0 19 August 2022 false false false false false false false false false true false false false false false false No description of principal activity 2020-08-21 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 12828662 2020-08-21 2021-12-31 12828662 2021-12-31 12828662 bus:OrdinaryShareClass1 2020-08-21 2021-12-31 12828662 bus:Director2 2020-08-21 2021-12-31 12828662 core:WithinOneYear 2021-12-31 12828662 core:UKTax 2020-08-21 2021-12-31 12828662 core:ShareCapital 2021-12-31 12828662 bus:SmallEntities 2020-08-21 2021-12-31 12828662 bus:Audited 2020-08-21 2021-12-31 12828662 bus:FullAccounts 2020-08-21 2021-12-31 12828662 bus:SmallCompaniesRegimeForAccounts 2020-08-21 2021-12-31 12828662 bus:PrivateLimitedCompanyLtd 2020-08-21 2021-12-31 12828662 bus:OrdinaryShareClass1 2021-12-31
COMPANY REGISTRATION NUMBER: 12828662
Chimp Empire SPV Ltd
Filleted Financial Statements
31 December 2021
Chimp Empire SPV Ltd
Statement of Financial Position
31 December 2021
31 Dec 21
Note
£
Current assets
Debtors
6
460,537
Cash at bank and in hand
122,001
---------
582,538
Creditors: amounts falling due within one year
7
( 582,537)
---------
Net current assets
1
----
Total assets less current liabilities
1
----
Net assets
1
----
Capital and reserves
Called up share capital
8
1
----
Shareholders funds
1
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 18 August 2022 , and are signed on behalf of the board by:
Andrew Kevin Palmer
Director
Company registration number: 12828662
Chimp Empire SPV Ltd
Notes to the Financial Statements
Period from 21 August 2020 to 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 101 St. John Street, London, EC1M 4AS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Comparatives
The accounts cover the period from incorporation through to 31 December 2021, hence there are no comparative figures.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover relates to the production of the television series entitled "Chimp Empire". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employees
The company has been incorporated to produce a high-end television series called "Chimp Empire". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5. Tax on loss
Major components of tax income
Period from
21 Aug 20 to
31 Dec 21
£
Current tax:
UK current tax income
( 374,303)
---------
Tax on loss
( 374,303)
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than the standard rate of corporation tax in the UK of 19 %.
Period from
21 Aug 20 to
31 Dec 21
£
Loss on ordinary activities before taxation
( 374,303)
---------
High-end television tax relief
(374,303)
---------
6. Debtors
31 Dec 21
£
Trade debtors
15,992
VAT recoverable
47,390
Corporation tax recoverable
374,303
Other debtors
22,852
---------
460,537
---------
7. Creditors: amounts falling due within one year
31 Dec 21
£
Trade creditors
11,619
Accruals and deferred income
188,808
Social security and other taxes
6,282
Other creditors
375,828
---------
582,537
---------
8. Called up share capital
Issued, called up and fully paid
31 Dec 21
No.
£
Ordinary shares of £ 1 each
1
1
----
----
9. Summary audit opinion
The auditor's report for the period dated 19 August 2022 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .
10. Related party transactions
During the period no related-party transactions took place. All transactions related to the production of the television series "Chimp Empire" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
11. Controlling party
In the opinion of the directors the immediate parent undertaking is Keo Films Ltd , a company incorporated in England and Wales. The ultimate parent undertaking is Passion Holdings Ltd, a company incorporated in England and Wales.