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COMPANY REGISTRATION NUMBER: 14065807
Swimming Home Film Ltd
Filleted Unaudited Accounts
30 September 2023
Swimming Home Film Ltd
Statement of Financial Position
30 September 2023
30 Sep 23
Note
£
Current assets
Debtors
6
259,644
Cash at bank and in hand
12,549
---------
272,193
Creditors: amounts falling due within one year
7
( 71,284)
---------
Net current assets
200,909
---------
Total assets less current liabilities
200,909
---------
Capital and reserves
Called up share capital
8
812
Share premium account
200,097
---------
Shareholders funds
200,909
---------
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 comprehensive income has not been delivered.
For the period ending 30 September 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 period 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 .
These Accounts were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
A S Starke
Director
Company registration number: 14065807
Swimming Home Film Ltd
Notes to the Accounts
Period from 25 April 2022 to 30 September 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 402 Ada Lewis Court, 34 Underwood Road, London, E1 5AW.
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 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.
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 "Turnover" above.
Comparatives
The accounts cover the period from incorporation through to 30 September 2023, hence there are no comparative figures.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Revenue recognition
Turnover relates to the production of the film entitled "Swimming Home". 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 film called"Swimming Home". 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.
5. Tax on loss
Major components of tax income
Period from
25 Apr 22 to
30 Sep 23
£
Current tax:
UK current tax income
( 69,598)
--------
Tax on loss
( 69,598)
--------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than the standard rate of corporation tax in the UK of 19 %.
Period from
25 Apr 22 to
30 Sep 23
£
Loss on ordinary activities before taxation
( 69,598)
--------
Film tax relief
(69,598)
--------
6. Debtors
30 Sep 23
£
Prepayments and accrued income
189,446
Corporation tax recoverable
69,598
Other debtors
600
---------
259,644
---------
7. Creditors: amounts falling due within one year
30 Sep 23
£
Social security and other taxes
1,686
Production loan
69,598
--------
71,284
--------
The loan has been secured against the anticipated future film tax credit.
8. Called up share capital
Issued, called up and fully paid
30 Sep 23
No.
£
Ordinary shares of £ 1 each
812
812
----
----
9. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Head Gear Films Fn Ltd
10. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the film "Swimming Home" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.