Registration number:
Matthew Churchill Productions Limited
|
|
Matthew Churchill Productions Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Matthew Churchill Productions Limited
Company Information
Director |
M Churchill |
Registered office |
|
Accountants |
|
Matthew Churchill Productions Limited
Statement of Financial Position as at 30 June 2022
Note |
2022 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
94 |
94 |
|
Share premium reserve |
149,906 |
149,906 |
|
Retained earnings |
(269,930) |
(242,371) |
|
Shareholders' deficit |
(119,930) |
(92,371) |
For the financial period ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Matthew Churchill Productions Limited
Statement of Financial Position as at 30 June 2022
Approved and authorised by the
.........................................
M Churchill
Director
Company registration number: 08623256
Matthew Churchill Productions Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2021 to 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal activity of the company is the provision of services to the entertainment industry.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a loss for the period ended 30 June 2022 and the statement of financial position at that date showed net liabilities of £119,930.
The director has considered the potential effect of the past COVID-19 pandemic and the subsequent lockdowns and believes that the impact will remain manageable. Although the pandemic has had a detrimental impact on events within the entertainment industry, the director is hopeful that new contractual arrangements will result in future profitability. During the period ended 30 June 2022 the company has been working on preparing future projects that will be ready for touring in subsequent periods.
In the meantime the company is in a position to control its overheads and is dependent upon the continued support of the director, to whom an amount of £19,367 was due at 30 June 2022 and who has confirmed that he will not call for repayment until such time as the company has sufficient working capital.
Additionally an amount of £100,000 was due to a shareholder and an amount of £30,762 was due to a company under the control of a director. The directors are confident these entities will continue to support the company.
Having made appropriate enquiries the director has a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the director has adopted the going concern basis in preparing the financial statements.
Matthew Churchill Productions Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2021 to 30 June 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of good and services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity based upon the stage of completion and contractual entitlement.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
4 years straight-line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.
Amortisation commences once the technology commences to derive economic value.
Asset class |
Amortisation method and rate |
Production Technology |
5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Matthew Churchill Productions Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2021 to 30 June 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the period, was
Intangible assets |
Production Technology |
Total |
|
Cost or valuation |
||
At 1 January 2021 |
|
|
At 30 June 2022 |
|
|
Carrying amount |
||
At 30 June 2022 |
|
|
At 31 December 2020 |
|
|
Matthew Churchill Productions Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2021 to 30 June 2022
Tangible assets |
Plant & machinery |
Total |
|
Cost or valuation |
||
At 1 January 2021 |
|
|
At 30 June 2022 |
|
|
Depreciation |
||
At 1 January 2021 |
|
|
Charge for the period |
|
|
At 30 June 2022 |
|
|
Carrying amount |
||
At 30 June 2022 |
|
|
At 31 December 2020 |
|
|
Debtors |
2022 |
2020 |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2020 |
|
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2022 |
2020 |
|
Loans and borrowings |
|
|
Matthew Churchill Productions Limited
Notes to the Unaudited Financial Statements for the Period from 1 January 2021 to 30 June 2022
Loans and borrowings |
2022 |
2020 |
|
Current loans and borrowings |
||
Bank loan |
|
|
2022 |
2020 |
|
Non-current loans and borrowings |
||
Bank loan |
|
|
The amount of the bank loan repayable by instalments in more than 5 years amounts to £4,167 (2020: £8,333).