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16 February 2024
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No description of principal activity
2021-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
12634498
2021-10-01
2023-03-31
12634498
2023-03-31
12634498
2020-05-30
2021-09-30
12634498
2021-09-30
12634498
bus:OrdinaryShareClass1
2021-10-01
2023-03-31
12634498
bus:Director2
2021-10-01
2023-03-31
12634498
core:WithinOneYear
2023-03-31
12634498
core:WithinOneYear
2021-09-30
12634498
core:UKTax
2021-10-01
2023-03-31
12634498
core:UKTax
2020-05-30
2021-09-30
12634498
core:ShareCapital
2023-03-31
12634498
core:ShareCapital
2021-09-30
12634498
core:RetainedEarningsAccumulatedLosses
2023-03-31
12634498
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2021-10-01
2023-03-31
12634498
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2021-10-01
2023-03-31
12634498
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2021-10-01
2023-03-31
12634498
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2021-10-01
2023-03-31
12634498
bus:PrivateLimitedCompanyLtd
2021-10-01
2023-03-31
12634498
bus:OrdinaryShareClass1
2023-03-31
12634498
bus:OrdinaryShareClass1
2021-09-30
COMPANY REGISTRATION NUMBER:
12634498
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 March 2023
|
31 Mar 23 |
30 Sep 21 |
Note |
£ |
£ |
|
|
|
Current assets
Debtors |
6 |
537,457 |
791,935 |
Cash at bank and in hand |
49,853 |
308,862 |
|
--------- |
------------ |
|
587,310 |
1,100,797 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
517,373) |
(
1,100,697) |
|
--------- |
------------ |
Net current assets |
69,937 |
100 |
|
-------- |
---- |
Total assets less current liabilities |
69,937 |
100 |
|
-------- |
---- |
Net assets |
69,937 |
100 |
|
-------- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
100 |
100 |
Profit and loss account |
69,837 |
– |
|
-------- |
---- |
Shareholders funds |
69,937 |
100 |
|
-------- |
---- |
|
|
|
|
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 statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
16 February 2024
, and are signed on behalf of the board by:
J C Stevenson Bretton |
Director |
|
Company registration number:
12634498
Notes to the Financial Statements |
|
Period from 1 October 2021 to 31 March 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 Unit 1, Tramways House, 377 Camden Road, London, N7 0SH, UK.
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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Comparatives
The accounts cover the period from 1 October 2021 to 31 March 2023. The comparatives cover the period from incorporation to 30 September 2021.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover relates to the production of the television series entitled "Don't Hug Me I'm Scared". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The 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. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
4.
Employees
The company has been incorporated to produce a high-end television series called "Don't Hug Me I'm Scared". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Tax on loss
Major components of tax income
|
Period from |
Period from |
|
1 Oct 21 to |
30 May 20 to |
|
31 Mar 23 |
30 Sep 21 |
|
£ |
£ |
|
|
|
Current tax:
UK current tax income |
(
356,546) |
(
548,885) |
|
--------- |
--------- |
Tax on loss |
(
356,546) |
(
548,885) |
|
--------- |
--------- |
|
|
|
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2021: lower than) the
standard rate of corporation tax in the UK
of
19
% (2021:
19
%).
|
Period from |
Period from |
|
1 Oct 21 to |
30 May 20 to |
|
31 Mar 23 |
30 Sep 21 |
|
£ |
£ |
Loss on ordinary activities before taxation |
(
286,709) |
(
548,885) |
|
--------- |
--------- |
High-end television tax relief |
(356,546) |
(548,885)
|
|
--------- |
--------- |
|
|
|
6.
Debtors
|
31 Mar 23 |
30 Sep 21 |
|
£ |
£ |
Trade debtors |
89,361 |
198,000 |
Prepayments and accrued income |
– |
1,169 |
VAT recoverable |
91,550 |
43,709 |
Corporation tax recoverable |
356,546 |
548,885 |
Other debtors |
– |
172 |
|
--------- |
--------- |
|
537,457 |
791,935 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Mar 23 |
30 Sep 21 |
|
£ |
£ |
Trade creditors |
– |
70,220 |
Amounts owed to group undertakings |
501,095 |
81,095 |
Accruals and deferred income |
10,000 |
385,423 |
Social security and other taxes |
– |
15,074 |
Production loan |
– |
548,885 |
Other creditors |
6,278 |
– |
|
--------- |
------------ |
|
517,373 |
1,100,697 |
|
--------- |
------------ |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
31 Mar 23 |
30 Sep 21 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Contingent liabilities
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the television series: Barclays Bank UK PLC Barclays Security Trustee Limited
10.
Summary audit opinion
The auditor's report for the period dated
16 February 2024
was
unqualified
.
The senior statutory auditor was
Stephen Joberns
, for and on behalf of
Shipleys LLP
.
11.
Related party transactions
All transactions related to the production of the television series "Don't Hug Me I'm Scared" and arose on an arm's length basis through the normal course of business. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
12.
Controlling party
The company's immediate parent undertaking is
Blink Industries Limited
, a company registered in England and Wales. Blink Industries Limited is a subsidiary of Blink Productions Limited. The smallest and largest group in which the results of the company will be consolidated is Zingiber London Limited, a company registered in England and Wales. The consolidated financial statements of Zingiber London Limited are available to the public and may be obtained from 181 Wardour Street, London, W1F 8WZ.