Company registration number 06871900 (England and Wales)
3D ENTERTAINMENT FILMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
3D ENTERTAINMENT FILMS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
3D ENTERTAINMENT FILMS LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Investments
4
2,194
2,194
Current assets
Debtors
5
1,578,120
1,542,938
Cash at bank and in hand
11,603
21,257
1,589,723
1,564,195
Creditors: amounts falling due within one year
6
(2,083,343)
(2,120,628)
Net current liabilities
(493,620)
(556,433)
Total assets less current liabilities
(491,426)
(554,239)
Creditors: amounts falling due after more than one year
7
(696,000)
(674,824)
Net liabilities
(1,187,426)
(1,229,063)
Capital and reserves
Called up share capital
8
1,500
1,500
Profit and loss reserves
(1,188,926)
(1,230,563)
Total equity
(1,187,426)
(1,229,063)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 30 July 2024 and are signed on its behalf by:
J M Farrow
Director
Company registration number 06871900 (England and Wales)
3D ENTERTAINMENT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
3D Entertainment Films Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.
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 US dollars, 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
The company continues to monitor opportunities for new 3D films to be produced and sold, there are as yet no projects confirmed and so turnover has been limited. The company does however have limited outgoings and can therefore minimise any future losses. The directors are confident that the business has adequate resources to survive for the foreseeable futuretrue. The company is in a net liability position as at year end of $1,187,426 but has the continued support of its creditors.
The directors will monitor performance closely to identify whether any further action becomes necessary to protect the business. Based on the above and information available to the directors at the date of approval and the continued support of other creditors, the company continues to adopt the going concern basis in preparing these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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.
1.5
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.
3D ENTERTAINMENT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
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.
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
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3D ENTERTAINMENT FILMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Fixed asset investments
2023
2022
$
$
Shares in group undertakings and participating interests
2,194
2,194
5
Debtors
2023
2022
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
1,578,120
1,542,938
6
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
2,465
33,083
Taxation and social security
3,761
9,610
Other creditors
2,077,117
2,077,935
2,083,343
2,120,628
7
Creditors: amounts falling due after more than one year
2023
2022
$
$
Other loans
696,000
674,824
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,500
1,500