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Company No: SC208732 (Scotland)

GREEN ROOM FILMS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

GREEN ROOM FILMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

Contents

GREEN ROOM FILMS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
GREEN ROOM FILMS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 60,548 149,451
60,548 149,451
Current assets
Stocks 108,679 51,554
Debtors 4 68,279 224,187
Cash at bank and in hand 456,323 102,279
633,281 378,020
Creditors: amounts falling due within one year 5 ( 391,854) ( 139,222)
Net current assets 241,427 238,798
Total assets less current liabilities 301,975 388,249
Provision for liabilities 6 ( 13,920) ( 35,843)
Net assets 288,055 352,406
Capital and reserves
Called-up share capital 7 40,000 40,000
Other reserves 10,982 10,982
Profit and loss account 237,073 301,424
Total shareholder's funds 288,055 352,406

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Green Room Films Limited (registered number: SC208732) were approved and authorised for issue by the Director on 05 February 2024. They were signed on its behalf by:

Ms L F Ball
Director
GREEN ROOM FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
GREEN ROOM FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Green Room Films Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 32 Maritime Street, Leith, Edinburgh, EH6 6SE, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for film production services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably,
revenue is only recognised to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Other property, plant and equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 7

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 October 2022 144,681 13,860 23,908 59,227 3,800 245,476
Disposals ( 15,646) 0 0 0 0 ( 15,646)
At 30 September 2023 129,035 13,860 23,908 59,227 3,800 229,830
Accumulated depreciation
At 01 October 2022 0 13,213 23,908 55,104 3,800 96,025
Charge for the financial year 71,880 162 0 1,215 0 73,257
At 30 September 2023 71,880 13,375 23,908 56,319 3,800 169,282
Net book value
At 30 September 2023 57,155 485 0 2,908 0 60,548
At 30 September 2022 144,681 647 0 4,123 0 149,451

4. Debtors

2023 2022
£ £
Trade debtors 14,283 190,003
Other debtors 53,996 34,184
68,279 224,187

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 5,718
Trade creditors 208,616 33,951
Taxation and social security 158,639 83,413
Other creditors 24,599 16,140
391,854 139,222

6. Provision for liabilities

2023 2022
£ £
Deferred tax 13,920 35,843

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
40,000 Ordinary shares of £ 1.00 each 40,000 40,000

8. Financial commitments

Other financial commitments

2023 2022
£ £
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating lease, as follows: 20,000 20,000