Company Registration No. 05337540 (England and Wales)
Kalel Productions Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Kalel Productions Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Kalel Productions Limited
Statement of financial position
As at 31 December 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
79,615
145,048
Cash at bank and in hand
64,202
327,476
143,817
472,524
Creditors: amounts falling due within one year
5
(177,152)
(408,857)
Net current (liabilities)/assets
(33,335)
63,667
Creditors: amounts falling due after more than one year
6
(55,000)
(322,433)
Net liabilities
(88,335)
(258,766)
Capital and reserves
Called up share capital
8
1
1
Share premium account
250,000
250,000
Profit and loss reserves
(338,336)
(508,767)
Total equity
(88,335)
(258,766)

The director of the company has elected not to include a copy of the income statement 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 director acknowledges her 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.

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Nicky Parnes
Director
Company Registration No. 05337540
Kalel Productions Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

Kalel Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Gatcombe Road, London, N19 4PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

At the period end, the company has net liabilities of £88,335 (2022: net assets of £63,667). The director acknowledges that the company has cash of £64,202 (2022: £327,475) at the period end and atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Turnover

Turnover comprises amounts receivable for work carried out on productions and is recognised on a straight line basis spread equally over the life of production. Distribution income is recognised in the period to which it relates.

1.4
Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the straight line method.

Computer equipment
2 years

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 disposal are determined by comparing the processed with the carrying amount and recognised in the statement of profit and loss.

1.5
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.

Kalel Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

1.7
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation
Current tax

Tax is recognised in the Income Statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Kalel Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.9
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.

1.10
Retirement benefits

 

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

 

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2022: 7).

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
32,072
64,615
Other debtors
278
727
Prepayments and accrued income
47,265
79,706
79,615
145,048
Kalel Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,010
24,299
Amounts owed to group undertakings
888
-
0
Taxation and social security
7,421
128,053
Other creditors
60,191
1,574
Accruals and deferred income
96,642
254,931
177,152
408,857

Nicky Parnes, a director, has a loan balance of £60,000 (2022: £nil) included in other creditors as at 31 December 2023.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
55,000
322,433

Creditors due in more than one year relates to previously deferred salary due and payable to a director, Nick Parnes. The amount is repayable to the extent the company returns to profitability and has sufficient funds available after settlement of its existing third-party creditors. It is not expected to be paid within 12 months of the year end therefore is shown as a creditor due in more than one year.

7
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,347
9,715

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling to £191(2022: £1,574) were payable to the fund at the reporting date and are included in creditors.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,334 Ordinary shares of £0.001 each
1
1
Kalel Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
9
Parent company

By virtue of his majority shareholding in the company, Nicky Parnes is considered to be the ultimate controlling party.

10
Related party transactions

During the period, the company was charged fees of £31,571 (2022: £78,631) and recharges of £6,793 (2022: £4,100), both including VAT, by Greenbird Media Limited, a shareholder in the company, and a company with a common director. A total amount of £38,883 (2022: £71,047) was settled in the year and a balance of £11,139 (2022: £11,658) is included within trade creditors as at 31 December 2023.

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