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COMPANY REGISTRATION NUMBER: 13194258
Funny Peculiar Limited
Filleted Unaudited Accounts
14 April 2023
Funny Peculiar Limited
Statement of Financial Position
14 April 2023
2023
2022
Note
£
£
Current assets
Debtors
5
151,948
358,088
Cash at bank and in hand
184
128,541
---------
---------
152,132
486,629
Creditors: amounts falling due within one year
6
152,130
486,627
---------
---------
Net current assets
2
2
----
----
Total assets less current liabilities
2
2
----
----
Net assets
2
2
----
----
Capital and reserves
Called up share capital
2
2
----
----
Shareholders funds
2
2
----
----
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 comprehensive income has not been delivered.
For the year ending 14 April 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 ;
- The directors acknowledge their 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 8 November 2023 , and are signed on behalf of the board by:
S Sulick
Director
Company registration number: 13194258
Funny Peculiar Limited
Notes to the Accounts
Year ended 14 April 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 52 Talbot Road, London, N6 4QP.
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.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Turnover" above.
Comparatives
The accounts cover the year to 14 April 2023. The comparatives cover the period from 10 February 2021 to 14 April 2022.
Revenue recognition
Turnover relates to the production of the film entitled "The Trouble with Jessica". 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. Tax on loss
Major components of tax income
Period from
Year to
10 Feb 21 to
14 Apr 23
14 Apr 22
£
£
Current tax:
UK current tax income
( 46,993)
( 353,755)
--------
---------
Tax on loss
( 46,993)
( 353,755)
--------
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Year to
10 Feb 21 to
14 Apr 23
14 Apr 22
£
£
Loss on ordinary activities before taxation
( 46,993)
( 353,755)
--------
---------
Film tax relief
(46,993)
(353,755)
--------
---------
5. Debtors
2023
2022
£
£
VAT recoverable
3,393
Corporation tax recoverable
46,993
353,755
Other debtors
104,955
940
---------
---------
151,948
358,088
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,005
Accruals and deferred income
75,132
132,872
Production loan
46,993
353,755
---------
---------
152,130
486,627
---------
---------
The loan has been secured against the anticipated future film tax credit.
7. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the film "The Trouble with Jessica" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.