COMPANY REGISTRATION NUMBER:
11495960
Cornelia Street's Ships Ltd |
|
Filleted Unaudited Accounts |
|
Cornelia Street's Ships Ltd |
|
Statement of Financial Position |
|
31 January 2023
Current assets
Debtors |
5 |
22,703 |
794,425 |
Cash at bank and in hand |
19,667 |
37,796 |
|
-------- |
--------- |
|
42,370 |
832,221 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
42,270) |
(
832,121) |
|
-------- |
--------- |
Net current assets |
100 |
100 |
|
---- |
---- |
Total assets less current liabilities |
100 |
100 |
|
---- |
---- |
Net assets |
100 |
100 |
|
---- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
|
---- |
---- |
Shareholders funds |
100 |
100 |
|
---- |
---- |
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|
|
These accounts 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 income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
These accounts were approved by the
board of directors
and authorised for issue on
31 October 2023
, and are signed on behalf of the board by:
Company registration number:
11495960
Cornelia Street's Ships Ltd |
|
Year ended 31 January 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34b Ashley Road, London, N19 3AF, England.
2.
Statement of compliance
These accounts 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 accounts 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 accounts 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
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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
There are no material judgements or estimates used in the preparation of these financial statements
.
Revenue recognition
Turnover relates to the production of the television series entitled "Enslaved". 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 high-end television series entitled "Enslaved". 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
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
44,120 |
Amounts owed by group undertakings |
6,050 |
– |
VAT recoverable |
6,985 |
4,146 |
Corporation tax recoverable |
9,668
|
472,133
|
Other debtors |
– |
274,026 |
|
-------- |
--------- |
|
22,703 |
794,425 |
|
-------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
12,000 |
– |
Amounts owed to group undertakings |
– |
896 |
Accruals and deferred income |
30,270 |
354,357 |
Production loan |
– |
472,133 |
Other creditors |
– |
4,735 |
|
-------- |
--------- |
|
42,270 |
832,121 |
|
-------- |
--------- |
|
|
|
7.
Related party transactions
The Company has taken advantage of the exemption, under the terms of FRS 102 Paragraph 33.1A, not to disclose related party transactions with wholly owned subsidiaries within the group. During the period all related party transactions that took place related to the production of the television series entitled "Enslaved" and arose on an arm's-length basis through the normal course of business. As such, no further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
8.
Controlling party
The immediate parent company and ultimate controlling party is
Cornelia Street Productions Limited
, a company incorporated in the United Kingdom.