Company Registration No. 12329518 (England and Wales)
Well Street 2020 Limited
Annual report and unaudited financial statements
for the period ended 29 April 2023
Well Street 2020 Limited
Company information
Directors
Alasdair Flind
Charles Steel
Company number
12329518
Registered office
273 Kensal Road
London
W10 5DB
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Well Street 2020 Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 8
Well Street 2020 Limited
Directors' report
For the period ended 29 April 2023
1

The directors present their annual report and unaudited financial statements for the period ended 29 April 2023.

Principal activities

The nature of the company's operations and its principal activity during the period was that of the production of broadcast content for distribution throughout the world.

Results and dividends

The results for the period are set out on page 3.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Alasdair Flind
Charles Steel
Future developments

No changes are expected to the Company's principal activities.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Charles Steel
Director
30 August 2024
Well Street 2020 Limited
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Well Street 2020 Limited for the period ended 29 April 2023
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Well Street 2020 Limited for the period ended 29 April 2023 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the Board of Directors of Well Street 2020 Limited, as a body, in accordance with the terms of our engagement letter dated 26 August 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Well Street 2020 Limited and state those matters that we have agreed to state to the Board of Directors of Well Street 2020 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Well Street 2020 Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Well Street 2020 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Well Street 2020 Limited. You consider that Well Street 2020 Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Well Street 2020 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
30 August 2024
Chartered Accountants
71 Queen Victoria Street
London
EC4V 4BE
Well Street 2020 Limited
Income statement
For the period ended 29 April 2023
3
Period
Year
ended
ended
29 April
30 April
2023
2022
£
£
Turnover
56,067
5,032,433
Cost of sales
(61,161)
(7,358,585)
Gross loss
(5,094)
(2,326,152)
Administrative expenses
(8,750)
(21,422)
Other operating income
-
0
706,674
Loss before taxation
(13,844)
(1,640,900)
Tax on loss
13,844
1,691,300
Profit for the financial period
-
0
50,400

The income statement has been prepared on the basis that all operations are continuing operations.

Well Street 2020 Limited
Statement of financial position
As at 29 April 2023
4
29 April 2023
30 April 2022
Notes
£
£
£
£
Current assets
Debtors
4
161,687
2,496,022
Cash at bank and in hand
89,016
797,150
250,703
3,293,172
Creditors: amounts falling due within one year
5
(10,702)
(3,053,171)
Net current assets
240,001
240,001
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
240,000
240,000
Total equity
240,001
240,001

For the financial period ended 29 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Charles Steel
Director
Company Registration No. 12329518
Well Street 2020 Limited
Notes to the financial statements
For the period ended 29 April 2023
5
1
Accounting policies
Company information

Well Street 2020 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 273 Kensal Road, London, W10 5DB.

 

The nature of the Company's operations and its principal activity during the period was that of the production of broadcast content for distribution throughout the world.

1.1
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 british pounds 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.

 

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
Cash at bank and in hand

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.

Well Street 2020 Limited
Notes to the financial statements (continued)
For the period ended 29 April 2023
1
Accounting policies (continued)
6
1.5
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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.

1.6
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.

1.7
Taxation

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

Current tax

The tax currently recoverable is based on relievable losses arising as the result of the high-end television 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 production expenditure and exclude items of income or expense that are deductible in other years, as well as items that are never taxable or deductible. The Company’s tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Well Street 2020 Limited
Notes to the financial statements (continued)
For the period ended 29 April 2023
1
Accounting policies (continued)
7
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than British pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

High end television tax relief estimate

The key accounting estimate within the financial statements for this company is the valuation of the high end television tax relief available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislation and guidance plus assessment of the qualification of the underlying programme as eligible for the tax relief.

 

In the directors' opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

Well Street 2020 Limited
Notes to the financial statements (continued)
For the period ended 29 April 2023
8
3
Employees

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

2023
2022
Number
Number
Total
-
0
22
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
13,844
1,691,300
Other debtors
147,843
804,722
161,687
2,496,022
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,952
-
0
Amounts owed to group undertakings
-
0
1,981,937
Other creditors
8,750
1,071,234
10,702
3,053,171
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
7
Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 Section 33.1A whereby it is not required to disclose transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

8
Parent company

The Company's immediate parent company is Cowboy Films Limited, a company registered in England and Wales.

 

The ultimate controlling party is Charles Steel by virtue of his shareholding in the parent company.

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