0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07435967 2022-12-01 2023-11-30 07435967 2023-11-30 07435967 2022-11-30 07435967 2021-12-01 2022-11-30 07435967 2022-11-30 07435967 2021-11-30 07435967 bus:Director4 2022-12-01 2023-11-30 07435967 core:AfterOneYear 2023-11-30 07435967 core:AfterOneYear 2022-11-30 07435967 core:WithinOneYear 2023-11-30 07435967 core:WithinOneYear 2022-11-30 07435967 core:ShareCapital 2023-11-30 07435967 core:ShareCapital 2022-11-30 07435967 core:RetainedEarningsAccumulatedLosses 2023-11-30 07435967 core:RetainedEarningsAccumulatedLosses 2022-11-30 07435967 core:TaxLossesCarry-forwardsDeferredTax 2022-11-30 07435967 bus:SmallEntities 2022-12-01 2023-11-30 07435967 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07435967 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07435967 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07435967 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 07435967
LOLAFILMS ENTERTAINMENT LTD
Filleted Unaudited Financial Statements
30 November 2023
LOLAFILMS ENTERTAINMENT LTD
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Current assets
Stocks
8,505,270
8,484,085
Debtors
5
10,614
10,614
Cash at bank and in hand
1,969
34,514
------------
------------
8,517,853
8,529,213
Creditors: amounts falling due within one year
6
9,210
17,179
------------
------------
Net current assets
8,508,643
8,512,034
------------
------------
Total assets less current liabilities
8,508,643
8,512,034
Creditors: amounts falling due after more than one year
7
8,552,066
8,552,066
------------
------------
Net liabilities
( 43,423)
( 40,032)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 43,523)
( 40,132)
--------
--------
Shareholders deficit
( 43,423)
( 40,032)
--------
--------
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 income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year 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 financial statements .
LOLAFILMS ENTERTAINMENT LTD
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Andres Gomez
Director
Company registration number: 07435967
LOLAFILMS ENTERTAINMENT LTD
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Stocks
Stocks are valued on the basis of unrecouped film production costs incurred. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation.
4. Tax on loss
Major components of tax income
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 620)
----
----
Tax on loss
( 620)
----
----
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is the same as (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 3,391)
( 3,264)
-------
-------
Unused tax losses
( 620)
-------
-------
5. Debtors
2023
2022
£
£
Other debtors
10,614
10,614
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,062
12,502
Social security and other taxes
28
1,527
Other creditors
2,120
3,150
-------
--------
9,210
17,179
-------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,499
37,499
Amounts owed to group undertakings -Sausalito Enterprise Ltd
669,017
669,017
Other creditors
7,845,550
7,845,550
------------
------------
8,552,066
8,552,066
------------
------------
Other creditors consists of unsecured loans of £7,845,550 (2022: £7,845,550) owed to the investors. These loans are interest free with no fixed repayment terms. The government guarantees 100% of the bounce back loan £37,499 (2022: £37,499)and there are no fees or interest to pay for the first 12 months. After 12 months, the interest is capped at 2.5% per year.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in debtors (note 5)
10,614
10,614
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Unused tax losses
( 10,614)
----
--------