Caseware UK (AP4) 2021.0.152 2021.0.152 2022-02-282022-02-28false32020-12-01falseNo description of principal activity3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12335124 2020-12-01 2022-02-28 12335124 2019-11-26 2020-11-30 12335124 2022-02-28 12335124 2020-11-30 12335124 c:Director1 2020-12-01 2022-02-28 12335124 d:CurrentFinancialInstruments 2022-02-28 12335124 d:CurrentFinancialInstruments 2020-11-30 12335124 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 12335124 d:CurrentFinancialInstruments d:WithinOneYear 2020-11-30 12335124 d:ShareCapital 2022-02-28 12335124 d:ShareCapital 2020-11-30 12335124 c:FRS102 2020-12-01 2022-02-28 12335124 c:AuditExempt-NoAccountantsReport 2020-12-01 2022-02-28 12335124 c:FullAccounts 2020-12-01 2022-02-28 12335124 c:PrivateLimitedCompanyLtd 2020-12-01 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 12335124









EXPLORER PICTURES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2022

 
EXPLORER PICTURES LTD
REGISTERED NUMBER: 12335124

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2022

28 February
30 November
2022
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
436,698
116,854

Cash at bank and in hand
  
19,464
566,476

  
456,162
683,330

Creditors: amounts falling due within one year
 5 
(456,161)
(683,329)

Net current assets
  
 
 
1
 
 
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
  
1
1

  
1
1


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 period 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 by: 




G Chignell
Director

Date: 12 August 2022

The notes on pages 3 to 5 form part of these financial statements.
Page 1

 
EXPLORER PICTURES LTD
REGISTERED NUMBER: 12335124
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2022


Page 2

 
EXPLORER PICTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022

1.


General information

Explorer Pictures Ltd is a private company limited by shares incorporated in the United Kingdom and registered in England. The address of its registered office is 127 Hamilton Road, London, SE27 9SE.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the impact that Covid-19 has had on the business and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. As a result, the directors believe that the company will have sufficient funds to settle all of its debts as they fall due for at least 12 months from signing the accounts and have therefore prepared these financial statements on the going concern basis.

 
2.3

Revenue

Turnover in the Statement of comprehensive income relates to amounts earned in relation to film production.
Production funding is recognised in the Statement of comprehensive income over the period of the production. Where production funds received exceed costs incurred to date, the balance is treated as deferred income and held on the Statement of financial position until further costs are incurred. At that point the deferred income is released to the Statement of comprehensive income.

  
2.4

Cost of sales

Production costs incurred in producing a film or television programme are recognised in the Statement of comprehensive income as cost of sales in the period in which they are incurred.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 3

 
EXPLORER PICTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in Statement of comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
The company is eligible to claim a tax credit on film production costs. The tax credit comprises relief based on total net costs and an additional deduction for enhanceable expenditure. The company claims a payment based on the amount of enhanced expenditure and carries losses arising from total net costs forward against future profits.

 
2.7

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short term creditors are measured at the transaction price, less any impairment.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

  
2.11

Reporting periods

The company's financial statements cover the period from 1 December 2020 through to 28 February 2022 in order to align the accounting period appropriately with the stage of production of the film. The prior period's financial statements covered the period from 26 November 2019, the date of incorporation, to 30 November 2020. As such comparative amounts in these accounts are not entirely comparable.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2020 - 3).

Page 4

 
EXPLORER PICTURES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022

4.


Debtors

28 February
30 November
2022
2020
£
£


Trade debtors
163,861
-

Other debtors
75
13,216

Tax recoverable
272,762
103,638

436,698
116,854



5.


Creditors: Amounts falling due within one year

28 February
30 November
2022
2020
£
£

Trade creditors
120,104
13,965

Other taxation and social security
25,508
2,885

Other creditors
443
206

Accruals and deferred income
310,106
666,273

456,161
683,329


 
Page 5