Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalseMotion picture, video and television programme post-production activities2023-08-014541truefalse 04836284 2023-08-01 2024-07-31 04836284 2022-08-01 2023-07-31 04836284 2024-07-31 04836284 2023-07-31 04836284 c:Director1 2023-08-01 2024-07-31 04836284 c:Director2 2023-08-01 2024-07-31 04836284 c:RegisteredOffice 2023-08-01 2024-07-31 04836284 d:Buildings 2023-08-01 2024-07-31 04836284 d:Buildings 2024-07-31 04836284 d:Buildings 2023-07-31 04836284 d:Buildings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04836284 d:Buildings d:LongLeaseholdAssets 2023-08-01 2024-07-31 04836284 d:FurnitureFittings 2023-08-01 2024-07-31 04836284 d:FurnitureFittings 2024-07-31 04836284 d:FurnitureFittings 2023-07-31 04836284 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04836284 d:ComputerEquipment 2023-08-01 2024-07-31 04836284 d:ComputerEquipment 2024-07-31 04836284 d:ComputerEquipment 2023-07-31 04836284 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04836284 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 04836284 d:CurrentFinancialInstruments 2024-07-31 04836284 d:CurrentFinancialInstruments 2023-07-31 04836284 d:Non-currentFinancialInstruments 2024-07-31 04836284 d:Non-currentFinancialInstruments 2023-07-31 04836284 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 04836284 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04836284 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 04836284 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04836284 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-07-31 04836284 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 04836284 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-07-31 04836284 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 04836284 d:ShareCapital 2024-07-31 04836284 d:ShareCapital 2023-07-31 04836284 d:SharePremium 2024-07-31 04836284 d:SharePremium 2023-07-31 04836284 d:OtherMiscellaneousReserve 2024-07-31 04836284 d:OtherMiscellaneousReserve 2023-07-31 04836284 d:RetainedEarningsAccumulatedLosses 2024-07-31 04836284 d:RetainedEarningsAccumulatedLosses 2023-07-31 04836284 c:OrdinaryShareClass1 2023-08-01 2024-07-31 04836284 c:OrdinaryShareClass1 2024-07-31 04836284 c:OrdinaryShareClass1 2023-07-31 04836284 c:FRS102 2023-08-01 2024-07-31 04836284 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 04836284 c:FullAccounts 2023-08-01 2024-07-31 04836284 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04836284 d:WithinOneYear 2024-07-31 04836284 d:WithinOneYear 2023-07-31 04836284 d:HirePurchaseContracts d:WithinOneYear 2024-07-31 04836284 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 04836284 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-07-31 04836284 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 04836284 d:HirePurchaseContracts d:MoreThanFiveYears 2024-07-31 04836284 d:HirePurchaseContracts d:MoreThanFiveYears 2023-07-31 04836284 6 2023-08-01 2024-07-31 04836284 d:Buildings d:LeasedAssetsHeldAsLessee 2024-07-31 04836284 d:Buildings d:LeasedAssetsHeldAsLessee 2023-07-31 04836284 d:LeasedAssetsHeldAsLessee 2024-07-31 04836284 d:LeasedAssetsHeldAsLessee 2023-07-31 04836284 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04836284









FINISH TV LIMITED T/A FREEFOLK







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
FINISH TV LIMITED T/A FREEFOLK
 
 
COMPANY INFORMATION


Directors
J J Watts 
F Kilroe 




Registered number
04836284



Registered office
24, 26 & 28 Elder Street


London


E1 6BT




Accountants
Ecovis Wingrave Yeats UK Limited
Chartered Accoutants

3rd Floor, Waverley House

7 - 12 Noel Street


London


W1F 8GQ





 
FINISH TV LIMITED T/A FREEFOLK
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 11


 
FINISH TV LIMITED T/A FREEFOLK
REGISTERED NUMBER: 04836284

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
322,296
293,122

Investments
 6 
103,800
103,800

  
426,096
396,922

Current assets
  

Debtors: amounts falling due within one year
 7 
841,651
799,870

Current asset investments
 8 
103,981
96,995

Cash at bank and in hand
  
1,051,188
816,737

  
1,996,820
1,713,602

Creditors: amounts falling due within one year
 9 
(1,051,879)
(1,033,976)

Net current assets
  
 
 
944,941
 
 
679,626

Total assets less current liabilities
  
1,371,037
1,076,548

Creditors: amounts falling due after more than one year
 10 
(58,538)
(111,149)

Provisions for liabilities
  

Deferred tax
  
(51,238)
(68,999)

  
 
 
(51,238)
 
 
(68,999)

Net assets
  
1,261,261
896,400


Capital and reserves
  

Called up share capital 
 13 
123
123

Share premium account
  
43,467
43,467

Other reserves
  
72,306
28,851

Profit and loss account
  
1,145,365
823,959

  
1,261,261
896,400


Page 1

 
FINISH TV LIMITED T/A FREEFOLK
REGISTERED NUMBER: 04836284
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of comprehensive income 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 on 30 April 2025.




F Kilroe
Director

Page 2

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Finish TV Limited is a private company, limited by shares, incorporated in England and Wales, registration number 04836284. The registered office is 24, 26 & 28 Elder Street, London, E1 6BT.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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:

Revenue in respect of short term projects and other income is recognised by reference to the stage
of completion of the project. Interest received is accounted for on a cash basis.

Interest received is accounted for on a cash basis.

 
2.3

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.

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:

Long-term leasehold property
-
Over the life of the lease
Fixtures and fittings
-
3 years straight line
Equipment
-
3 years straight line

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.

Page 3

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Going concern

The directors are committed to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. As a result, the directors consider it appropriate that these financial statements are prepared on the going concern basis.

 
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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 August 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 4

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is             charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

The Company has valued share options at fair value based on a Black-Scholes model. 

 
2.9

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.10

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

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
Page 5

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.12
Current and deferred taxation (continued)

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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Revenue recognition

Revenue and expenses are recognised by reference to the stage of completion of contract activity where
the outcome of the contract can be estimated reliably, otherwise revenue is recognised only to the extent
of recoverable costs incurred.

Dilapidation provision

A provision is made for dilapidations. This provision required management’s best estimate of costs that will be incurred based on contractual requirements. In addition, the timing of cash flow used to establish the net present value of the obligations also requires management’s judgement
Tangible fixed assets - depreciation

Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual values consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Share-based payments
The share-based payments vest based on certain conditions being met by the Company. Management have applied their best estimate in arriving at the vesting period for which these conditions will be met within. 

Page 6

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 45 (2023 - 41).


5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2023
364,647
111,371
2,780,310
3,256,328


Additions
132,241
5,995
72,635
210,871



At 31 July 2024

496,888
117,366
2,852,945
3,467,199



Depreciation


At 1 August 2023
364,647
94,608
2,503,951
2,963,206


Charge for the year on owned assets
39,672
8,187
133,838
181,697



At 31 July 2024

404,319
102,795
2,637,789
3,144,903



Net book value



At 31 July 2024
92,569
14,571
215,156
322,296



At 31 July 2023
-
16,763
276,359
293,122

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Equipment
88,482
154,480

88,482
154,480

Page 7

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 August 2023
103,800



At 31 July 2024
103,800





Other investments: Art and paintings
The Company has a policy of not depreciating investments into tangible fixed assets: fine-art, art paintings and trade investments. No depreciation is charged on the grounds that:

(i) the entity has a policy and practice of regular maintenance and repair (charges to the profit & loss account) such that the specific class of assets is kept to its previously assessed standards and value and;

(ii) the disposal proceeds of such asset (excluding price fluctuations since revaluations) have not been materially less than their carrying amounts.


7.


Debtors

2024
2023
£
£


Trade debtors
632,336
530,088

Other debtors
32,985
96,386

Prepayments
176,330
173,396

841,651
799,870



8.


Current asset investments

2024
2023
£
£

Investment bond
103,981
96,995

103,981
96,995


Page 8

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,807
10,786

Trade creditors
239,616
151,882

Other taxation and social security
255,596
200,333

Obligations under finance lease and hire purchase contracts
42,470
65,878

Other creditors
390,949
507,779

Accruals and deferred income
112,441
97,318

1,051,879
1,033,976


For more information on the bank loans and obligations under finance lease and hire purchase contracts, please see notes 12 and 13 respectively.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,526
22,547

Net obligations under finance leases and hire purchase contracts
46,012
88,602

58,538
111,149


For more information on the bank loans and obligations under finance lease and hire purchase contracts, please see notes 12 and 13 respectively.

Page 9

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,807
10,786


10,807
10,786

Amounts falling due 1-2 years

Bank loans
10,021
10,021


10,021
10,021

Amounts falling due 2-5 years

Bank loans
2,505
12,526


2,505
12,526


23,333
33,333


The Company obtained a Bounce Back Loan of £50,000 in November 2020. The loan is repayable in monthly instalments over the 6 year term from 12 months after the inception of the loan. No interest was payable by the Company in the first 12 months and interest is subsequently changed at 2.50% per annum.


12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
42,470
65,878

Between 1-2 years
31,700
56,341

Over 2-5 years
14,312
32,261

88,482
154,480


13.


Share capital

2024
2023
Page 10

 
FINISH TV LIMITED T/A FREEFOLK
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.Share capital (continued)

£
£
Allotted, called up and fully paid



12,288 (2023 - 12,288) Ordinary shares of £0.01 each
123
123

The shares have attached to them full voting, dividend and capital distribution rights.


14.


Share-based payments

On 30 November 2022, the company granted 8,842 EMI share options to eligible employees. Each share option has a fair value of £14.70 at the grant date. During the period, no options were forfeited (2023 - 497). Management has taken the view that all remaining options will be held until vested.
The company recognises the fair value of the share options as an expense in the statement of comprehensive income over the vesting period, with a corresponding credit to equity. The charge for the year was £43,455 
(2023 - £28,851).


15.


Pension commitments

The Company operates a defined contributions pension scheme for employees. The assets of the scheme are held separately from those of the Company. The pension contributions charged to the profit and loss account amounted to £141,246 (2023 - £136,889) and there were amounts outstanding of £12,311 (2023 - £13,557).


16.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
23,333
33,333

23,333
33,333


17.


Related party transactions

Finish TV Limited has taken the exemption under FRS 102 section 33 Related Party Disclosures
paragraph 33.1A, whereby the Company is not required to disclose transactions with other wholly owned subsidiaries.

 
Page 11