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COMPANY REGISTRATION NUMBER: SC724872
TTOA Limited
Filleted Unaudited Accounts
31 May 2024
TTOA Limited
Statement of Financial Position
31 May 2024
31 May 24
31 Dec 23
Note
£
£
Current assets
Debtors
5
1,331,743
1,850,583
Cash at bank and in hand
1,581,485
4,301,419
------------
------------
2,913,228
6,152,002
Creditors: amounts falling due within one year
6
( 2,913,226)
( 6,152,000)
------------
------------
Net current assets
2
2
----
----
Total assets less current liabilities
2
2
----
----
Net assets
2
2
----
----
Capital and reserves
Called up share capital
7
2
2
----
----
Shareholders funds
2
2
----
----
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 comprehensive income has not been delivered.
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 ;
- The directors acknowledge their 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 22 August 2024 , and are signed on behalf of the board by:
A M Burns
Director
Company registration number: SC724872
TTOA Limited
Notes to the Accounts
Period from 1 January 2024 to 31 May 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 Studio 15, St George's Studios, 93-97 St George's Road, Glasgow, G3 6JA.
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.
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.
Going concern
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. In establishing whether to continue to report under the going concern assumption we have considered the following points: - The impact on the day to day trade of the business - The impact on the ability of our suppliers to meet our needs - The impact of our staff's ability to perform their duties - The impact on our cash position of a period of minimum activity A detailed budget and cashflow have been prepared for the production and delivery of the television series. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend. Furthermore, formal completion and delivery had taken place within the period. After considering all factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Comparatives
The accounts cover the period from 1 January 2024 to 31 May 2024. The comparatives cover the period from 1 April 2023 to 31 December 2023.
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.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover relates to the production of the television series entitled "The Tattooist of Auschwitz". 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. Tax on loss
Major components of tax income
Period from
Period from
1 Jan 24 to
1 Apr 23 to
31 May 24
31 Dec 23
£
£
Current tax:
UK current tax income
( 1,129,758)
( 1,320,518)
------------
------------
Tax on loss
( 1,129,758)
( 1,320,518)
------------
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
Period from
Period from
1 Jan 24 to
1 Apr 23 to
31 May 24
31 Dec 23
£
£
Loss on ordinary activities before taxation
( 1,129,758)
( 1,320,518)
------------
------------
High-end television tax relief
(1,129,758)
(1,320,518)
------------
------------
5. Debtors
31 May 24
31 Dec 23
£
£
VAT recoverable
369,835
Corporation tax recoverable
1,129,758
1,320,518
Other debtors
201,985
160,230
------------
------------
1,331,743
1,850,583
------------
------------
6. Creditors: amounts falling due within one year
31 May 24
31 Dec 23
£
£
Trade creditors
19,572
Accruals and deferred income
1,391,356
4,719,335
Social security and other taxes
392,112
Production loan
1,129,758
1,320,518
Other creditors
92,575
------------
------------
2,913,226
6,152,000
------------
------------
The loan has been secured against the anticipated future high-end television tax credit.
7. Called up share capital
Issued, called up and fully paid
31 May 24
31 Dec 23
No.
£
No.
£
Ordinary shares of £ 0.01 each
200
2
200
2
----
----
----
----
8. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the television series "The Tattooist of Auschwitz" 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.
9. Controlling party
The company was under the control of the Directors throughout the period.