Company registration number 10763900 (England and Wales)
STAVINGOH FILMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
STAVINGOH FILMS LIMITED
COMPANY INFORMATION
Directors
Ingenious Media Director Limited
Mr D M Reid
(Appointed 2 February 2024)
Secretary
FLB Company Secretarial Services Limited
Company number
10763900
Registered office
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
Auditor
Shipleys LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
STAVINGOH FILMS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
STAVINGOH FILMS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
2
2
Current assets
Stocks
5,486,218
5,376,799
Debtors
5
3,419,450
3,862,530
Cash at bank and in hand
71,447
377,476
8,977,115
9,616,805
Creditors: amounts falling due within one year
6
(6,913,918)
(5,935,392)
Net current assets
2,063,197
3,681,413
Total assets less current liabilities
2,063,199
3,681,415
Creditors: amounts falling due after more than one year
7
(1,328,456)
Net assets
2,063,199
2,352,959
Capital and reserves
Called up share capital
8
31,529
31,529
Share premium account
9
3,249,332
3,249,332
Profit and loss reserves
10
(1,217,662)
(927,902)
Total equity
2,063,199
2,352,959
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
Ingenious Media Director Limited
Director
Company registration number 10763900 (England and Wales)
STAVINGOH FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Stavingoh Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TP.
The Company was formed to conduct a film and television development and production business. Based in the UK, it draws on a deep pool of talent to produce and deliver high quality films and/ or television projects to a commissioning distributor ("the Commissioning Distributor").
The principal activity of the Company is to conduct a film and television development and production business.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
We draw attention to the current UK economic outlook over the coming months. The directors havetrue
considered the cash balance held by the company, and the projected administrative and other costs for the forthcoming 12 months from the date of signing of the financial statements and consider there to be adequate resources in place. The entity has support from Ingenious Media LLP that they will not call upon outstanding amounts until future cash flow permits. On this basis, the company is considered to be a going concern.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Stocks
Stock and work in progress other than long term contracts, are stated at the lower of cost and net realisable value. Cost comprises contractual expenditure in respect of the film and/or television projects being developed and/or produced. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing, selling and distribution costs.
STAVINGOH FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 statement of financial position 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.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
STAVINGOH FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.10
Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active market are classified as loans. Loans are initially recognised at fair value of the consideration received plus directly related transaction costs. They are subsequently measured at amortised cost using the effective interest method. Arrangement fees and interest payable on financial liabilities that are classified as loans, are charged to the profit and loss account.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating the interest payable over the expected life of the liability. The effective interest rate is the rate that exactly discounts estimated future cashflows to the instrument's initial carrying amount. Calculation of the effective interest rate takes into account fees payable, that are an integral part of the instrument yield and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows.
A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled, or expires.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Management does not believe there to be any critical judgements or key sources of estimation uncertainty which have a significant effect on the amounts recognised in the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
STAVINGOH FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,056,496
3,398,745
Other debtors
362,954
463,785
3,419,450
3,862,530
Within other debtors are £174,903 (2022: £123,752 other creditors) of derivatives instruments held at fair value through profit and loss.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
41,048
25,539
Taxation and social security
8,072
Other creditors
6,872,870
5,901,781
6,913,918
5,935,392
Contained within other creditors is a secured debt balance of £6,846,660 (2022: £5,736,940)
Anacott (Sparrow) Limited holds fixed and floating charges dated 8 July 2022 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge.
Ingenious Media LLP holds fixed and floating charges dated 7 July 2022 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge.
Film Finances (inc) holds fixed and floating charges dated 11 September 2018 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,328,456
Ingenious Media LLP holds fixed and floating charges dated 7 July 2022 covering all the property or undertaking of the company, the outstanding charge contains a negative pledge.
STAVINGOH FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
3,152,916
3,152,916
31,529
31,529
9
Share premium account
2023
2022
£
£
At the beginning and end of the year
3,249,332
3,249,332
The share premium reserve records the amount above the nominal value received for shares issued.
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(927,902)
(780,432)
Loss for the year
(289,760)
(147,470)
At the end of the year
(1,217,662)
(927,902)
The profit and loss account represents the cumulative profits or losses, net of dividends paid and other adjustments.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Terrence Bourne
Statutory Auditor:
Shipleys LLP