Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-312022-09-01false66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02848208 2022-09-01 2023-08-31 02848208 2021-09-01 2022-08-31 02848208 2023-08-31 02848208 2022-08-31 02848208 c:CompanySecretary1 2022-09-01 2023-08-31 02848208 c:Director1 2022-09-01 2023-08-31 02848208 c:RegisteredOffice 2022-09-01 2023-08-31 02848208 d:FurnitureFittings 2022-09-01 2023-08-31 02848208 d:FurnitureFittings 2023-08-31 02848208 d:FurnitureFittings 2022-08-31 02848208 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02848208 d:CurrentFinancialInstruments 2023-08-31 02848208 d:CurrentFinancialInstruments 2022-08-31 02848208 d:Non-currentFinancialInstruments 2023-08-31 02848208 d:Non-currentFinancialInstruments 2022-08-31 02848208 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 02848208 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 02848208 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 02848208 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 02848208 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 02848208 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 02848208 d:ShareCapital 2023-08-31 02848208 d:ShareCapital 2022-08-31 02848208 d:RetainedEarningsAccumulatedLosses 2023-08-31 02848208 d:RetainedEarningsAccumulatedLosses 2022-08-31 02848208 c:OrdinaryShareClass1 2022-09-01 2023-08-31 02848208 c:OrdinaryShareClass1 2023-08-31 02848208 c:OrdinaryShareClass1 2022-08-31 02848208 c:OrdinaryShareClass2 2022-09-01 2023-08-31 02848208 c:OrdinaryShareClass2 2023-08-31 02848208 c:OrdinaryShareClass2 2022-08-31 02848208 c:OrdinaryShareClass3 2022-09-01 2023-08-31 02848208 c:OrdinaryShareClass3 2023-08-31 02848208 c:OrdinaryShareClass3 2022-08-31 02848208 c:FRS102 2022-09-01 2023-08-31 02848208 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 02848208 c:FullAccounts 2022-09-01 2023-08-31 02848208 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 02848208 e:PoundSterling 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02848208









CENTURY FILMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
CENTURY FILMS LIMITED
 
 
COMPANY INFORMATION


Director
B A Hill 




Company secretary
B A Hill



Registered number
02848208



Registered office
3rd Floor, Waverley House
7-12 Noel Street

London

W1F 8GQ




Trading Address
2.3 Building B4, 3 Barton Yard
Soames Walk,

London

SE10 0BN






Accountants
Ecovis Wingrave Yeats UK Limited
Chartered Accountants

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
CENTURY FILMS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 10

 
CENTURY FILMS LIMITED
REGISTERED NUMBER: 02848208

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
15,614
21,953

  
15,614
21,953

Current assets
  

Debtors: amounts falling due within one year
 6 
11,148
112,995

Cash at bank and in hand
  
237,531
89,753

  
248,679
202,748

Creditors: amounts falling due within one year
 8 
(95,998)
(165,194)

Net current assets
  
 
 
152,681
 
 
37,554

Total assets less current liabilities
  
168,295
59,507

Creditors: amounts falling due after more than one year
 9 
(19,207)
(29,227)

  

Net assets
  
149,088
30,280


Capital and reserves
  

Called up share capital 
 12 
125
125

Profit and loss account
  
148,963
30,155

  
149,088
30,280


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.

Page 1

 
CENTURY FILMS LIMITED
REGISTERED NUMBER: 02848208
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023




B A Hill
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Century Films Limited is a private company, limited by shares, domiciled in England & Wales, registration number 02848208. The registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has reported a profit for the year of £118,808 (2022 - £86,316) and at the year end had net assets of £149,088 (2022 £30,280). Similar to other businesses in the same industry, the Company's revenue is made up of a number of productions, which are difficult to forecast individually. However, given the Company's strong reputation in the marketplace for producing quality television programmes, the directors have no reason to believe that they will not continue to get commissioned. The directors are committed to ensuring that the Company can meet its liabilities as and when they fall due for a period of at least 12 months for the date of approval of these financial statements. As a result, the directors consider it appropriate that these financial statements are prepared on the going concern basis.

  
2.3

Financial instruments

The Company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

Page 3

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover represents amounts receivable for the development of television projects and television production activities net of VAT and trade discounts.
For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is a reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

  
2.5

Government grants

Government grants are accounted under the accruals model as permitted by FRS 102. During previous periods the Company has received governmental support through obtaining a Bounce Back Loan. The government grants received in the previous periods are of a revenue nature and are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 4

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
33% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Useful economic lives of tangible assets
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and product life cycle are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Revenue Recognition
Production revenues and expenses are recognised by reference to the stage of completion of contract activity where the outcome of the contract can be estimated reliably, otherwise revenue is recognised only to the extent of recoverable contract costs incurred.
Deferred tax asset
The Company have not recorded the deferred tax asset of £60,425 (2022 - £94,297) relating to losses and other deductions as due to the nature of the industry, there is uncertainty as to when future profits will arise. 


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 6

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 September 2022
104,044


Additions
1,089



At 31 August 2023

105,133



Depreciation


At 1 September 2022
82,091


Charge for the year on owned assets
7,428



At 31 August 2023

89,519



Net book value



At 31 August 2023
15,614



At 31 August 2022
21,953
Page 7

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,219
83,092

Other debtors
9,929
4,903

Prepayments and accrued income
-
25,000

11,148
112,995



7.


Cash and cash equivalents

2023
2022
£
£



Production advances
-
30,688

Bank and cash balances
237,531
59,065

237,531
89,753

Production advances relate to monies received by the Company from broadcasters in relation to specific productions. All sums paid by broadcasters in connection with the productions are credited to the individual production bank accounts. 


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
11,958
11,115

Trade creditors
1,427
54,189

Amounts owed to other participating interests
61,550
61,550

Other taxation and social security
5,213
30,330

Accruals and deferred income
15,850
8,010

95,998
165,194


Within amounts owed to other participating interests, is an amount of £61,550 (2022 - £61,550) which is unsecured repayable with one months notice, and has interest accruing at 1% per annum.
Details of the bank loan are included in note 10.

Page 8

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,207
29,227

19,207
29,227


Details of the bank loan are included in note 10. 


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
11,958
11,115


11,958
11,115


Amounts falling due 2-5 years

Bank loans
19,207
29,227


19,207
29,227


31,165
40,342


The loan is repayable in monthly instalments over the 6 year term from 12 months after the inception of the loan. No interest is payable by the Company in the first 12 months and interest is subsequently charged at 2.50% per annum. 


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,125 (2022 - £27,961). The amount payable to the fund at the balance sheet date was £1,074 (2022 - £ 2,308).

Page 9

 
CENTURY FILMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



74 (2022 - 74) Ordinary shares of £1.00 each
74
74
25 (2022 - 25) Ordinary 'A' shares of £1.00 each
25
25
26 (2022 - 26) Ordinary 'C' shares of £1.00 each
26
26

125

125

Ordinary shares:
The Ordinary shares have attached to them full voting, dividend and capital distribution rights. They do not confer a right of redemption.
Ordinary A shares:
These shares will rank pari passu in all respects save that the directors are empowered to vote and declare dividends to any one or more of the share categories separately.
Ordinary C shares:
These shares will rank pari passu in all respects save that the directors are empowered to vote and declare dividends to any one or more of the share categories separately.


 
Page 10