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COMPANY REGISTRATION NUMBER: 13953528
SITW Limited
Filleted Financial Statements
31 July 2023
SITW Limited
Statement of Financial Position
31 July 2023
2023
Note
£
Current assets
Stocks
6,963,739
Debtors
5
319,438
Cash at bank and in hand
94,509
------------
7,377,686
Creditors: amounts falling due within one year
6
( 7,377,685)
------------
Net current assets
1
----
Total assets less current liabilities
1
----
Net assets
1
----
Capital and reserves
Called up share capital
7
1
----
Shareholders funds
1
----
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 15 March 2024 , and are signed on behalf of the board by:
M Sheehan
Director
Company registration number: 13953528
SITW Limited
Notes to the Financial Statements
Year ended 31 July 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 The Hkx Building, 3 Pancras Square, London, N1C 4AG, United Kingdom.
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.
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 31 July 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.
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.
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.
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 "Something in the Water". 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. Debtors
2023
£
Trade debtors
71,486
VAT recoverable
247,951
Other debtors
1
---------
319,438
---------
6. Creditors: amounts falling due within one year
2023
£
Trade creditors
329,984
Accruals and deferred income
7,046,993
Other creditors
708
------------
7,377,685
------------
7. Called up share capital
Issued, called up and fully paid
2023
No.
£
Ordinary shares of £ 1 each
1
1
----
----
8. Summary audit opinion
The auditor's report for the year dated 20 March 2024 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .
9. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the film "Something in the Water" 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.