AC Chapter One Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11202905 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

AC Chapter One Limited

Previously known as

Chapter One Pictures Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S J Donald

N C Galloway

R Holroyd

S M Gardiner

D J Levine

T L Brimm

D J Davoli

REGISTERED OFFICE:

Second Floor

22 James Street

London

WC2E 8NS

REGISTERED NUMBER:

11202905 (England and Wales)

ACCOUNTANTS:

Clay GBP Ltd

St Johns House

16 Church Street

Bromsgrove

Worcestershire

B61 8DN

FIXED ASSETS

Tangible assets

4

7,693

7,345

Investments

5

2

2

7,695

7,347

CURRENT ASSETS

Stocks

237,853

234,610

Debtors

370,293

64,429

Cash at bank

290,342

284,482

898,488

583,521

CREDITORS

Amounts falling due within one year

5,030,398

3,907,303

NET CURRENT LIABILITIES

(4,131,910

)

(3,323,782

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,124,215

)

(3,316,435

)

CAPITAL AND RESERVES

Called up share capital

6

16

16

Retained earnings

(4,124,231

)

(3,316,451

)

SHAREHOLDERS' FUNDS

(4,124,215

)

(3,316,435

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2023 and were signed on its behalf by:

S M Gardiner - Director

1.	STATUTORY INFORMATION

AC Chapter One 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

For the year ended 31 December 2022 the company incurred a net loss of £807,780 (2021 - £1,174,436) and had net liabilities of £4,124,231 (2021 - £3,316,435). The accounts have been prepared on a going concern basis as it is the opinion of the directors that the company will have sufficient resources to continue trading and the main shareholders have expressed their willingness to continue to support the company for the foreseeable future.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, sales returns, rebates and discounts.

Revenue is recognised on the provision of services. Where not all services have been rendered, revenue is recognised based upon the period lapsed compared with total period of the project.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over is estimated useful life.

Leasehold property improvements - 12.5% on cost

Office equipment - 33% on cost

Fixtures and fittings - 33% on cost

Work in progress

Work in progress is valued at the lower of cost and net realisable value

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the income statement.

Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs).

Trade debtors

Trade debtors are recognised initially at transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivable.

Trade creditors

Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as amounts falling due after more than one year.

Equity instruments

Equity instruments are measured at the fair value of the cash or other resources transferred or transferrable, net of the direct costs of issuing or receiving the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2022

21,648

Additions

3,904

Disposals

(5,368

)

At 31 December 2022

20,184

DEPRECIATION

At 1 January 2022

14,303

Charge for year

3,421

Eliminated on disposal

(5,233

)

At 31 December 2022

12,491

NET BOOK VALUE

At 31 December 2022

7,693

At 31 December 2021

7,345

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2022

and 31 December 2022

2

NET BOOK VALUE

At 31 December 2022

2

At 31 December 2021

2

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

15,879

Ordinary

£0.01

16

16