0 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 13372592 2022-04-01 2023-09-14 13372592 2023-09-14 13372592 2021-05-04 2022-03-31 13372592 2022-03-31 13372592 bus:OrdinaryShareClass1 2022-04-01 2023-09-14 13372592 bus:Director1 2022-04-01 2023-09-14 13372592 core:WithinOneYear 2023-09-14 13372592 core:WithinOneYear 2022-03-31 13372592 core:UKTax 2022-04-01 2023-09-14 13372592 core:UKTax 2021-05-04 2022-03-31 13372592 core:ShareCapital 2023-09-14 13372592 core:ShareCapital 2022-03-31 13372592 bus:SmallEntities 2022-04-01 2023-09-14 13372592 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-09-14 13372592 bus:FullAccounts 2022-04-01 2023-09-14 13372592 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-09-14 13372592 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-09-14 13372592 bus:OrdinaryShareClass1 2023-09-14 13372592 bus:OrdinaryShareClass1 2022-03-31
COMPANY REGISTRATION NUMBER: 13372592
Finesse London Ltd
Filleted Unaudited Accounts
14 September 2023
Finesse London Ltd
Statement of Financial Position
14 September 2023
14 Sep 23
31 Mar 22
Note
£
£
Current assets
Debtors
6
362,930
4,110,399
Cash at bank and in hand
7,252
362,967
---------
------------
370,182
4,473,366
Creditors: amounts falling due within one year
7
( 370,082)
( 4,473,266)
---------
------------
Net current assets
100
100
----
----
Total assets less current liabilities
100
100
----
----
Net assets
100
100
----
----
Capital and reserves
Called up share capital
8
100
100
----
----
Shareholders funds
100
100
----
----
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 14 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
These accounts were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
N C Marsh-Edwards
Director
Company registration number: 13372592
Finesse London Ltd
Notes to the Accounts
Period from 1 April 2022 to 14 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Asm House, 103a Keymer Road, Keymer, BN6 8QL, United Kingdom.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue Recognition" below.
Comparatives
The accounts cover the period from 1 April 2022 to 14 September 2023. The comparatives cover the period from incorporation to 31 March 2022.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover relates to the production of the television series entitled "Riches". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employees
The company has been incorporated to produce a high-end television series called "Riches". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5. Tax on loss
Major components of tax income
Period from
Period from
1 Apr 22 to
4 May 21 to
14 Sep 23
31 Mar 22
£
£
Current tax:
UK current tax income
( 338,531)
( 2,557,218)
---------
------------
Tax on loss
( 338,531)
( 2,557,218)
---------
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Period from
1 Apr 22 to
4 May 21 to
14 Sep 23
31 Mar 22
£
£
Loss on ordinary activities before taxation
( 338,531)
( 2,557,218)
---------
------------
High-end television tax relief
(338,531)
(2,557,218)
---------
------------
6. Debtors
14 Sep 23
31 Mar 22
£
£
Trade debtors
1,264,652
Prepayments and accrued income
24,299
VAT recoverable
288,429
Corporation tax recoverable
338,531
2,557,218
Other debtors
100
100
---------
------------
362,930
4,110,399
---------
------------
7. Creditors: amounts falling due within one year
14 Sep 23
31 Mar 22
£
£
Trade creditors
478,502
Accruals and deferred income
26,268
1,404,027
Social security and other taxes
5,283
33,519
Production loan
338,531
2,557,218
---------
------------
370,082
4,473,266
---------
------------
The loan has been secured against the anticipated future high-end television tax credit.
8. Called up share capital
Issued, called up and fully paid
14 Sep 23
31 Mar 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
During the period no related-party transactions took place. All transactions related to the production of the television series "Riches" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
10. Controlling party
In the opinion of the directors the immediate parent undertaking is Greenacre Films Ltd , a company incorporated in England and Wales. There is no ultimate controlling party.