COMPANY REGISTRATION NUMBER:
12254833
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
31 October 2022
Current assets
Debtors |
5 |
139,230 |
149,065 |
Cash at bank and in hand |
2,882 |
318,013 |
|
--------- |
--------- |
|
142,112 |
467,078 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
142,111) |
(
467,077) |
|
--------- |
--------- |
Net current assets |
1 |
1 |
|
---- |
---- |
Total assets less current liabilities |
1 |
1 |
|
---- |
---- |
Net assets |
1 |
1 |
|
---- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
1 |
1 |
|
---- |
---- |
Shareholders funds |
1 |
1 |
|
---- |
---- |
|
|
|
|
These accounts have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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
20 September 2024
, and are signed on behalf of the board by:
Company registration number:
12254833
Year ended 31 October 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, 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.
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 financial statements. In establishing whether to continue to report under the going concern assumption we have considered the following points: - The impact on the day to day trade of the business - The impact on the ability of our suppliers to meet our needs - The impact of our staff's ability to perform their duties - The impact on our cash position of a period of minimum activity A detailed budget and cashflow have been prepared for the production and delivery of the television movie. Funds to meet the cashflow requirements are contractually in place and the directors do not anticipate any material overspend now that production has been completed and formally delivered. After considering all factors, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
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.
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.
Judgements and key sources of estimation uncertainty
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.
Revenue recognition
Turnover relates to the production of the television movie entitled "The Princess Switch: Switched Again". 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 movie entitled "The Princess Switch: Switched Again". 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.
Debtors
|
2022 |
2021 |
|
£ |
£ |
VAT recoverable |
– |
487 |
Corporation tax recoverable |
|
|
Other debtors |
1 |
9,349 |
|
--------- |
--------- |
|
139,230 |
149,065 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
– |
1,579 |
Accruals and deferred income |
2,641 |
326,269 |
Social security and other taxes |
242 |
– |
Production loan |
|
|
|
--------- |
--------- |
|
142,111 |
467,077 |
|
--------- |
--------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2022 |
2021 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
100 |
1 |
100 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
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: Netflix US, LLC
9.
Related party transactions
All related party transactions that took place during the period related to the production of the television movie entitled "The Princess Switch: Switched Again" and arose on an arm's-length basis through the normal course of business. As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
10.
Controlling party
In the opinion of the director the controlling party is Switch 2 Productions LLC, a company incorporated in the United States of America.