TVB FILMS LIMITED |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
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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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The Company produced the British qualifying film "Tara vs Bilal" (the Film). All of the tunrover recognised by the Company relates only to this Film. The turnover in the profit & loss account relates to the sales invoices raised on Super Cassettes Industries Pvt Ltd towards funding in relation to the acquisition of the Film. |
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Cost of sales |
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Production cost of the Film is recognised in the profit & loss account as cost of sales on delivery of the Film to the acquirer. |
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Work in progress |
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Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Balance production cost of the Film at the last year balance sheet date was carried forward as work in progress on the basis that it was deemed recoverable from the future income/revenue of the Film. In the current year, work in progress is transferred to cost of sales. |
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Taxation |
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A 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 assets based on timing differences is not applicable in respect of this Company's claim for film tax credits. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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12 |
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3 |
Debtors |
2023 |
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2022 |
£ |
£ |
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VAT receivable |
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900 |
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7,648 |
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Other debtors |
842,863 |
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725,811 |
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843,763 |
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733,459 |
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4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
28,692 |
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3,452,271 |
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Other creditors |
842,967 |
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- |
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871,659 |
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3,452,271 |
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5 |
Controlling party |
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Mr Susheel Kumar Thapliyal, the director, shareholder and PSC of the Company is the ultimate controlling party. |
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6 |
Other information |
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TVB FILMS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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c/o Suite F |
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1-3 Canfield Place |
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London |
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NW6 3BT |