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COMPANY REGISTRATION NUMBER: 5903089
Newco Films Limited
Filleted Unaudited Accounts
30 June 2023
Newco Films Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Current assets
Cash at bank and in hand
399,820
472,485
Creditors: amounts falling due within one year
4
( 6,015)
( 3,015)
---------
---------
Net current assets
393,805
469,470
---------
---------
Total assets less current liabilities
393,805
469,470
---------
---------
Net assets
393,805
469,470
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
393,804
469,469
---------
---------
Shareholders funds
393,805
469,470
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 9 November 2023 , and are signed on behalf of the board by:
A Macdonald
Director
Company registration number: 5903089
Newco Films Limited
Notes to the Accounts
Year ended 30 June 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 10 Orange Street, Haymarket, London, WC2H 7DQ.
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.
Film production costs
On delivery of the production, and in the subsequent life cycle of the project's exploitation, costs are written off to the profit and loss account against income on a cost recovery basis. However, where the recoverability of a specific completed project is not expected in full, a provision is made to the extent that future sales will not be sufficient to recoup the initial investment in that project.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided on in full on timing differences, which result in an obligation to pay more tax at a future date, at the current tax rates and laws. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on on tax rates and laws enacted or substantially enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15
15
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,000
Other creditors
3,000
3,000
-------
-------
6,015
3,015
-------
-------
5. Controlling party
The company's immediate parent undertaking is DNA Films Limited, a company registered in England and Wales.