Caseware UK (AP4) 2022.0.179 2022.0.179 2022-02-282022-02-28falseThe principal activity of the company is that of motion picture commissioner and distributor2021-03-0111truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11818282 2021-03-01 2022-02-28 11818282 2020-02-29 2021-02-28 11818282 2022-02-28 11818282 2021-02-28 11818282 c:Director1 2021-03-01 2022-02-28 11818282 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-03-01 2022-02-28 11818282 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 11818282 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-02-28 11818282 d:CurrentFinancialInstruments 2022-02-28 11818282 d:CurrentFinancialInstruments 2021-02-28 11818282 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11818282 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 11818282 d:ShareCapital 2022-02-28 11818282 d:ShareCapital 2021-02-28 11818282 d:RetainedEarningsAccumulatedLosses 2022-02-28 11818282 d:RetainedEarningsAccumulatedLosses 2021-02-28 11818282 c:OrdinaryShareClass1 2021-03-01 2022-02-28 11818282 c:OrdinaryShareClass1 2022-02-28 11818282 c:FRS102 2021-03-01 2022-02-28 11818282 c:AuditExempt-NoAccountantsReport 2021-03-01 2022-02-28 11818282 c:FullAccounts 2021-03-01 2022-02-28 11818282 c:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 11818282 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2021-03-01 2022-02-28 11818282 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-03-01 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11818282














MPP-COBALT LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

 
MPP-COBALT LIMITED
REGISTERED NUMBER:11818282

BALANCE SHEET
AS AT 28 FEBRUARY 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,952,827
2,603,768

  
1,952,827
2,603,768

Current assets
  

Debtors: amounts falling due within one year
 5 
-
56,954

Cash at bank and in hand
 6 
21,568
27,417

  
21,568
84,371

Creditors: amounts falling due within one year
 7 
(15,977,818)
(15,128,097)

Net current liabilities
  
 
 
(15,956,250)
 
 
(15,043,726)

Total assets less current liabilities
  
(14,003,423)
(12,439,958)

  

Net liabilities
  
(14,003,423)
(12,439,958)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(14,003,523)
(12,440,058)

  
(14,003,423)
(12,439,958)


The director considers 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 year in question in accordance with section 476 of the Companies Act 2006.

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.

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 profit and loss account 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: 




M Chausse
Director

Date: 26 September 2023
1

 
MPP-COBALT LIMITED
REGISTERED NUMBER:11818282
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022


The notes on pages 3 to 6 form part of these financial statements.

2

 
MPP-COBALT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.


General information

MPP-Cobalt Limited is a private company, limited by shares, registered in England and Wales, registration number 11818282. The registered office address is 10 Orange Street, Haymarket,  London, WC2H 7DQ.

The principal activity of the company is that of motion picture commissioner and distributor

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 pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the director has confirmed that they will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Turnove from motion picture commissioning and distributing activities recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

3

 
MPP-COBALT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company is eligible to claim a tax credit on commissioning and distributing 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

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets in respect of film production commission costs are considered to be amortised 60% in the first year and 10% for the next 4 years.

 
2.8

Debtors

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

 
2.9

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.

 
2.10

 Creditors

Short-term creditors are measured at the transaction price.

 
2.11

 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, loans from banks and other third parties and loans to related parties.

4

 
MPP-COBALT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 -1).


4.


Intangible assets




Development expenditure

£



Cost


At 1 March 2021
16,273,549


Additions
197,483



At 28 February 2022

16,471,032



Amortisation


At 1 March 2021
13,669,781


Charge for the year
670,690


Impairment charge
177,734



At 28 February 2022

14,518,205



Net book value



At 28 February 2022
1,952,827



At 28 February 2021
2,603,768



5

 
MPP-COBALT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

5.


Debtors

2022
2021
£
£


Other debtors
-
56,954



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
21,568
27,417



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other taxation and social security
84,944
-

Other creditors
15,865,974
15,116,097

Accruals
26,900
12,000

15,977,818
15,128,097



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 Ordinary shares shares of £1.00 each
100
100


 
6