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COMPANY REGISTRATION NUMBER: 11686328
11 Frame Films Limited
Filleted Unaudited Financial Statements
31 October 2023
11 Frame Films Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
92
1,467
Current assets
Debtors
6
6,766
23,052
Cash at bank and in hand
4,900
438
--------
--------
11,666
23,490
Creditors: amounts falling due within one year
7
5,247
9,641
--------
--------
Net current assets
6,419
13,849
-------
--------
Total assets less current liabilities
6,511
15,316
Creditors: amounts falling due after more than one year
8
7,696
13,021
-------
--------
Net (liabilities)/assets
( 1,185)
2,295
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 1,285)
2,195
-------
-------
Shareholders (deficit)/funds
( 1,185)
2,295
-------
-------
These financial statements 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 profit and loss account has not been delivered.
For the year ending 31 October 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 financial statements 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 financial statements .
11 Frame Films Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:
Mr T Thurston-Mathews
Mrs C Thurston-Mathews
Director
Director
Company registration number: 11686328
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. And the option not to file the Profit and Loss Account has been taken.
11 Frame Films Limited
Notes to the Financial Statements
Year ended 31 October 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 Skyview House, 10 St Neots Road, Sandy, Bedfordshire, SG19 1LB, United Kingdom.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 and as such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. During the period in questions, apart from those involving estimations, the management has made no judgements or uncertain policy, within the process of applying the entity's accounting policies.
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide television and film services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax. 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. Payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
Taxation
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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. During the period in review, no assets were revalued, meaning no change in the carrying amount of an asset.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Equipment
-
33% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
1,881
4,575
6,456
-------
-------
-------
Depreciation
At 1 November 2022
1,422
3,567
4,989
Charge for the year
377
998
1,375
-------
-------
-------
At 31 October 2023
1,799
4,565
6,364
-------
-------
-------
Carrying amount
At 31 October 2023
82
10
92
-------
-------
-------
At 31 October 2022
459
1,008
1,467
-------
-------
-------
6. Debtors
2023
2022
£
£
Other debtors
6,766
23,052
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
( 77)
Corporation tax
4,300
Social security and other taxes
17
Other creditors
5,324
5,324
-------
-------
5,247
9,641
-------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
7,696
13,021
-------
--------
9. Directors' advances, credits and guarantees
Amounts of £510 (2022 £17,729) were advanced interest free, and repayable on demand, by the directors during the period. At the period end, £1,963 (2022 £13,398) was owed to the company by the directors.