Company Registration No. 12821793 (England and Wales)
Man and Witch Limited
Unaudited financial statements
for the period ended 31 January 2023
Pages for filing with the registrar
Man and Witch Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Man and Witch Limited
Balance sheet
As at 31 January 2023
Page 1
2023
2021
Notes
£
£
£
£
Current assets
Debtors
3
356,130
818,726
Cash at bank and in hand
86,198
547,495
442,328
1,366,221
Creditors: amounts falling due within one year
4
(432,327)
(1,358,420)
Net current assets
10,001
7,801
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
10,000
7,800
Total equity
10,001
7,801
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
Gregory Steinbruner
Director
Company Registration No. 12821793 (England and Wales)
Man and Witch Limited
Notes to the financial statements
For the period ended 31 January 2023
Page 2
1
Accounting policies
Company information
Man and Witch Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Reporting period
The prior period financial statements were prepared for the 12 month period to 31 August 2021, The current period financial statements were prepared for the 17 month period to 31 January 2023, and thus the current period accounts are not directly comparable.
1.3
Turnover
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts and contracts for on-going services is determined by reference to the stage of completion.
The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Man and Witch Limited
Notes to the financial statements (continued)
For the period ended 31 January 2023
1
Accounting policies (continued)
Page 3
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Man and Witch Limited
Notes to the financial statements (continued)
For the period ended 31 January 2023
1
Accounting policies (continued)
Page 4
Current tax
The tax currently recoverable is based on relievable losses arising in the year as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible. The company’s tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tax credit estimate
The key accounting estimate within the financial statements for this Company is the valuation of the film tax relief available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislation and guidance plus assessment of the qualification of the underlying film as eligible for the tax relief.
In the director's opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.
Man and Witch Limited
Notes to the financial statements (continued)
For the period ended 31 January 2023
Page 5
3
Debtors
2023
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
343,933
672,054
Other debtors
12,197
146,672
356,130
818,726
4
Creditors: amounts falling due within one year
2023
2021
£
£
Amounts owed to parent undertakings
378,984
1,336,207
Other creditors
53,343
22,213
432,327
1,358,420
5
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
6
Parent company
The company's immediate parent undertaking is Man and Witch LLC, a company registered in New York, USA.
The company does not have an ultimate controlling party.