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COMPANY REGISTRATION NUMBER: 13793075
Donkey Wallop Productions Limited
Unaudited Accounts
31 December 2023
Donkey Wallop Productions Limited
Accounts
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the accounts
6
The following pages do not form part of the accounts
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory accounts
11
Donkey Wallop Productions Limited
Officers and Professional Advisers
The board of directors
E D Barratt
S Lappin
Registered office
Solent House
107a Alma Road
Southampton
Hampshire
England
SO14 6UY
Accountants
Shipleys LLP
Chartered accountants
10 Orange Street
Haymarket
London
WC2H 7DQ
Donkey Wallop Productions Limited
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 .
Directors
The directors who served the company during the year were as follows:
E D Barratt
S Lappin
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 19 September 2024 and signed on behalf of the board by:
E D Barratt
Director
Donkey Wallop Productions Limited
Statement of Comprehensive Income
Year ended 31 December 2023
Period from
Year to
10 Dec 21 to
31 Dec 23
31 Dec 22
Note
£
£
Turnover
958,398
Cost of sales
( 1,171,279)
------------
----
Gross loss
( 212,881)
---------
----
Operating loss
( 212,881)
---------
----
Loss before taxation
( 212,881)
Tax on loss
5
212,881
---------
----
Result for the financial year and total comprehensive income
---------
----
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.
Donkey Wallop Productions Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Stocks
733,961
Debtors
6
1,169,890
48,570
Cash at bank and in hand
2,526
16,886
------------
---------
1,172,416
799,417
Creditors: amounts falling due within one year
7
( 1,172,415)
( 90,356)
------------
---------
Net current assets
1
709,061
----
---------
Total assets less current liabilities
1
709,061
Creditors: amounts falling due after more than one year
8
( 709,060)
----
---------
Net assets
1
1
----
---------
Capital and reserves
Called up share capital
9
1
1
----
----
Shareholders funds
1
1
----
----
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 .
These accounts were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
E D Barratt
Director
Company registration number: 13793075
Donkey Wallop Productions Limited
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 10 December 2021
Profit for the year
Issue of shares
1
1
----
----
----
Total investments by and distributions to owners
1
1
At 31 December 2022
1
1
Profit for the year
----
----
----
At 31 December 2023
1
1
----
----
----
Donkey Wallop Productions Limited
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 Solent House, 107a Alma Road, Southampton, Hampshire, SO14 6UY, England.
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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 01 January 2023 to 31 December 2023. The comparatives cover the period from 10 December 2021 to 31 December 2022 and as such are not entirely comparable.
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 section 1A of FRS 102: (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 relates to the production of the documentary entitled "James Blunt: One Brit Wonder". 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.
Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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 documentary called "James Blunt: One Brit Wonder”. 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. Tax on loss
Major components of tax income
Period from
Year to
10 Dec 21 to
31 Dec 23
31 Dec 22
£
£
Current tax:
UK current tax income
( 212,881)
---------
----
Tax on loss
( 212,881)
---------
----
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Year to
10 Dec 21 to
31 Dec 23
31 Dec 22
£
£
Loss on ordinary activities before taxation
( 212,881)
---------
----
Film tax relief
(212,881)
---------
----
6. Debtors
2023
2022
£
£
Prepayments and accrued income
945,891
VAT recoverable
11,117
Corporation tax recoverable
212,881
Other debtors
1
48,570
------------
--------
1,169,890
48,570
------------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,742
41,681
Accruals and deferred income
100,000
Social security and other taxes
26,003
20,476
Production loan
1,035,670
Other creditors
28,199
------------
--------
1,172,415
90,356
------------
--------
The loan has been secured against the anticipated future film tax credit.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
709,060
----
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Lorton Media Fund LP
11. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the film "James Blunt: One Brit Wonder” arose on an arm's-length basis through the normal course of business.
12. Controlling party
In the opinion of the directors the immediate parent undertaking is Wilshire Entertainment Limited, a company incorporated in England and Wales. The ultimate controlling party is J L Bird.
Donkey Wallop Productions Limited
Management Information
Year ended 31 December 2023
The following pages do not form part of the accounts.
Donkey Wallop Productions Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Donkey Wallop Productions Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Donkey Wallop Productions Limited for the year ended 31 December 2023, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Donkey Wallop Productions Limited, as a body, in accordance with the terms of our engagement letter dated 23 April 2024. Our work has been undertaken solely to prepare for your approval the accounts of Donkey Wallop Productions Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Donkey Wallop Productions Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Donkey Wallop Productions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Donkey Wallop Productions Limited. You consider that Donkey Wallop Productions Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Donkey Wallop Productions 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 accounts.
Shipleys LLP Chartered accountants
10 Orange Street Haymarket London WC2H 7DQ
19 September 2024