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Registered number: 14163776









PASSION FEATURES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2023

 
PASSION FEATURES LIMITED
REGISTERED NUMBER: 14163776

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2023
Note
£
£

  

Current assets
  

Stocks
 4 
533,854

Debtors: amounts falling due within one year
 5 
250,041

Cash at bank and in hand
  
394,668

  
1,178,563

Creditors: amounts falling due within one year
 6 
(1,178,562)

Net current assets
  
 
 
1

  

Net assets
  
1


Capital and reserves
  

Called up share capital 
  
1

  
1


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 income and retained earnings 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: 




R Stannett
Director

Date: 13 October 2023

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
PASSION FEATURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.


General information

Passion Features Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is 33-34 Rathbone Place, London, W1T 1JN.
The company was incorporated on 10 June 2022.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

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.

  
2.3

Cost of sales

Production costs incurred in making a television programme are recognised in the Statement of  income and retained earnings as cost of sales in the period in which they are incurred.

 
2.4

Taxation

The tax credit represents the sum of the tax currently recoverable.

The company is eligible to claim a tax credit on television programme 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.

Page 2

 
PASSION FEATURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks take the form of work in progress. Work in progress relates to direct production costs, net of tax credits, incurred on television programme productions not yet delivered. Production costs are recognised in the income statement as soon as the production is delivered and the related sale is recognised.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 
2.6

Debtors

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

 
2.7

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.

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

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. 


3.


Employees

The average monthly number of employees, including directors, during the period was 2.

4.


Stocks

2023
£

Work in progress
533,854

533,854


Work in progress comprises costs incurred on television programme production for which the programme has not yet been completed or delivered. These are held at the lower of the cost and net realisable value.

Page 3

 
PASSION FEATURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

5.


Debtors

2023
£


Trade debtors
60,455

Amounts owed by group undertakings
1

Other debtors
65,499

Tax recoverable
124,086

250,041



6.


Creditors: Amounts falling due within one year

2023
£

Other creditors
264,760

Accruals and deferred income
913,802



7.


Related party transactions

The company is exempt from disclosing related party transactions which occur between other companies that are wholly owned within its group.


8.


Controlling party

Passion Holdings Limited is the ultimate parent company which prepares consolidated financial statements. The address of its registered office is 33-34 Rathbone Place, London, W1T 1JN. The ultimate controlling party is A Ruhemann by virtue of his share holding in the parent company.

9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 January 2023 was unqualified.

The audit report was signed on 13 October 2023 by Anthony Pins (Senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 4