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Registration number: 12593038

True to Nature Dreamflight Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

True to Nature Dreamflight Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

True to Nature Dreamflight Limited

(Registration number: 12593038)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

3,106

324,311

Cash at bank and in hand

 

277,656

93,140

 

280,762

417,451

Creditors: Amounts falling due within one year

5

(108,814)

(219,986)

Net assets

 

171,948

197,465

Capital and reserves

 

Called up share capital

2

2

Retained earnings

171,946

197,463

Shareholders' funds

 

171,948

197,465

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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; and

The directors acknowledge their 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.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

S A Batty
Director

   
     

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 Profit and Loss account has been taken

 

True to Nature Dreamflight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 The Furlong
Bristol
BS6 7TF

These financial statements were authorised for issue by the Board on 1 November 2023.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in pound sterling, which is the functional currency of the company, and are rounded to the nearest pound.

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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue as a going concern. The directors are committed to ensure that the company is able to meet its liabilities on a day to day basis and the parent company has pledged to provide financial support to enable the company to meet its liabilities. Therefore, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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;
and specific criteria have been met for each of the company's activities.

 

True to Nature Dreamflight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Work in progress

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to their present condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

True to Nature Dreamflight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension
fund and the company has no legal or constructive obligation to pay further contributions even if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in
the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they
are due. If contribution payments exceed the contribution due for service, the excess is recognised as
a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 1).

4

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

107,651

Amounts owed by related parties

6

2

-

Other debtors

 

2,396

215,299

Prepayments

 

708

1,361

 

3,106

324,311

5

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

1,536

-

Amounts due to related parties

6

-

90,210

Social security and other taxes

 

-

17,825

Other creditors

 

104,278

104,278

Accruals

 

3,000

7,673

 

108,814

219,986




 

 

True to Nature Dreamflight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Related party transactions

The company has taken advantage of the exemption available under section 33.1A of Financial Reporting Standard 102, not to disclose transactions with other wholly owned members of this group.

7

Parent and ultimate parent undertaking

The company's immediate parent is True to Nature Limited, incorporated in England and Wales.

  These financial statements are available upon request from 16 The Furlong, Henleaze, Bristol, United Kingdom, BS6 7TF