Looped Films Ltd |
Notes to the Accounts |
for the period from 1 January 2022 to 31 July 2022 |
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1 |
General Information |
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Looped Films Ltd is a private limited company limited by shares and incorporated in the United Kingdom. Its registered office address is 517, Mappin House, Winsley Street, London W1W8HF |
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2 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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The Company is in the process of carrying out pre-production activities of the film. The turnover recognised by the Company relates only to this Film. Turnover represents assignment advances from the acquiring and financing commissioner and its associates in relation to the Film's production. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. The tax credit claimed relates to the Film. Deferred tax asset based on timing differences is not applicable in respect of this Company's claim for film tax credit. |
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3 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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4 |
Debtors |
2022 |
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2021 |
£ |
£ |
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Other debtors |
225,024 |
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100,715 |
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5 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Corporate loan |
1,117,822 |
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501,714 |
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Bank loans and overdrafts |
49,166 |
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49,167 |
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Trade creditors |
46,471 |
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131,679 |
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Other creditors |
- |
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1,797,396 |
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1,213,459 |
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2,479,956 |
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6 |
Loans |
2022 |
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2021 |
£ |
£ |
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Creditors include: |
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Secured bank loans |
49,167 |
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49,167 |
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[The Company had availed BBLS loan from the bank which secured by the Goverment] |
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7 |
Other information |
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Looped Films Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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517, Mappin House |
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London |
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W1W8HF |