Company registration number 14586040 (England and Wales)
BLACKBOARD SERIES 1 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BLACKBOARD SERIES 1 LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BLACKBOARD SERIES 1 LTD
BALANCE SHEET
AS AT
18 OCTOBER 2023
18 October 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
1,115,741
Cash at bank and in hand
10,275
1,126,016
Creditors: amounts falling due within one year
4
(1,942,476)
Net current liabilities
(816,460)
Creditors: amounts falling due after more than one year
5
(400,000)
Net liabilities
(1,216,460)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(1,216,461)
Total equity
(1,216,460)

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 period ended 18 October 2023 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 period 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 7 November 2023 and are signed on its behalf by:
G Papadia
Director
Company registration number 14586040 (England and Wales)
BLACKBOARD SERIES 1 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 18 OCTOBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 January 2023
-
0
-
0
-
Period ended 18 October 2023:
Loss and total comprehensive income
-
(1,216,461)
(1,216,461)
Issue of share capital
6
1
-
1
Balance at 18 October 2023
1
(1,216,461)
(1,216,460)
BLACKBOARD SERIES 1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Blackboard Series 1 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 32 Galena Road, London, W6 0TL. The company was incorporated on the 11 January 2023 and commenced trading that day.

1.1
Reporting period

The directors have decided to shorten the company's accounting period to 18 October 2023 in order to align the company period end with the end of principle photography.

1.2
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.

1.3
Going concern

These financial statements are prepared on the going concern basis.  However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. At the period end the company had net liabilities of £1,216,460.

 

In adopting the going concern basis for preparing the financial statements the directors have considered the business activities as well as the company's principal risks and uncertainties within the company's cash flow forecasts and projections. The company is reliant upon the continued support from related and connected to provide on going cash flow to meet liabilities as they fall due and therefore deems the going concern basis of preparation appropriate.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in relations to a commissioned film.

 

Income is recognised when the production company achieves a preset milestone that has been set out in the company commission agreement and cashflow. income is recognised net of net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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.

1.5
Cash and cash equivalents

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.

BLACKBOARD SERIES 1 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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, 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.

1.8
Taxation

The tax repayable represents the sum of the tax currently receivable from the U.K Creative Industry Tax Relief.

Current tax

The tax currently repayable is based on on eligible cost incurred under the High End Television tax relief. 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BLACKBOARD SERIES 1 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2023
Number
Total
12
3
Debtors
2023
Amounts falling due within one year:
£
Corporation tax recoverable
971,580
Other debtors
144,161
1,115,741
BLACKBOARD SERIES 1 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 OCTOBER 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
£
Bank loans
696,902
Trade creditors
407,516
Amounts owed to group undertakings
271,247
Other creditors
566,811
1,942,476

Within bank loan the company has borrowings of £671,270 which are secured by means of a fixed and floating charge and negative pledge over the assets and property of the company. The long term loan is unsecured.

5
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
400,000
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of 10p each
10
1

During this period, the company issued 10 ordinary shares, each valued at 10p. These shares come with full voting and dividend right.

7
Related party transactions
2023
Amounts due to related parties
£
Entities with control, joint control or significant influence over the company
544,548
8
Parent company

Blackboard Series 1 Ltd is wholly owned by Blackbox Multimedia Ltd a company incorporated in the United Kingdom.

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