Company registration number SC762583 (Scotland)
FRAME 36 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 15 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
FRAME 36 LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
FRAME 36 LTD
BALANCE SHEET
AS AT 15 AUGUST 2024
15 August 2024
- 1 -
15 August 2024
30 April 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,103
5,547
Current assets
Debtors
4
249,201
290,501
Cash at bank and in hand
35,741
860
284,942
291,361
Creditors: amounts falling due within one year
5
(1,766,365)
(1,084,521)
Net current liabilities
(1,481,423)
(793,160)
Net liabilities
(1,474,320)
(787,613)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(1,474,322)
(787,615)
Total equity
(1,474,320)
(787,613)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 15 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 period 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 and signed by the director and authorised for issue on 29 August 2024
P G De Lario
Director
Company Registration No. SC762583
FRAME 36 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 15 AUGUST 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 16 March 2023
-
0
-
0
-
Period ended 30 April 2024:
Loss and total comprehensive income for the period
-
(787,615)
(787,615)
Issue of share capital
6
2
-
2
Balance at 30 April 2024
2
(787,615)
(787,613)
Balance at 1 May 2024
2
(787,615)
(787,613)
Period ended 15 August 2024:
Loss and total comprehensive income for the period
-
(686,707)
(686,707)
Balance at 15 August 2024
2
(1,474,322)
(1,474,320)
FRAME 36 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 15 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Frame 36 Ltd is a private company limited by shares incorporated in Scotland. The registered office is 272 Bath Street, Glasgow, G2 4JR.

1.1
Reporting period

The company's financial financial reporting date has been shortened to 15 August, and these accounts are made up for a period of 3 months. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as they represent a 13 month period.

1.2
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 sterling, 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.

1.3
Going concern

The company's balance sheet as at 15 August 2024 has an overall net deficit postion, however this is anticipated given the stage of the company's business.true

 

The director has considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all information available to him and believes it appropriate to prepare the financial statements on a going concern basis.

 

The company meets its day to day working capital requirements through the support of the director, shareholder and other investors in the form of unsecured loans. The director has confirmed that the loans will continue to be available to the company as required. The company continues to meet its liabilities as they fall due.

 

The director is satisfied that it has adequate resources to continue to operate for the foreseeable future.

1.4
Pre-production and production expenditure

Pre production expenditure is expensed in the year in which it is incurred. All producution expenditure is capitalised to work in progress and the costs are then released against the income in order to report a consistent profit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

FRAME 36 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 15 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

Classification of financial liabilities

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 company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FRAME 36 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 15 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The element of tax that is recoverable is based on relievable losses arising in the year as the result of film tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include an additional deduction relating to qualifying film development expenditure and exclude items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2024
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2024
5,704
Additions
1,997
At 15 August 2024
7,701
Depreciation and impairment
At 1 May 2024
157
Depreciation charged in the period
441
At 15 August 2024
598
Carrying amount
At 15 August 2024
7,103
At 30 April 2024
5,547
FRAME 36 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 15 AUGUST 2024
- 6 -
4
Debtors
2024
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
169,703
193,353
Other debtors
79,498
97,148
249,201
290,501
5
Creditors: amounts falling due within one year
2024
2024
£
£
Trade creditors
441,162
227,806
Taxation and social security
1,109
-
0
Other creditors
1,324,094
856,715
1,766,365
1,084,521
6
Called up share capital
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
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