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COMPANY REGISTRATION NUMBER: 11412925
Paradise Entertainment Limited
Filleted Unaudited Accounts
13 December 2023
Paradise Entertainment Limited
Statement of Financial Position
13 December 2023
2023
2022
Note
£
£
Current assets
Stocks
1,021,220
981,415
Debtors
5
206,783
211,526
------------
------------
1,228,003
1,192,941
Creditors: amounts falling due within one year
6
( 1,227,903)
( 1,192,841)
------------
------------
Net current assets
100
100
----
----
Total assets less current liabilities
100
100
----
----
Net assets
100
100
----
----
Capital and reserves
Called up share capital
7
100
100
----
----
Shareholders funds
100
100
----
----
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 income and retained earnings has not been delivered.
For the year ending 13 December 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 her 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 1 August 2024 , and are signed on behalf of the board by:
A McGourty
Director
Company registration number: 11412925
Paradise Entertainment Limited
Notes to the Accounts
Year ended 13 December 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, United Kingdom.
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.
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 14 December 2022 to 13 December 2023. The comparatives cover the period from 14 December 2021 to 13 December 2022.
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 "Working Title - Apollo". 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.
5. Debtors
2023
2022
£
£
Trade debtors
117,025
117,025
VAT recoverable
13,088
17,831
Other debtors
76,670
76,670
---------
---------
206,783
211,526
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,159
848
Trade creditors
607,367
607,367
Accruals and deferred income
617,877
583,126
Other creditors
1,500
1,500
------------
------------
1,227,903
1,192,841
------------
------------
The loan has been secured against the anticipated future film tax credit.
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Big Beach Llc
9. Related party transactions
The company was under the control of Paradise Pictures Limited during the current and previous period. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.