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COMPANY REGISTRATION NUMBER:
12933042
Wild Mercury (The Rig) Limited |
|
Wild Mercury (The Rig) Limited |
|
Period from 1 November 2021 to 30 April 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
5 |
|
|
Statement of comprehensive income |
9 |
|
|
Statement of financial position |
10 |
|
|
Statement of changes in equity |
11 |
|
|
Statement of cash flows |
12 |
|
|
Notes to the financial statements |
13 |
|
|
Wild Mercury (The Rig) Limited |
|
Officers and Professional Advisers |
|
The board of directors |
S K Nijjer |
|
M E Haines |
|
D S Wax |
|
|
Registered office |
12-14 Amwell Street |
|
London |
|
United Kingdom |
|
EC1R 1UQ |
|
|
Auditor |
Shipleys LLP |
|
Chartered accountants & statutory auditor |
|
10 Orange Street |
|
Haymarket |
|
London |
|
WC2H 7DQ |
|
|
Wild Mercury (The Rig) Limited |
|
Period from 1 November 2021 to 30 April 2023
Principal activities and business review
The principal activity of the company during the period was the development and production of a high-end television series. During the period the company continued production of a television series entitled "The Rig - Series 1". At the period end the television series was complete. The directors anticipate formal delivery during the forthcoming period.
Going concern
The directors have undertaken a rigorous assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of the approval of the accounts. The directors are not aware of any material uncertainty arising from their assessment that would cast doubt on the company's ability to continue as a going concern. A detailed budget and cashflow have been prepared for the production and delivery of the television series. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend. The directors are therefore satisfied that the going concern assumption remains appropriate.
Principal risks and uncertainties
The business of television production is subject to a number of risks. The high-end television industry is a volatile industry susceptible to changes in the global economy, as well as changes in legislation, regulation and government policy which may affect the industry. Any of these may adversely affect consumer demand for television series or the ability to successfully finance or market films.
Key performance indicators
The company was incorporated solely to produce the television series "The Rig - Series 1". Given this and the nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
This report was approved by the board of directors on 30 August 2024 and signed on behalf of the board by:
Wild Mercury (The Rig) Limited |
|
Period from 1 November 2021 to 30 April 2023
The directors present their report and the financial statements of the company for the period ended
30 April 2023
.
Directors
The directors who served the company during the period were as follows:
M E Haines |
|
D S Wax |
|
D O'Gara |
(Appointed
1 June 2022) |
L H M Hicks |
(Resigned
31 May 2022) |
|
|
D O'Gara
resigned as director after the period end on 31 October 2023.
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The commercial environment is expected to remain competitive in the coming period.
Financial instruments
The Company's principal financial instruments comprise bank balances, loans, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.
Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance sufficient to meet the funds required for the company's operations. The company makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by ensuring that amounts due a received in a timely manner.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Overseas branches
The company was incorporated in the United Kingdom and has no overseas branches.
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, various matters previously dealt with in the Directors' Report are now included in the Strategic Report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
30 August 2024
and signed on behalf of the board by:
Wild Mercury (The Rig) Limited |
|
Independent Auditor's Report to the Members of
Wild Mercury (The Rig) Limited |
|
Period from 1 November 2021 to 30 April 2023
Opinion
We have audited the financial statements of Wild Mercury (The Rig) Limited (the 'company') for the period ended 30 April 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its result for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined the most significant are those that relate to the reporting framework ((FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), the Companies Act 2006)) and the relevant tax compliance regulations in which the Company operates. - We understood how the Company is complying with those frameworks by making enquiries on the management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of board minutes and any correspondence received from regulatory bodies. - We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by inquiring with management during the planning, fieldwork and completion phase of our audit. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud and how management monitors those controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk including revenue recognition. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. - Based on this understanding we designed our audit procedures to detect irregularities, including fraud. Testing undertaken included making enquiries of the management; journal entry testing; review of bank letters, and any correspondence received from regulatory bodies; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Joberns |
(Senior Statutory Auditor) |
|
For and on behalf of |
Shipleys LLP |
Chartered accountants & statutory auditor |
10 Orange Street |
Haymarket |
London |
WC2H 7DQ |
|
31 August 2024
Wild Mercury (The Rig) Limited |
|
Statement of Comprehensive Income |
|
Period from 1 November 2021 to 30 April 2023
|
Period from |
Period from |
|
1 Nov 21 to |
6 Oct 20 to |
|
30 Apr 23 |
31 Oct 21 |
Note |
£ |
£ |
Turnover |
6 |
11,840,100 |
17,884,423 |
|
|
|
|
Cost of sales |
(
14,788,234) |
(
22,325,771) |
|
------------- |
------------- |
Gross loss |
(
2,948,134) |
(
4,441,348) |
|
|
|
|
------------ |
------------ |
Operating loss |
(
2,948,134) |
(
4,441,348) |
|
|
|
|
------------ |
------------ |
Loss before taxation |
(
2,948,134) |
(
4,441,348) |
|
|
|
Tax on loss |
7 |
2,948,134 |
4,441,348 |
|
------------ |
------------ |
Result for the financial period and total comprehensive income |
– |
– |
|
------------ |
------------ |
|
|
|
|
All the activities of the company are from continuing operations.
Wild Mercury (The Rig) Limited |
|
Statement of Financial Position |
|
30 April 2023
|
30 Apr 23 |
31 Oct 21 |
Note |
£ |
£ |
|
|
|
Current assets
Debtors |
8 |
6,604,136 |
6,887,840 |
Cash at bank and in hand |
2,257 |
41,581 |
|
------------ |
------------ |
|
6,606,393 |
6,929,421 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
6,606,392 |
6,929,420 |
|
------------ |
------------ |
Net current assets |
1 |
1 |
|
---- |
---- |
Total assets less current liabilities |
1 |
1 |
|
---- |
---- |
Net assets |
1 |
1 |
|
---- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
11 |
1 |
1 |
|
---- |
---- |
Shareholders funds |
1 |
1 |
|
---- |
---- |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
30 August 2024
, and are signed on behalf of the board by:
Company registration number:
12933042
Wild Mercury (The Rig) Limited |
|
Statement of Changes in Equity |
|
Period from 1 November 2021 to 30 April 2023
|
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
At 6 October 2020 |
– |
– |
– |
|
|
|
|
Profit for the period |
|
– |
– |
|
|
|
|
Issue of shares |
1 |
– |
1 |
|
---- |
---- |
---- |
Total investments by and distributions to owners |
1 |
– |
1 |
|
|
|
|
At 31 October 2021 |
1 |
– |
1 |
|
|
|
|
Profit for the period |
|
– |
– |
|
|
|
|
|
---- |
---- |
---- |
At 30 April 2023 |
1 |
– |
1 |
|
---- |
---- |
---- |
|
|
|
|
Wild Mercury (The Rig) Limited |
|
Period from 1 November 2021 to 30 April 2023
Cash flows from operating activities
Profit for the financial period |
– |
– |
|
|
|
Adjustments for: |
|
|
Tax on loss |
(
2,948,134) |
(
4,441,348) |
Accrued expenses |
2,143,671 |
206,726 |
|
|
|
Changes in: |
|
|
Trade and other debtors |
(
1,209,510) |
(
2,446,492) |
Trade and other creditors |
(
3,777,960) |
6,722,694 |
|
------------ |
------------ |
Cash generated from operations |
(
5,791,933) |
41,580 |
|
|
|
Tax received |
4,441,348 |
– |
|
------------ |
-------- |
Net cash (used in)/from operating activities |
(
1,350,585) |
41,580 |
|
------------ |
-------- |
|
|
|
Cash flows from financing activities
Proceeds from issue of ordinary shares |
– |
1 |
Proceeds from loans from group undertakings |
1,311,261 |
– |
|
------------ |
-------- |
Net cash from financing activities |
1,311,261 |
1 |
|
------------ |
-------- |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
(
39,324) |
41,581 |
Cash and cash equivalents at beginning of period |
41,581 |
– |
|
-------- |
-------- |
Cash and cash equivalents at end of period |
2,257 |
41,581 |
|
-------- |
-------- |
|
|
|
Wild Mercury (The Rig) Limited |
|
Notes to the Financial Statements |
|
Period from 1 November 2021 to 30 April 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 12-14 Amwell Street, London, EC1R 1UQ, United Kingdom. The company registration number is
12933042
.
2.
Statement of compliance
These financial statements have been prepared in compliance with 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.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Revenue recognition" below.
Comparatives
The accounts cover the period from 1 November 2021 to 30 April 2023. The comparatives cover the period from incorporation on 6 October 2020 to 31 October 2021, hence figures are not entirely comparable.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Revenue recognition
Turnover relates to the production of the television series entitled "The Rig - Series 1". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
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 entity after deducting all of its financial liabilities.
4.
Employees
The company has been incorporated to produce a television series called "The Rig - Series 1". In common with the film and television industry the majority of crew are hired on short term contracts for the duration of principal photography or are self-employed.
None of the Directors received any form of remuneration.
5.
Auditor's remuneration
Fees payable for the audit of the financial statements are £12,000 (2021: £12,000).
6.
Turnover
Turnover arises from:
|
Period from |
Period from |
|
1 Nov 21 to |
6 Oct 20 to |
|
30 Apr 23 |
31 Oct 21 |
|
£ |
£ |
Production funding |
11,840,100 |
17,884,423
|
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
7.
Tax on loss
Major components of tax income
|
Period from |
Period from |
|
1 Nov 21 to |
6 Oct 20 to |
|
30 Apr 23 |
31 Oct 21 |
|
£ |
£ |
|
|
|
Current tax:
UK current tax income |
(
2,944,734) |
(
4,441,348) |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
3,400) |
– |
|
------------ |
------------ |
Tax on loss |
(
2,948,134) |
(
4,441,348) |
|
------------ |
------------ |
|
|
|
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2021: lower than) the
standard rate of corporation tax in the UK
of
19
% (2021:
19
%).
|
Period from |
Period from |
|
1 Nov 21 to |
6 Oct 20 to |
|
30 Apr 23 |
31 Oct 21 |
|
£ |
£ |
Loss on ordinary activities before taxation |
(
2,948,134) |
(
4,441,348) |
|
------------ |
------------ |
High-end television tax relief |
(2,944,734)
|
(4,441,348)
|
Deferred tax |
(3,400)
|
– |
|
------------ |
------------ |
Tax on loss |
(
2,948,134) |
(
4,441,348) |
|
------------ |
------------ |
|
|
|
8.
Debtors
|
30 Apr 23 |
31 Oct 21 |
|
£ |
£ |
Amounts owed by group undertakings |
3,564,332 |
1,510,739 |
Deferred tax asset |
3,400 |
– |
VAT recoverable |
76,763 |
915,175 |
Corporation tax recoverable |
2,944,734 |
4,441,348 |
Other debtors |
14,907 |
20,578 |
|
------------ |
------------ |
|
6,604,136 |
6,887,840 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
30 Apr 23 |
31 Oct 21 |
|
£ |
£ |
Trade creditors |
– |
27,295 |
Amounts owed to group undertakings |
1,311,261 |
– |
Accruals and deferred income |
2,350,397 |
2,402,976 |
Production loan |
2,944,734 |
4,441,348 |
Other creditors |
– |
57,801 |
|
------------ |
------------ |
|
6,606,392 |
6,929,420 |
|
------------ |
------------ |
|
|
|
The loan has been secured against the anticipated future high-end television tax credit.
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
30 Apr 23 |
31 Oct 21 |
|
£ |
£ |
Included in debtors (note 8) |
3,400 |
– |
|
------- |
---- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
30 Apr 23 |
31 Oct 21 |
|
£ |
£ |
Anticipated high-end television tax credit |
(3,400)
|
– |
|
------- |
---- |
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
30 Apr 23 |
31 Oct 21 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
12.
Analysis of changes in net debt
|
At 1 Nov 2021 |
Cash flows |
At 30 Apr 2023 |
|
£ |
£ |
£ |
Cash at bank and in hand |
41,581 |
(39,324) |
2,257 |
Debt due within one year |
– |
(1,311,261) |
(1,311,261) |
|
-------- |
------------ |
------------ |
|
41,581 |
(
1,350,585) |
(
1,309,004) |
|
-------- |
------------ |
------------ |
|
|
|
|
13.
Related party transactions
As a wholly-owned subsidiary of Wild Mercury Production Company Limited, the Company has taken advantage of the exemption under FRS 102 Paragraph 1AC.35 on the basis the disclosure need not be given regarding related party transactions with other wholly-owned subsidiaries of the group. The Company has also taken advantage of the exemption under the same paragraph on the basis that disclosure need not be given regarding related party transactions that were entered into under normal market conditions. There were no other related party transactions outside of the group during the period (2021: none).
14.
Controlling party
The immediate parent undertaking is
Wild Mercury Production Company Limited
, a company incorporated and registered in England and Wales. The smallest group in which the results of the Company are consolidated is that headed by Banijay Media Limited. Consolidated financial statements for Banijay Media Limited are publicly available and can be obtained from The Shepherds Building, Charecroft Way, W14 0EE, London, England. At the date of the statement of financial position the ultimate parent undertaking and controlling party is Stephane Courbit's LOV Group who control Banijay Group. The Banijay Group listed on the Euronext stock exchange through FL Entertainment, from 1 July 2022.