Company registration number 13556289 (England and Wales)
HELLELUJAH BOOK ONE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HELLELUJAH BOOK ONE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HELLELUJAH BOOK ONE LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
31 August 2022
Notes
£
£
£
£
Current assets
Stocks
197,954
-
Debtors
3
968,381
183,450
Cash at bank and in hand
327
5
1,166,662
183,455
Creditors: amounts falling due within one year
4
(3,134,659)
(295,599)
Net current liabilities
(1,967,997)
(112,144)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(1,968,097)
(112,244)
Total equity
(1,967,997)
(112,144)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 1 November 2023
Mr Mark Murphy
Director
Company registration number 13556289 (England and Wales)
HELLELUJAH BOOK ONE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Hellelujah Book One Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1-2 St. Albans Studios, South End Row, London, W8 5BT.
1.1
Reporting period
The financial statements cover the period from 1 September 2022 to 31 March 2023 in order to align with schedules for film production. As a result, they are not directly comparable with the comparatives which cover the period from incorporation on 9 August 2021 to 31 August 2022.
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 £1,967,997.true
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 relates to the production of the film entitled "Hellelujah: Book 1". Revenue is recognized when control of the film rights transfers to the distributor. This typically occurs when the film is made available to the distributor, and they can start exploiting it, such as exhibiting it in theaters or making available for streaming.
Each distributor buys licenses to certain territories, which they can exploit the film within. Income is the net amount of license income less any distribution fees being received within the company collection agency account.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.6
Stocks - Film production costs
The cost of producing the film is recorded as a current asset. The cost will be amortised to the income statement over the period in which the rights to the relevant film are being exploited by the company.
HELLELUJAH BOOK ONE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
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 and preference shares that 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.
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of film tax credits receivable.
HELLELUJAH BOOK ONE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. 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.
1.11
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
2022
Number
Number
Total
2
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
161,950
Corporation tax recoverable
736,930
Other debtors
231,451
21,500
968,381
183,450
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,620,857
294,099
Amounts owed to group undertakings
1,503,026
Taxation and social security
(74)
Other creditors
10,850
1,500
3,134,659
295,599
HELLELUJAH BOOK ONE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
Related party transactions
2023
2022
Amounts due to related parties
£
£
Other related parties
1,244,299
-
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
-
18,600
(5,650)
12,950
-
18,600
(5,650)
12,950