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COMPANY REGISTRATION NUMBER: 15178019
Buccaneer (WP3) Limited
Filleted Financial Statements
30 June 2024
Buccaneer (WP3) Limited
Statement of Financial Position
30 June 2024
30 Jun 24
Note
£
Current assets
Debtors
6
4,001,976
Cash at bank and in hand
65,539
------------
4,067,515
Creditors: amounts falling due within one year
7
4,067,514
------------
Net current assets
1
----
Total assets less current liabilities
1
----
Net assets
1
----
Capital and reserves
Called up share capital
8
1
----
Shareholders funds
1
----
These financial statements 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
R Tulk-Hart
Director
Company registration number: 15178019
Buccaneer (WP3) Limited
Notes to the Financial Statements
Period from 30 September 2023 to 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor 275 Gray's Inn Road, London, United Kingdom, WC1X 8QB, UK.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements 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.
Comparatives
The accounts cover the period from incorporation through to 30 June 2024, hence there are no comparative figures.
The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.
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.
Revenue recognition
Turnover relates to the production of the television series entitled "Whitstable Pearl - Series 3". 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
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 high-end television series called "Whitstable Pearl - Series 3". 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
Period from
30 Sep 23 to
30 Jun 24
£
Current tax:
UK current tax income
( 1,633,086)
------------
Tax on loss
( 1,633,086)
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than the standard rate of corporation tax in the UK of 19 %.
Period from
30 Sep 23 to
30 Jun 24
£
Loss on ordinary activities before taxation
( 1,633,086)
------------
High-end television tax relief
( 1,633,086)
------------
6. Debtors
30 Jun 24
£
Trade debtors
354,000
Prepayments and accrued income
1,047,008
VAT recoverable
949,881
Corporation Tax recoverable
1,633,086
Other debtors
18,001
------------
4,001,976
------------
7. Creditors: amounts falling due within one year
30 Jun 24
£
Trade creditors
362,861
Accruals and deferred income
209,577
Social security and other taxes
28,105
Production loan
3,466,971
------------
4,067,514
------------
The loan has been secured against the anticipated future high-end television tax credit.
8. Called up share capital
Issued, called up and fully paid
30 Jun 24
No.
£
Ordinary shares of £ 1 each
1
1
----
----
9. Contingent liabilities
Charges have been made against the television series in favour of the following parties to secure their interests in the copyright of and title to the television series: Natixis Coficiné S.A.
10. Summary audit opinion
The auditor's report dated 22 August 2024 was unqualified .
The senior statutory auditor was Lauren Gilman , for and on behalf of Shipleys LLP .
11. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the television series "Whitstable Pearl - Series 3" 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.
12. Controlling party
In the opinion of the directors the immediate parent undertaking is Buccaneer Media Limited, a company incorporated in England and Wales. The company's ultimate parent undertaking is Cineflix Media Incorporated, a company registered in Canada. The largest and smallest group in which the results of the company are consolidated is that headed by Cineflix Media Incorporated, registered office at 3510 Saint-Laurent Boulevard, Suite 202, Montreal QC H2X 2V2, Canada. The consolidated financial statements of Cineflix Media Incorporated are not available to the public.