0 false false false false false false false false false true true false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11495960 2022-02-01 2023-01-31 11495960 2023-01-31 11495960 2021-02-01 2022-01-31 11495960 2022-01-31 11495960 bus:Director1 2022-02-01 2023-01-31 11495960 core:WithinOneYear 2023-01-31 11495960 core:WithinOneYear 2022-01-31 11495960 core:ShareCapital 2023-01-31 11495960 core:ShareCapital 2022-01-31 11495960 bus:SmallEntities 2022-02-01 2023-01-31 11495960 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 11495960 bus:FullAccounts 2022-02-01 2023-01-31 11495960 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 11495960 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 11495960
Cornelia Street's Ships Ltd
Filleted Unaudited Accounts
31 January 2023
Cornelia Street's Ships Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
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
----
----
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:
S Sapper
Director
Company registration number: 11495960
Cornelia Street's Ships Ltd
Notes to the Accounts
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.