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Registration number: 07026789

Fredo Films Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Fredo Films Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 6

 

Fredo Films Limited

Company Information

Director

C Smith

Company secretary

R Berkeley-Hill

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

 

Fredo Films Limited

Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,174

2,477

Current assets

 

Debtors

5

78,487

216,609

Creditors: Amounts falling due within one year

6

(185,994)

(165,305)

Net current (liabilities)/assets

 

(107,507)

51,304

Total assets less current liabilities

 

(104,333)

53,781

Creditors: Amounts falling due after more than one year

6

(22,510)

(27,029)

Net (liabilities)/assets

 

(126,843)

26,752

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(126,943)

26,652

Shareholders' (deficit)/funds

 

(126,843)

26,752

For the financial year ending 30 November 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; and

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.

Approved and authorised by the director on 29 August 2024
 

.........................................

C Smith

Director

Company registration number: 07026789

 

Fredo Films Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of services to the entertainment industry.

2

Accounting policies

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.

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.

Going concern

The company made a loss for the year ended 30 November 2023 with net liabilities of £126,843 at that date.

The director has considered the aftermath of the writers and actors strike on the industry and the director's view is that there will be no further effects, and the company's business has since returned to normal trading. The company earns commissions from repeat performances of film and television productions which remain largely unaffected, and has earned increased turnover from services under new contracts subsequent to 30 November 2023.

Whilst the year covered by these accounts was tough due to the restrictions caused by the writers and actors strikes, the company currently has the support of its creditors. On the basis of the above, and 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, the directors continue 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, returns, rebates and discounts.

The company recognises turnover from services over the period in which the work is undertaken. Royalties are recognised in the period in which they are earned over.

 

Fredo Films Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current 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.

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

Furniture, Fittings and Equipment

33.3% straight line

Motor Vehicles

33.3% straight line

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2022 - 2).

 

Fredo Films Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

6,289

599

6,888

Additions

2,932

-

2,932

At 30 November 2023

9,221

599

9,820

Depreciation

At 1 December 2022

4,016

395

4,411

Charge for the year

2,037

198

2,235

At 30 November 2023

6,053

593

6,646

Carrying amount

At 30 November 2023

3,168

6

3,174

At 30 November 2022

2,273

204

2,477

5

Debtors

2023
£

2022
£

Trade debtors

-

3,543

Other debtors

78,487

213,066

78,487

216,609

 

Fredo Films Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

7

49,189

17,058

Trade creditors

 

13,540

4,700

Taxation and social security

 

100,979

118,905

Other creditors

 

22,286

24,642

 

185,994

165,305

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

22,510

27,029

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

7,746

7,747

Bank overdrafts

21,607

9,311

Other loans

19,836

-

49,189

17,058


 

2023
£

2022
£

Non-current loans and borrowings

Bank loan

22,510

27,029

8

PROFIT AND LOSS ACCOUNT

The company declared and paid dividends of £65,000 during the year when there were not sufficient distributable reserves as required under Companies Act 2006. In certain circumstances these dividends could be repayable.

9

Transactions with directors

At 30 November 2023 an amount of £71,925 (2022: £183,090) was due from the director. During the year advances of £103,776 and repayments of £219,115 were made. Interest of £4,174 (2022: £3,594) is payable to the company at 2.00% per annum. There are no set terms in place.