Real People Casting Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 07153354 (England and Wales)
Real People Casting Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Real People Casting Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
580
1,077
Current assets
Debtors
4
467,715
413,803
Cash at bank and in hand
15,877
71,410
483,592
485,213
Creditors: amounts falling due within one year
5
(66,520)
(109,853)
Net current assets
417,072
375,360
Net assets
417,652
376,437
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
417,552
376,337
Total equity
417,652
376,437

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 year 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 her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year 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 27 November 2023
K Griffin
Director
Company Registration No. 07153354
Real People Casting Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information

Real People Casting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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.

1.2
Going concern

The Company made a profit for the year after taxation of £41,215 (2022: £35,096) and had net assets at the 31 March of  £417,652 (2022: £376,437). These financial statements are prepared on the going concern basis. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% Straight Line

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.

Real People Casting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
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.

1.7
Financial instruments

The company has only basic financial instruments at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Real People Casting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 4
2
Employees

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

2023
2022
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
1,988
Depreciation and impairment
At 1 April 2022
911
Depreciation charged in the year
497
At 31 March 2023
1,408
Carrying amount
At 31 March 2023
580
At 31 March 2022
1,077
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,282
54,745
Other debtors
431,321
355,324
Prepayments and accrued income
112
3,734
467,715
413,803
Real People Casting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,304
23,464
Corporation tax
9,784
8,349
Other taxation and social security
25,943
19,988
Other creditors
7,288
29,376
Accruals and deferred income
21,201
28,676
66,520
109,853
6
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
7
Related party transactions

At the year end, £2,579 (2022: £2,579) was owed to director K Griffin.

 

At the year end, the company was owed £431,321 from (2022: £355,324) Fresh Film Productions Limited, a related party by virtue of common directorship with K Griffin.

8
Controlling party

The company is controlled by the director K Griffin by virtue of holding majority share ownership.

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