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Registration number: 06377412

Limehouse Films Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Limehouse Films Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Limehouse Films Limited

(Registration number: 06377412)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

112,802

 

134,227

Current assets

   

 

Stocks

5

21,781

 

54,174

 

Debtors

6

121,995

 

167,121

 

Cash at bank and in hand

 

189,505

 

160,936

 

 

333,281

 

382,231

 

Creditors: Amounts falling due within one year

7

(264,860)

 

(331,732)

 

Net current assets

   

68,421

 

50,499

Total assets less current liabilities

   

181,223

 

184,726

Creditors: Amounts falling due after more than one year

7

 

(93,016)

 

(78,104)

Provisions for liabilities

 

(21,845)

 

(24,678)

Net assets

   

66,362

 

81,944

Capital and reserves

   

 

Called up share capital

8

22

 

22

 

Capital redemption reserve

2

 

2

 

Retained earnings

66,338

 

81,920

 

Shareholders' funds

   

66,362

 

81,944

 

Limehouse Films Limited

(Registration number: 06377412)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 February 2024 and signed on its behalf by:
 

.........................................
N A Howard
Director

 

Limehouse Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Marshalls Mill
Marshall Street
Leeds
LS11 9YJ

These financial statements were authorised for issue by the Board on 1 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

 

Limehouse Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset.

Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance and 15% straight line basis

Improvements to leasehold property

4 years straight line basis

 

Limehouse Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Limehouse Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 22).

 

Limehouse Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Improvements to leasehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

15,345

300,819

316,164

Additions

-

5,914

5,914

At 31 December 2023

15,345

306,733

322,078

Depreciation

At 1 January 2023

12,657

169,280

181,937

Charge for the year

2,688

24,651

27,339

At 31 December 2023

15,345

193,931

209,276

Carrying amount

At 31 December 2023

-

112,802

112,802

At 31 December 2022

2,688

131,539

134,227

5

Stocks

2023
£

2022
£

Work in progress

21,781

54,174

6

Debtors

Current

2023
£

2022
£

Trade debtors

89,137

148,276

Prepayments

23,340

8,437

Other debtors

9,518

10,408

 

121,995

167,121

 

Limehouse Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

50,484

55,574

Trade creditors

44,329

42,630

Taxation and social security

74,571

134,489

Accruals and deferred income

93,343

95,111

Other creditors

2,133

3,928

264,860

331,732

Loans and borrowings include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate of £14,361 (2022 - £13,317).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

75,092

53,458

Deferred income

17,924

24,646

93,016

78,104

Loans and borrowings include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate of £14,151 (2022 - £28,512).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

17

17

17

17

B Ordinary shares of £1 each

5

5

5

5

 

22

22

22

22

 

Limehouse Films Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £22,446 (2022 - £54,135). These financial commitments are in respect of an operating lease.

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Interest free loan repayable on demand

10,408

27,955

(28,845)

9,518

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Interest free loan repayable on demand

7,330

55,222

(52,144)

10,408