Company Registration No. 07377009 (England and Wales)
FROM THE ASHES THE FILM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
FROM THE ASHES THE FILM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FROM THE ASHES THE FILM LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
6
88,812
90,042
Creditors: amounts falling due within one year
7
(970)
(970)
Net current assets
87,842
89,072
Capital and reserves
Called up share capital
345,000
345,000
Profit and loss reserves
(257,158)
(255,928)
Total equity
87,842
89,072

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 and are signed on its behalf by:
V J Gregory
Director
Company Registration No. 07377009
FROM THE ASHES THE FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information

From the Ashes the Film Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 49 Peter Street, Manchester, M2 3NG.

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
Going concern

The directors have confirmed that the company still intends to make sales in the future. The company continues to have full support from the directors and related parties for the foreseeable future, and has the ability to meet liabilities when they fall due. Therefore, the directors are confident that From The Ashes The Film Limited will continue on a going concern basis.true

1.3
Turnover

Turnover relates to the production of the film entitled "From the Ashes". It represents the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

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.

 

Turnover is recognised once the documentary film is delivered to the distributors, providing that a signed contract with the distributor exists and the amount of revenue can be measured reliably, the significant risks and rewards of ownership of distribution have been transferred to the distributor, and it is probable that the economic benefits associated with the transaction will flow to the entity. Furthermore, it is at the distributors discretion to request repayment on demand of any deposits collected in relation to this film if the project is to be delayed further.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Film Rights
10 years
1.5
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.

FROM THE ASHES THE FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
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 balance sheet 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 and cash and bank balances, 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.

1.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

FROM THE ASHES THE FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Exceptional item
2022
2021
£
£
Expenditure
Intercompany loan write off
-
(5,191)
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
3
3
5
Intangible fixed assets
Other
£
Cost
At 1 October 2021 and 30 September 2022
305,000
Amortisation and impairment
At 1 October 2021 and 30 September 2022
305,000
Carrying amount
At 30 September 2022
-
0
At 30 September 2021
-
0
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
88,812
90,042
FROM THE ASHES THE FILM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
120
120
Other creditors
850
850
970
970
8
Financial commitments, guarantees and contingent liabilities

Financial commitments not shown on the balance sheet amount to £2,237 (2020: £2,571.36) owed to Kaleidoscope Home Entertainment Ltd.

9
Related party transactions

The company operates a loan account with New Black Films Limited, a related party by virtue of common directorship. During the year the company advanced £3,640 (2020: £350) and received £1,244 (2020: £10,080). During the year there was a balance of £5,191 written off. At the balance sheet date the company was owed £2,782 (2020: £4,805 creditor) by New Black Films Limited.

 

The company operates a loan account with The White Room Films Limited, a related party by virtue of common directorship. There were no transactions in the year. At the balance sheet date the company owed £100 (2020: £100) to The White Room Films Limited.

10
Directors' transactions

Dividends totalling £0 (2021 - £0) were paid in the year in respect of shares held by the company's directors.

The company operated a loan account with director J Moores. During the year the director withdrew £1,010 (2020: £nil). At the balance sheet date the director owed the company £1,010 (2020: £nil).

11
Control

The company is under the ultimate control of the directors by virtue of their 75% holding of the voting share capital.

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