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Company No: OC300721 (England and Wales)

ZIGZAG FILMS LLP

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

ZIGZAG FILMS LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

ZIGZAG FILMS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
ZIGZAG FILMS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 16,496 21,794
16,496 21,794
Current assets
Debtors 5 7,407 7,200
Cash at bank and in hand 6 3,008 9,664
10,415 16,864
Creditors: amounts falling due within one year 7 ( 4,851) ( 16,578)
Net current assets 5,564 286
Total assets less current liabilities 22,060 22,080
Net assets attributable to members 22,060 22,080
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 22,426 22,426
22,426 22,426
Members' other interests
Other reserves (366) (346)
(366) (346)
22,060 22,080
Total members' interests
Loans and other debts due to members 22,426 22,426
Members' other interests (366) (346)
22,060 22,080

For the financial year ending 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of ZigZag Films LLP (registered number: OC300721) were approved and authorised for issue by the Director on 15 November 2023. They were signed on its behalf by:

R Day
Designated member
ZIGZAG FILMS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2023
ZIGZAG FILMS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2023
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves Members' capital (classified as debt) Total
£ £ £
Amounts due to members 22,426
Balance at 01 April 2021 0 22,426 22,426
Loss for the financial year available for discretionary division among members (346) 0 (346)
Members' interest after loss for the financial year (346) 22,426 22,080
Amounts due to members 22,426
Balance at 31 March 2022 (346) 22,426 22,080
Loss for the financial year available for discretionary division among members (20) 0 (20)
Members' interest after loss for the financial year (366) 22,426 22,060
Amounts due to members 22,426
Balance at 31 March 2023 (366) 22,426 22,060

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

ZIGZAG FILMS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
ZIGZAG FILMS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ZigZag Films LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Links Barn Ellerton Road, Hinstock, Market Drayton, TF9 2NJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2023 2022
Number Number
Average number of members during the financial year 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 50,760 50,760
Additions 163 163
At 31 March 2023 50,923 50,923
Accumulated depreciation
At 01 April 2022 28,966 28,966
Charge for the financial year 5,461 5,461
At 31 March 2023 34,427 34,427
Net book value
At 31 March 2023 16,496 16,496
At 31 March 2022 21,794 21,794

4. Debtors

2023 2022
£ £
Trade debtors 7,407 7,200

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 3,008 9,664

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,650 11,280
Other taxation and social security 1,201 3,298
Other creditors 2,000 2,000
4,851 16,578