650,795
650,795
1,595
652,390
Dividends
11
-
-
(339,110)
(339,110)
-
(339,110)
Disposal of shares in subsidiary to non-controlling interest
-
-
(246,113)
(246,113)
255,293
9,180
Balance at 31 December 2023
100
1,792,935
4,933,680
6,726,715
256,888
6,983,603
ROSCO PRODUCTION HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
1,792,935
1,588,695
3,381,730
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
256,547
256,547
Dividends
11
-
-
(285,720)
(285,720)
Balance at 31 December 2022
100
1,792,935
1,559,522
3,352,557
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
256,520
256,520
Dividends
11
-
-
(339,110)
(339,110)
Balance at 31 December 2023
100
1,792,935
1,476,932
3,269,967
ROSCO PRODUCTION HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,571,846
1,232,972
Interest paid
(197)
(3,157)
Income taxes paid
(227,104)
(366,080)
Net cash inflow from operating activities
1,344,545
863,735
Investing activities
Purchase of intangible assets
-
(7,500)
Purchase of tangible fixed assets
(24,661)
(153,396)
Proceeds from disposal of tangible fixed assets
-
66,521
Interest received
22,843
194
Net cash used in investing activities
(1,818)
(94,181)
Financing activities
Repayment of debentures
(123,902)
(84,527)
Repayment of bank loans
-
(218,750)
Disposal of shares in subsidiary to non-controlling interest
9,180
-
Dividends paid to equity shareholders
(339,110)
(285,720)
Net cash used in financing activities
(453,832)
(588,997)
Net increase in cash and cash equivalents
888,895
180,557
Cash and cash equivalents at beginning of year
4,010,795
3,552,965
Effect of foreign exchange rates
(144,930)
277,273
Cash and cash equivalents at end of year
4,754,760
4,010,795
Relating to:
Cash at bank and in hand
4,754,881
4,010,795
Bank overdrafts included in creditors payable within one year
(121)
-
ROSCO PRODUCTION HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
332,785
89,458
Income taxes paid
-
0
(3,507)
Net cash inflow from operating activities
332,785
85,951
Investing activities
Proceeds from disposal of subsidiaries
9,180
-
0
Dividends received
140,000
285,720
Net cash generated from investing activities
149,180
285,720
Financing activities
Repayment of debentures
(123,902)
(84,527)
Repayment of borrowings
-
(431)
Dividends paid to equity shareholders
(339,110)
(285,720)
Net cash used in financing activities
(463,012)
(370,678)
Net increase in cash and cash equivalents
18,953
993
Cash and cash equivalents at beginning of year
993
-
0
Cash and cash equivalents at end of year
19,946
993
Relating to:
Cash at bank and in hand
20,067
993
Bank overdrafts included in creditors payable within one year
(121)
-
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

Rosco Production Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 24, 92-96 De Beauvoir Road, London, N1 4EN.

 

The group consists of Rosco Production Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Rosco Production Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of services
38,166,471
24,518,776
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
13,114,798
10,059,161
Europe
3,840,013
1,479,654
Rest of World
21,211,660
12,979,961
38,166,471
24,518,776
2023
2022
£
£
Other revenue
Interest income
22,843
194
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
47,146
(121,628)
Depreciation of owned tangible fixed assets
37,751
37,441
Loss on disposal of tangible fixed assets
249
5,428
Amortisation of intangible assets
156,358
156,358
Operating lease charges
260,848
309,548
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,500
-
Audit of the financial statements of the company's subsidiaries
7,500
-
15,000
-
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
17
15
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,702,167
1,727,949
10,829
-
0
Social security costs
62,092
60,074
-
-
Pension costs
125,514
25,951
-
0
-
0
1,889,773
1,813,974
10,829
-
0
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
160,278
284,506
Company pension contributions to defined contribution schemes
87,287
1,491
247,565
285,997
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
272,247
Company pension contributions to defined contribution schemes
n/a
1,321

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022: 3).

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
22,843
194
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
3,157
Other interest on financial liabilities
197
-
Total finance costs
197
3,157
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
142,814
238,812
Foreign current tax on profits for the current period
169,884
101,939
Total current tax
312,698
340,751
Deferred tax
Origination and reversal of timing differences
2,916
8,362
Total tax charge
315,614
349,113

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.5%.

 

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 28 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,112,934
1,165,078
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
261,762
221,365
Tax effect of expenses that are not deductible in determining taxable profit
2,114
4,162
Permanent capital allowances in excess of depreciation
41,450
22,537
Other permanent differences
2,916
8,362
Effect of overseas tax rates
7,845
97,130
Foreign exchange differences
(473)
(4,443)
Taxation charge
315,614
349,113
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
339,110
285,720
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
3,089,666
7,500
3,097,166
Amortisation and impairment
At 1 January 2023
862,530
1,875
864,405
Amortisation charged for the year
154,483
1,875
156,358
At 31 December 2023
1,017,013
3,750
1,020,763
Carrying amount
At 31 December 2023
2,072,653
3,750
2,076,403
At 31 December 2022
2,227,136
5,625
2,232,761
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
25,913
163,336
29,516
218,765
Additions
2,978
21,597
86
24,661
Disposals
(2,005)
-
0
-
0
(2,005)
At 31 December 2023
26,886
184,933
29,602
241,421
Depreciation and impairment
At 1 January 2023
9,878
89,184
15,527
114,589
Depreciation charged in the year
5,255
25,095
7,401
37,751
Eliminated in respect of disposals
(1,756)
-
0
-
0
(1,756)
At 31 December 2023
13,377
114,279
22,928
150,584
Carrying amount
At 31 December 2023
13,509
70,654
6,674
90,837
At 31 December 2022
16,035
74,152
13,989
104,176
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,668,074
3,677,254
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
3,677,254
Disposals
(9,180)
At 31 December 2023
3,668,074
Carrying amount
At 31 December 2023
3,668,074
At 31 December 2022
3,677,254

Rosco Productions SAS was a 100% owned subsidiary. On 29 December 2023, 49% holding was disposed of.

15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
1 Rosco Production Limited
England & Wales
Ordinary shares
100.00
-
2 Rosco Production SAS
France
Ordinary shares
49.00
2.00
3 Rosco Production Inc
United States of America
Ordinary shares
100.00
-
4 Rosco Production LA LLC
United States of America
Units of Partnership Interest
-
99.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 8, 92-96 De Beauvoir Road, London, N1 4EN
2
25 rue de Pontieu, 75008 Paris, France
3
4 Beaumont Drive, New City, NY 10956
4
811 Traction Avenue, Unit 2C, Los Angeles, California 90013
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
16
Financial instruments

The financial assets of the company measured at amortised cost include trade receivables, cash and cash equivalents, and loans receivable. These assets are initially recognized at their transaction price, which includes any directly attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses.

 

The financial liabilities of the company measured at amortised cost include trade payables, loans payable, and other financial obligations. These liabilities are initially recognized at their transaction price, which includes any directly attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method.

17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,967,001
2,400,311
-
0
-
0
Amounts owed by group undertakings
-
-
91,994
-
Other debtors
472,458
500,049
-
0
-
0
Prepayments and accrued income
1,354,664
501,109
-
0
-
0
6,794,123
3,401,469
91,994
-
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Debenture loans
20
81,158
119,388
81,158
119,388
Bank loans and overdrafts
20
121
-
0
121
-
0
Trade creditors
4,581,489
1,623,284
43
-
0
Amounts owed to group undertakings
-
0
-
0
376,899
119,120
Corporation tax payable
264,909
179,315
35,835
-
0
Other taxation and social security
37,168
28,686
1,062
-
Deferred income
22
331,096
225,175
-
0
-
0
Other creditors
140,559
278,774
1,830
10
Accruals and deferred income
1,273,431
527,970
13,220
1,500
6,709,931
2,982,592
510,168
240,018

The debenture loans are secured by way of a fixed and floating charge over the assets of the group and the company.

 

Within other creditors is £18,839 (2022 - £12,676) secured by a fixed and floating charge over the assets of one of the subsidiary company's.

ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Debenture loans
20
-
0
85,672
-
0
85,672

The debenture loans are secured by way of a fixed and floating charge over the assets of the group and the company.

20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Debenture loans
81,158
205,060
81,158
205,060
Bank overdrafts
121
-
0
121
-
0
81,279
205,060
81,279
205,060
Payable within one year
81,279
119,388
81,279
119,388
Payable after one year
-
0
85,672
-
0
85,672

The company has outstanding debentures with a total outstanding balance of £81,158 (2022 £205,060). These debentures are secured by way of a fixed and floating charge over the company's assets.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
22,710
19,794
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
19,794
-
Charge to profit or loss
2,916
-
Liability at 31 December 2023
22,710
-
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 33 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
331,096
225,175
-
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,514
25,951

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
97,547
46,440
-
-
Between two and five years
64,540
23,220
-
-
162,087
69,660
-
-
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
797,320
815,965
Adjustments for:
Taxation charged
315,614
349,113
Finance costs
197
3,157
Investment income
(22,843)
(194)
Loss on disposal of tangible fixed assets
249
5,428
Amortisation and impairment of intangible assets
156,358
156,358
Depreciation and impairment of tangible fixed assets
37,751
37,441
Movements in working capital:
(Increase)/decrease in debtors
(3,392,654)
51,634
Increase/(decrease) in creditors
3,573,933
(408,245)
Increase in deferred income
105,921
222,315
Cash generated from operations
1,571,846
1,232,972
27
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
256,520
256,547
Adjustments for:
Taxation charged
35,835
-
0
Investment income
(140,000)
(285,720)
Movements in working capital:
Increase in debtors
(91,994)
-
Increase in creditors
272,424
118,631
Cash generated from operations
332,785
89,458
28
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
4,010,795
889,016
(144,930)
4,754,881
Bank overdrafts
-
0
(121)
-
(121)
4,010,795
888,895
(144,930)
4,754,760
Borrowings excluding overdrafts
(205,060)
123,902
-
(81,158)
3,805,735
1,012,797
(144,930)
4,673,602
ROSCO PRODUCTION HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
29
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
993
19,074
20,067
Bank overdrafts
-
0
(121)
(121)
993
18,953
19,946
Borrowings excluding overdrafts
(205,060)
123,902
(81,158)
(204,067)
142,855
(61,212)
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