Company Registration No. 12484979 (England and Wales)
Zephyr Pushers Needed Ltd
Unaudited financial statements
for the period ended 16 June 2023
Pages for filing with the registrar
Zephyr Pushers Needed Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Zephyr Pushers Needed Ltd
Statement of financial position
As at 16 June 2023
1
16 June 2023
31 January 2022
Notes
£
£
£
£
Current assets
Stocks
-
68,773
Debtors
364,030
12,600
Cash at bank and in hand
227,571
3,376
591,601
84,749
Creditors: amounts falling due within one year
(1,975,730)
(85,299)
Net current liabilities
(1,384,129)
(550)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(1,384,130)
(551)
Total equity
(1,384,129)
(550)

For the financial period ended 16 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 period 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 29 February 2024.
Christopher Curling
Director
Company Registration No. 12484979
Zephyr Pushers Needed Ltd
Notes to the financial statements
For the period ended 16 June 2023
2
1
Accounting policies
Company information

Zephyr Pushers Needed Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.

1.1
Reporting period

The financial statements are presented for the period beginning on 1 February 2022 and ending on 16 June 2023, which is longer than a year. The company lengthened its financial reporting date in order to align with the stage of completion of the production.

1.2
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.3
Going concern

The director has confirmed that the company is expected to cease trading in the future as thetrue production is now complete. The accounts have therefore been prepared on a basis other than going concern. Current assets have been stated at recoverable amounts.

1.4
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.

The "percentage of completion method" is used to determine the appropriate amount of funding income to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided they will be recovered.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Zephyr Pushers Needed Ltd
Notes to the financial statements (continued)
For the period ended 16 June 2023
1
Accounting policies (continued)
3
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

1.9
Taxation

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

Current tax

The tax currently recoverable is based on relievable losses arising in the period as the result of UK film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss statement because they include an additional deduction relating to qualifying film development expenditure and exclude items of income or expense that are taxable or deductible in other periods, as well as items that are never taxable or deductible. The company’s tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Zephyr Pushers Needed Ltd
Notes to the financial statements (continued)
For the period ended 16 June 2023
1
Accounting policies (continued)
4
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
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.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The key accounting estimate within the financial statements for this company is the valuation of the film tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislation and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

In the director's opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Employees

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

2023
2022
Number
Number
Total
-
0
1
Zephyr Pushers Needed Ltd
Notes to the financial statements (continued)
For the period ended 16 June 2023
5
4
Director's remuneration

Remuneration of £36,068 was paid to a director during the year for producer services. None was outstanding at year end. No fees were paid for being a director of the company.

5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
6
Financial commitments, guarantees and contingent liabilities

A fixed and floating charge over all the rights, title and interest relating to the film being produced by Zephyr Pushers Needed Limited was created on 24 March 2022 and is held by B.C.P. Asset Management Designated Activity Company.

 

A fixed and floating charge over all the rights, title and interest relating to the film being produced by Zephyr Pushers Needed Limited was created on 2 June 2022 and is held by Ingenious Media LLP.

 

A fixed and floating charge over all the rights, title and interest relating to the film being produced by Zephyr Pushers Needed Limited was created on 2 June 2022 and is held by Film Finances Inc.

 

A fixed and floating charge over all the rights, title and interest relating to the film being produced by Zephyr Pushers Needed Limited was created on 2 June 2022 and is held by Hianlo Limited.

7
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a 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.

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