Company Registration No. 11349353 (England and Wales)
REWIND PRODUCTIONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
REWIND PRODUCTIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
REWIND PRODUCTIONS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
268,160
239,747
Cash at bank and in hand
1,435
Net current assets
269,595
239,747
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
269,594
239,746
Total equity
269,595
239,747
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 2 November 2023 and are signed on its behalf by:
Solomon Rogers
Director
Company Registration No. 11349353
REWIND PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Rewind Productions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20 High Stret, St. Albans, United Kingdom, AL3 4EL.
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 considered the resources available for the company to continue operational existence. Post year end the company has made losses. The company is fully reliant on the support of the ultimate parent entity for its continued activity. Such support is dependent upon the ultimate parent entity completing a continuing round of fundraising, the next round is expected to take place during Q3 2024. Although the Directors believe the ultimate parent entity will be able to provide sufficient support to the company for the foreseeable future there is a material uncertainty until the round of fundraising is completed. Nevertheless the directors have adopted the going concern basis of accounting in preparing the financial statements.
1.3
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.
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 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.
REWIND PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors 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.
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.
1.6
Taxation
The tax income represents the sum of the tax currently receivable.
Current tax
The tax currently recoverable is based on the expected tax rebate for the year as a result of the video games tax credit. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s receivable for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Foreign exchange
The principal activity of the company continued to be that of publishing of computer games, video production activities and ready-made interactive leisure and entertainment software development.
2
Employees
There were no employees during current and previous year.
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
30,358
239,746
Amounts owed by group undertakings
237,802
1
268,160
239,747
4
Related party transactions
The company has taken advantage of the exemption available in FRS 102 Section 33.1(a), from disclosing transactions between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
REWIND PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
5
Ultimate parent undertaking and controlling party
The immediate parent company is Magnopus Ltd, a company incorporated in the England and Wales with registered office at 20 High Street, St. Albans, England, AL3 4EL
The ultimate parent company is Magnopus Holdings Inc., a company incorporated in the USA with registered office at 523 West 6th Street, Suite 330, Los Angeles, 90014, USA.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Material uncertainty relating to going concern
We draw attention to Note 1.2 in the financial statements which indicates that the company is reliant on the support of the parent company to continue as a going concern. The next fundraising round is expected to take place in Q3 2024. However as this is not guaranteed, there is uncertainty over the ability of the parent entity or ultimate parent entity to continue to support the company. As such a material uncertainty exists that may cause a significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Russell Cooper.
The auditor was HW Fisher LLP.