COMPANY REGISTRATION NUMBER:
13278510
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 March 2022
Current assets
Debtors |
5 |
213,831 |
Cash at bank and in hand |
46,704 |
|
--------- |
|
260,535 |
|
|
|
Creditors: amounts falling due within one year |
6 |
(
260,533) |
|
--------- |
Net current assets |
2 |
|
---- |
Total assets less current liabilities |
2 |
|
---- |
Net assets |
2 |
|
---- |
|
|
|
Capital and reserves
Called up share capital |
2 |
|
---- |
Shareholders funds |
2 |
|
---- |
|
|
These financial statements 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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
19 October 2023
, and are signed on behalf of the board by:
Company registration number:
13278510
Notes to the Financial Statements |
|
Period from 19 March 2021 to 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7th Floor, Palladium House, 1-4 Argyll Street, London, W1F 7TA, England.
2.
Statement of compliance
These financial statements 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 financial statements 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 financial statements 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.
Going concern
The directors have undertaken a rigorous assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of the approval of the financial statements. In establishing whether to continue to report under the going concern assumption we have considered the following points: - The impact on the day to day trade of the business; - The impact on the ability of our suppliers to meet our needs; - The impact of our staff's ability to perform their duties; - The impact on our cash position of a period of minimum activity. A detailed budget and cashflow have been prepared for the production and delivery of the film. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend now that production has been completed and formally delivered. After considering all factors, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
Comparatives
The accounts cover the period from incorporation through to 31 March 2022, hence there are no comparative figures.
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.
Judgements and key sources of estimation uncertainty
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 film, as noted in "Revenue recognition" below.
Revenue recognition
Turnover relates to the production of the film entitled "The Weekend Away". 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 film called "The Weekend Away". 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.
Debtors
|
31 Mar 22 |
|
£ |
Trade debtors |
4,051 |
VAT recoverable |
37,619 |
Other debtors |
172,161 |
|
--------- |
|
213,831 |
|
--------- |
|
|
6.
Creditors:
amounts falling due within one year
|
31 Mar 22 |
|
£ |
Accruals and deferred income |
260,533 |
|
--------- |
|
|
7.
Contingencies
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the film: Netflix US LLC
8.
Summary audit opinion
The auditor's report for the period dated
19 October 2023
was
unqualified
.
The senior statutory auditor was
Stephen Joberns
, for and on behalf of
Shipleys LLP
.
9.
Related party transactions
All transactions related to the production of the film "The Weekend Away" and arose on an arm's length basis through the normal course of business. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is who lly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
10.
Controlling party
In the opinion of the directors the parent undertaking and controlling party is
42 M&P Limited
, a company incorporated in England and Wales. 42 M&P Limited is also the smallest group in which the results of the Company are consolidated for which the financial statements are publicly available and can be obtained from 7th Floor, Palladium House, 14 Argyll Street, London, England, W1F 7TA.