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COMPANY REGISTRATION NUMBER: 02717944
Oxford Film and Television Limited
Filleted Unaudited Accounts
30 April 2023
Oxford Film and Television Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
31,739
43,122
Current assets
Stocks
6
3,062,755
2,111,062
Debtors
7
426,499
422,049
Cash at bank and in hand
387,000
376,125
------------
------------
3,876,254
2,909,236
Creditors: amounts falling due within one year
8
( 3,851,067)
( 2,449,230)
------------
------------
Net current assets
25,187
460,006
--------
---------
Total assets less current liabilities
56,926
503,128
--------
---------
Net assets
56,926
503,128
--------
---------
Capital and reserves
Called up share capital
9
1,440
1,440
Share premium account
10
576
576
Capital redemption reserve
10
144
144
Profit and loss account
10
54,766
500,968
--------
---------
Shareholders funds
56,926
503,128
--------
---------
These accounts 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 income and retained earnings has not been delivered.
For the year ending 30 April 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Oxford Film and Television Limited
Statement of Financial Position (continued)
30 April 2023
These accounts were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
N.L. Kent
Director
Company registration number: 02717944
Oxford Film and Television Limited
Notes to the Accounts
Year ended 30 April 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 10 Orange Street, Haymarket, London, WC2H 7DQ.
2. Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company is a going concern as it has sufficient financial resources to be able to meet its trading obligations as they fall due, being for a period of not less than twelve months from the date of approval of these accounts. As such, the accounts are prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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. When the outcome of a transaction involving the rendering of services 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.
Foreign currencies
Transactions denominated in foreign currencies are translated at the rates ruling at the time of the transaction. Balances denominated in foreign currencies are translated at the rates ruling at the balance sheet date. All differences are taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold Improvements
-
10% straight line
Equipment, Fixtures & Fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2022: 26 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2022
28,994
440,079
469,073
Additions
1,129
1,129
--------
---------
---------
At 30 April 2023
28,994
441,208
470,202
--------
---------
---------
Depreciation
At 1 May 2022
23,193
402,758
425,951
Charge for the year
2,899
9,613
12,512
--------
---------
---------
At 30 April 2023
26,092
412,371
438,463
--------
---------
---------
Carrying amount
At 30 April 2023
2,902
28,837
31,739
--------
---------
---------
At 30 April 2022
5,801
37,321
43,122
--------
---------
---------
6. Stocks
2023
2022
£
£
Work in progress
3,062,755
2,111,062
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
314,626
233,472
Other debtors
111,873
188,577
---------
---------
426,499
422,049
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
130,923
141,322
Social security and other taxes
46,621
87,371
Other creditors
3,673,523
2,220,537
------------
------------
3,851,067
2,449,230
------------
------------
Included within other creditors are production advances of £2,996,595 (2022: £1,129,516).
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
864
864
864
864
Ordinary B shares of £ 1 each
432
432
432
432
Ordinary C shares of £ 1 each
101
101
101
101
Ordinary D shares of £ 1 each
43
43
43
43
-------
-------
-------
-------
1,440
1,440
1,440
1,440
-------
-------
-------
-------
10. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
129,600
129,600
Later than 1 year and not later than 5 years
37,800
167,400
---------
---------
167,400
297,000
---------
---------
12. Directors' advances, credits and guarantees
During the year the company settled in full the balance owing to the directors from the prior period of £26,875.
13. Related party transactions
The company was under the control of the directors throughout the current and previous year. There were no related party transactions or balances that required disclosure under Financial Reporting Standard 102, Section 1A.