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COMPANY REGISTRATION NUMBER: 11207402
Timeless Scrooge Limited
Filleted Unaudited Accounts
30 June 2023
Timeless Scrooge Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Current assets
Debtors
6
7,843,766
20,199,776
Cash at bank and in hand
1,181
178,931
------------
-------------
7,844,947
20,378,707
Creditors: amounts falling due within one year
7
( 7,844,647)
( 20,378,407)
------------
-------------
Net current assets
300
300
----
----
Total assets less current liabilities
300
300
----
----
Net assets
300
300
----
----
Capital and reserves
Called up share capital
300
300
----
----
Shareholders funds
300
300
----
----
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 year ending 30 June 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The director acknowledges his 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 3 April 2024 , and are signed on behalf of the board by:
R Kamp
Director
Company registration number: 11207402
Timeless Scrooge Limited
Notes to the Accounts
Year ended 30 June 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 55 Loudoun Road, St John's Wood, London, NW8 0DL.
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.
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 "Revenue recognition" below.
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.
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.
Revenue recognition
Turnover relates to the production of the animation entitled "Scrooge - A Christmas Carol". 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
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 balance sheet 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.
4. Employees
The company has been incorporated to produce an animation called "Scrooge - A Christmas Carol". 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. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 90,253)
( 1,560,093)
--------
------------
Tax on loss
( 90,253)
( 1,560,093)
--------
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 90,253)
( 1,560,093)
--------
------------
Animation tax relief
(90,253)
(1,560,093)
--------
------------
6. Debtors
2023
2022
£
£
VAT recoverable
189
91,113
Corporation tax recoverable
1,650,346
3,628,387
Other debtors
6,193,231
16,480,276
------------
-------------
7,843,766
20,199,776
------------
-------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,851
193,389
Accruals and deferred income
328,861
Production loan
7,816,796
19,856,157
------------
-------------
7,844,647
20,378,407
------------
-------------
The loan has been secured against the anticipated future animation tax credit and a licencing agreement payable upon delivery of the programme.
8. Contingent liabilities
Charges have been made against the animation in favour of the following parties to secure their interests in the copyright of and title to the animation: Natixis Coficine SA Netflix Worldwide Entertainment, Llc Film Finances Inc.
9. Related party transactions
During the period no related-party transactions took place. All transactions related to the production of the animation "Scrooge - A Christmas Carol" 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.
10. Controlling party
There was no ultimate controlling party during the year.