Company registration number 10367753 (England and Wales)
WHITEBEARD FILMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
WHITEBEARD FILMS LIMITED
COMPANY INFORMATION
Directors
Ingenious Media Director Limited
Mr D M Reid
(Appointed 6 March 2024)
Secretary
FLB Company Secretarial Services Limited
Company number
10367753
Registered office
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
Auditor
Shipleys LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
WHITEBEARD FILMS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
WHITEBEARD FILMS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
1
1
Current assets
Debtors
6
1
157,269
Cash at bank and in hand
500
145,682
501
302,951
Creditors: amounts falling due within one year
7
(182,507)
(466,822)
Net current liabilities
(182,006)
(163,871)
Net liabilities
(182,005)
(163,870)
Capital and reserves
Called up share capital
8
42,857
42,857
Share premium account
9
4,408,612
4,408,612
Profit and loss reserves
10
(4,633,474)
(4,615,339)
Total equity
(182,005)
(163,870)
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 20 March 2024 and are signed on its behalf by:
Ingenious Media Director Limited
Director
Company registration number 10367753 (England and Wales)
WHITEBEARD FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Whitebeard Films Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1010 Eskdale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TS.
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.
1.2
Going concern
It is the intention of the directors to cease trading in the Company in the foreseeable future and therefore as required by Financial Reporting Standard 102 Section 1A, the directors have prepared financial statements on the basis that the Company is no longer a going concern. The company is in a net liability position but has the support of Ingenious Capital Management Limited. No material adjustments arose as a result of ceasing to apply the going concern basis.
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
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.
1.5
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.
WHITEBEARD FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
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.
Classification of financial liabilities
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.
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.
1.6
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.
1.7
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.
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,100
2,000
The audit fees of £2,100 for the year to 31 July 2023 shown above were borne by Ingenious Capital Management Limited (2022: £nil).
WHITEBEARD FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
800
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
152,477
Other debtors
1
4,792
1
157,269
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
169,979
413,784
Other creditors
12,528
53,038
182,507
466,822
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
4,285,732
4,285,732
42,857
42,857
WHITEBEARD FILMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
9
Share premium account
2023
2022
£
£
At the beginning and end of the year
4,408,612
4,408,612
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
(4,615,339)
(4,652,231)
(Loss)/profit for the year
(18,135)
36,892
At the end of the year
(4,633,474)
(4,615,339)
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:
Financial statements prepared on a basis other than going concern
In forming our opinion, we have considered the adequacy of the disclosures made in the notes of the financial statements regarding the Company's ability to continue as a going concern, the note highlights that the financial statements have not been prepared on a going concern basis. In view of this disclosure we consider it should be drawn to your attention but our opinion is not qualified in this respect.
The auditor's report was unqualified.
Senior Statutory Auditor:
Terrence Bourne
Statutory Auditor:
Shipleys LLP
Date of audit report:
23 April 2024
12
Events after the reporting date
The company disposed of its investment in Whitebeard (TRS) Films Limited on 26.09.2023.