Complete Fiction Pictures Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
General Information |
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The company is a private company limited by share capital, incorporated in England & Wales. |
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The address of the registered office is 130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU. |
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The principal activity of the company is the provision of services to the film and television industry. |
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2 |
Accounting policies |
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Statement of compliance |
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These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
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Basis of preparation |
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These financial statements have been prepared using the historical cost convention except any items disclosed in accounting policies as being at fair value and are presented in sterling, which is the functional currency of the entity. |
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Going concern |
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The company made a profit for the year of £833,593 had net assets of £2,118,692 and cash at bank of £3,072,687. Based on the above, the directors' have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing these financial statements. |
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Revenue recognition |
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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 VAT. |
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Foreign currency transactions and balances |
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Transactions in foreign currency are recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are retranslated into the prevailing rate on the reporting period date. |
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Tax |
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The tax expenses for the period comprises current tax and is recognised in the profit and loss. |
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Deferred tax, where applicable and material, is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. |
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Tangible fixed assets |
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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. |
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Depreciation |
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Depreciation is charged to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
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Depreciation is provided on the following basis: |
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Furniture, fittings and equipment |
25% |
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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. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Defined pension scheme |
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The company operates a defined contribution pension schemes for its employees, whereby both employer's and employees' contributions are invested for the benefit of the employees. The company has no legal or constructive obligation to pay further contributions relating to employee service in the current period. |
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3 |
Staff numbers |
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The average number of persons employed by the company including directors during the year was 11 (2022 -9). |
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4 |
Tangible assets |
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Land and buildings |
£ |
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Cost or valuation |
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At 1 January 2023 |
16,493 |
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Additions |
1,053 |
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At 31 December 2023 |
17,546 |
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Depreciation |
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At 1 January 2023 |
10,901 |
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Charge for the year |
4,387 |
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At 31 December 2023 |
15,288 |
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Net book value |
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At 31 December 2023 |
2,258 |
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At 31 December 2022 |
5,592 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
100,292 |
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89,856 |
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VAT Reclaimable |
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1,127 |
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36,298 |
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Other debtors |
2,323 |
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110,626 |
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Wages payable |
1,180 |
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104,922 |
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236,780 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
2,180 |
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- |
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Director's Loan Account |
(5) |
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109 |
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Trade creditors |
783,047 |
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82,167 |
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Taxation and social security costs |
268,398 |
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396,395 |
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Other creditors |
7,553 |
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37,546 |
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1,061,173 |
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516,217 |
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7 |
Post balance sheet events |
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There are no post balance sheet events. |
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8 |
Related party transactions |
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During the year, the company paid producers fees of £237,500 (2022 - management fees of £81,324) to Tiny Whisper Productions Ltd a company controlled by Nira Park. There was no indebtedness to the company at the period end (2022 - £nil) |