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COMPANY REGISTRATION NUMBER: 01231460
Fegg Features Ltd
Unaudited Accounts
31 December 2023
Fegg Features Ltd
Accounts
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Income statement
3
Statement of financial position
4
Notes to the accounts
6
Fegg Features Ltd
Officers and Professional Advisers
The board of directors
A Telfer
S Jones
W G P Jones
Company secretary
A Telfer
Registered office
9 Grove Park
London
SE5 8LR
Accountants
Shipleys LLP
Chartered Accountants
10 Orange Street
Haymarket
London
WC2H 7DQ
Fegg Features Ltd
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited accounts of the company for the year ended 31 December 2023 .
Principal activities
The principal activities of the company are the exploitation of films, television programmes, books and other activities associated with the entertainment industry.
Directors
The directors who served the company during the year were as follows:
A Telfer
S Jones
W G P Jones
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 September 2024 and signed on behalf of the board by:
A Telfer
Director
Registered office:
9 Grove Park
London
SE5 8LR
Fegg Features Ltd
Income Statement
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
247,340
144,910
---------
---------
Gross profit
247,340
144,910
Administrative expenses
( 45,675)
( 23,110)
---------
---------
Operating profit
201,665
121,800
Interest payable and similar expenses
( 297)
---------
---------
Profit before taxation
5
201,368
121,800
Tax on profit
( 46,833)
( 23,077)
---------
---------
Profit for the financial year
154,535
98,723
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Fegg Features Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
414
630
Investments
7
142
142
----
----
556
772
Current assets
Debtors
8
92,551
145,786
Cash at bank and in hand
351,064
392,107
---------
---------
443,615
537,893
Creditors: amounts falling due within one year
9
( 103,377)
( 77,365)
---------
---------
Net current assets
340,238
460,528
---------
---------
Total assets less current liabilities
340,794
461,300
Provisions
( 79)
( 120)
---------
---------
Net assets
340,715
461,180
---------
---------
Capital and reserves
Called up share capital
101
101
Profit and loss account
340,614
461,079
---------
---------
Shareholders funds
340,715
461,180
---------
---------
These accounts have been prepared 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'.
For the year ending 31 December 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 accounts 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 accounts .
Fegg Features Ltd
Statement of Financial Position (continued)
31 December 2023
These accounts were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
A Telfer
Director
Company registration number: 01231460
Fegg Features Ltd
Notes to the Accounts
Year ended 31 December 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 9 Grove Park, London, SE5 8LR.
2. Statement of compliance
These accounts 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Consolidation The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group. These accounts therefore present information about the company as an individual undertaking and not about its group.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102 Section 1A: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Equity instruments Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Trade and other debtors Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
216
216
----
----
6. Tangible assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2023 and 31 December 2023
20,374
--------
Depreciation
At 1 January 2023
19,744
Charge for the year
216
--------
At 31 December 2023
19,960
--------
Carrying amount
At 31 December 2023
414
--------
At 31 December 2022
630
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
142
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
142
----
At 31 December 2022
142
----
The company continues to own a 16.67% share in the Monty Python Begging Bowl Partnership.
8. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
511
511
Other debtors
92,040
145,275
--------
---------
92,551
145,786
--------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
319
Corporation tax
46,874
43,772
Social security and other taxes
24,212
26,436
Other creditors
32,291
6,838
---------
--------
103,377
77,365
---------
--------
10. Directors' advances, credits and guarantees
At the year end the company was owed £42,555 by the directors (2022:£77,371).