Registration number:
KGB Films Limited
|
|
KGB Films Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
KGB Films Limited
Company Information
Director |
K G B Macdonald |
Company secretary |
E T Macdonald |
Registered office |
|
Bankers |
|
Accountants |
|
KGB Films Limited
Statement of Financial Position as at 31 July 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
944,955 |
965,333 |
|
Shareholders' funds |
945,055 |
965,433 |
For the financial year ending 31 July 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
KGB Films Limited
Statement of Financial Position as at 31 July 2023
Approved and authorised by the
.........................................
K G B Macdonald
Director
Company registration number: 07276189
KGB Films Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the provision of services to the entertainment industry.
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year ended 31 July 2023 and had net assets at that date of £945,055 including cash at bank of £275,883. The company's most recent management accounts indicate that the company continues to trade profitably.
On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, rebates and discounts.
The company recognises turnover with reference to the stage of completion of the projects undertaken. Royalties are recognised in the period in which they are earned.
KGB Films Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, Fittings & Equipment |
20% - 33.3% Straight Line |
Long Leasehold Property |
2% Straight Line |
Electric bicycles |
25% Straight Line |
Investment property
KGB Films Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
KGB Films Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Tangible assets |
Long leasehold property |
Furniture, fittings and equipment |
Electric bicycles |
Total |
|
Cost or valuation |
||||
At 1 August 2022 |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 July 2023 |
|
|
|
|
Depreciation |
||||
At 1 August 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 July 2023 |
|
|
|
|
Carrying amount |
||||
At 31 July 2023 |
|
|
|
|
At 31 July 2022 |
|
|
|
|
Investment properties |
Fair value |
2023 |
At 1 August 2022 |
|
Fair value adjustments |
|
At 31 July 2023 |
|
The investment property is reflected at fair value at 31 July 2023 as estimated by the director at an amount of £304,752.
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost or valuation |
|
Additions end of 31 July 2023 |
|
Provision |
|
Carrying amount |
|
At 31 July 2023 |
|
KGB Films Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
- |
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Trade creditors |
|
- |
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Commitments and guarantees |
Operating leases
The total of future minimum lease payments not included in the statement of financial position amounts to £3,290 (2022: £8,459).
Transactions with directors |
At 31 July 2023 an amount of £156,641 (2022: £262,209) was due from the director. Advances of £149,170 and repayments of £263,052 were made in the year. Interest of £8,314 (2022: £9,095) was charged at 2 to 2.25% per annum. There are no set terms in place.
PROFIT AND LOSS ACCOUNT |
The amount of the profit and loss account which is not distributable is £121,245 (2022: £65,319).