REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Twenty Six 03 Entertainment Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Twenty Six 03 Entertainment Limited |
Twenty Six 03 Entertainment Limited (Registered number: 10713555) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Twenty Six 03 Entertainment Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
39 Long Acre |
London |
WC2E 9LG |
Twenty Six 03 Entertainment Limited (Registered number: 10713555) |
Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Twenty Six 03 Entertainment Limited (Registered number: 10713555) |
Balance Sheet - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Twenty Six 03 Entertainment Limited (Registered number: 10713555) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Twenty Six 03 Entertainment Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue represents amounts receivable for the development of television projects and production activities net of VAT and trade discounts during the period. Revenue in respect of productions in progress is held as deferred income until production is delivered. Upon delivery, it is recognised in the Income Statement. |
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 provided at the following annual rates in order to write off each asset over its estimated useful life. |
Office equipment, plant and machinery etc - 33% on cost |
Stocks/work-in-progress |
Work in progress, representing completed programmes and productions in progress, include an attributable portion of overheads and are stated at the lower of cost and net realisable value. Production costs are released to the profit and loss account on the delivery of programmes to the broadcaster, at which time the turnover is also recognised. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Twenty Six 03 Entertainment Limited (Registered number: 10713555) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
For most employees, the company contributes to Nest, the workplace pension scheme set up by the government. For some employees, the company pays into the employee-nominated personal pension schemes. The assets of the schemes are held separately from the companies. Contributions payables are charged to profit or loss in the period to which they relate. |
Creditors |
Short-term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at fair value, net of any transaction costs, and subsequently measured at amortised cost determined using the effective interest method. |
Cost recognition |
Development Costs |
Development costs are generally expensed as incurred to the income statement. Where development funding has been received, the revenue is recognised on a cost-plus basis. However, if a firm commitment exists which indicates that current and future expenses will be recoverable, development costs are capitalised in the costs of a programme. These costs are capitalised in WIP as a part of a specific project expected to be set for production. |
Production Costs Recognition |
Productions costs are ordinarily accumulated by individual programmes in four chronological steps: acquisition of story rights; pre-production (which includes script development, costume design, set design, and construction); principal photography (which includes shooting the production); and post-production (which includes sound synchronisation and editing); culminating in the completed master negative. All costs are capitalised to Work in Progress (WIP) until the point at which the WIP balance is recognised or consumed on the income statement, generally as delivery of the episodes occurs. |
Going concern |
At 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 financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
Twenty Six 03 Entertainment Limited (Registered number: 10713555) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | STOCKS |
30.9.23 | 30.9.22 |
£ | £ |
Work-in-progress |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
Twenty Six 03 Entertainment Limited (Registered number: 10713555) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | - | 267,917 |
Other creditors |
Accruals and deferred income |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Other creditors |
9. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent undertakings are Twenty Six 03 Content Limited and Cineflix Media Incorporated, who owns 80% and 20% shareholdings in the company. |
The registered address of Twenty Six 03 Content Limited is Baltimore House, Room 203, Baltic Business Quarter, Gateshead, England, NE8 3DF |