Company Registration No. 10746129 (England and Wales)
Third Wednesday (CMP) Limited
Annual report and unaudited financial statements
for the year ended 31 October 2022
Third Wednesday (CMP) Limited
Company information
Director
Iain Canning
Company number
10746129
Registered office
3rd Floor
45 Folgate Street
London
E1 6GL
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Third Wednesday (CMP) Limited
Contents
Page
Director's report
1 - 2
Accountants' report
3
Income statement
4
Statement of financial position
5
Notes to the financial statements
6 - 9
Third Wednesday (CMP) Limited
Director's report
For the year ended 31 October 2022
Page 1

The director presents his annual report and financial statements for the year ended 31 October 2022.

Principal activities

The principal activity of the company was motion picture production.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Iain Canning
Future developments

The directors expect to close the entity down in the future, but until such a time the company has the continued financial support from its financiers to operate as a going concern.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Third Wednesday (CMP) Limited
Director's report (continued)
For the year ended 31 October 2022
Page 2

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Iain Canning
Director
26 October 2023
Third Wednesday (CMP) Limited
Chartered accountants' report to the Director on the preparation of the unaudited statutory financial statements of Third Wednesday (CMP) Limited for the year ended 31 October 2022
Page 3

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Third Wednesday (CMP) Limited for the year ended 31 October 2022 set out on pages 4 to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Third Wednesday (CMP) Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Third Wednesday (CMP) Limited and state those matters that we have agreed to state to the board of directors of Third Wednesday (CMP) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Third Wednesday (CMP) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Third Wednesday (CMP) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Third Wednesday (CMP) Limited. You consider that Third Wednesday (CMP) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Third Wednesday (CMP) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
27 October 2023
Chartered Accountants
71 Queen Victoria Street
London
EC4V 4BE
Third Wednesday (CMP) Limited
Income statement
For the year ended 31 October 2022
Page 4
2022
2021
Notes
£
£
Turnover
3,481
3,781
Cost of sales
(481)
(481)
Gross loss
3,000
3,300
Administrative expenses
(3,000)
(3,300)
Profit before taxation
-
0
-
0
Tax on profit
-
0
-
0
Profit for the financial year
-
0
-
0

The income statement has been prepared on the basis that all operations are continuing operations.

Third Wednesday (CMP) Limited
Statement of financial position
As at 31 October 2022
Page 5
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
11,128
14,728
Cash at bank and in hand
2,014
1,895
13,142
16,623
Creditors: amounts falling due within one year
4
(13,141)
(16,622)
Net current assets
1
1
Capital and reserves
-
-
Called up share capital
1
1

For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 26 October 2023.
26 October 2023
Iain Canning
Director
Company Registration No. 10746129
Third Wednesday (CMP) Limited
Notes to the financial statements
For the year ended 31 October 2022
Page 6
1
Accounting policies
Company information

Third Wednesday (CMP) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 45 Folgate Street, London, E1 6GL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Third Wednesday (CMP) Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
1
Accounting policies (continued)
Page 7
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Third Wednesday (CMP) Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
Page 8
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2021 - 0).

3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
11,128
14,728
4
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
10,141
13,622
Other creditors
3,000
3,000
13,141
16,622
5
Financial commitments, guarantees and contingent liabilities

The company currently has 3 outstanding charges:

 

 

 

Third Wednesday (CMP) Limited
Notes to the financial statements (continued)
For the year ended 31 October 2022
Page 9
6
Related party transactions
Transactions with related parties

During the period Third Wednesday (CMP) Limited paid £3,600 (2021: £3,960) on behalf of Vague Films Limited, a company under common directorship of Iain Canning. As at the balance sheet date, the company is owed £5,503 (2021: £9,103) by Vague Films Limited and £5,625 (2021: £5,265) by See-saw Films Limited.

The company has taken advantage of the exemption available under FRS 102 Section 33.1A whereby disclosure need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly owned by such a member.

7
Parent company

The company's immediate parent is Third Wednesday Films Limited, a company registered in England and Wales.

 

The directors do not consider there to be an ultimate controlling party.

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