LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. SC303811 (Scotland)
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,179
14,124
Tangible assets
4
66,545
88,773
Investments
5
1
73,724
102,898
Current assets
Debtors
6
579,095
1,533,210
Cash at bank and in hand
321,749
698,110
900,844
2,231,320
Creditors: amounts falling due within one year
7
(886,368)
(1,138,114)
Net current assets
14,476
1,093,206
Total assets less current liabilities
88,200
1,196,104
Creditors: amounts falling due after more than one year
8
(60,000)
(140,000)
Provisions for liabilities
(16,636)
(22,193)
Net assets
11,564
1,033,911
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
11,464
1,033,811
Total equity
11,564
1,033,911
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 11 April 2024 and are signed on its behalf by:
Mrs M S Owen
Director
Company Registration No. SC303811
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
LS Productions Global Ltd is a private company limited by shares incorporated in Scotland. The registered office is 107 Constitution Street, Edinburgh, Scotland, EH6 7AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in 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. 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
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Computer software is recognised at cost and amortised over an expected useful life of five years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% straight line
Fixtures and fittings
25% straight line & reducing balance
Computers
33% straight line
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than 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.
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 51 (2022: 41).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
105,600
Amortisation and impairment
At 1 January 2023
91,476
Amortisation charged for the year
6,945
At 31 December 2023
98,421
Carrying amount
At 31 December 2023
7,179
At 31 December 2022
14,124
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
249,252
Additions
20,090
At 31 December 2023
269,342
Depreciation and impairment
At 1 January 2023
160,479
Depreciation charged in the year
42,318
At 31 December 2023
202,797
Carrying amount
At 31 December 2023
66,545
At 31 December 2022
88,773
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
Film Cars Limited was a wholly owned subsidiary of L S Productions Global Ltd.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1
Disposals
(1)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
269,783
376,808
Amounts owed by group undertakings
59,260
175,279
Other debtors
34,694
873,751
Prepayments and accrued income
215,358
107,372
579,095
1,533,210
LS Productions Global Ltd
(Formerly known as Location Scotland Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
46,665
48,710
Trade creditors
58,922
498,880
Amounts owed to group undertakings
119,926
Corporation tax
81,076
Other taxation and social security
176,272
123,523
Other creditors
450,578
43,859
Accruals and deferred income
34,005
342,066
886,368
1,138,114
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
60,000
140,000
9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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