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Registered number: 01460019














WORLD FILM SERVICES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
WORLD FILM SERVICES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1
Notes to the Financial Statements
 
 
2 - 4


 
WORLD FILM SERVICES LIMITED
REGISTERED NUMBER:01460019

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
3,638
8,830

Cash at bank and in hand
  
291,198
259,628

  
294,836
268,458

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(308,196)
(313,833)

  

Net liabilities
  
(13,360)
(45,375)


Capital and reserves
  

Called up share capital 
 6 
20,100
20,100

Profit and loss account
  
(33,460)
(65,475)

  
(13,360)
(45,375)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




D J Heyman
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
WORLD FILM SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

World Film Services Limited is a private limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood Hertfordshire, WD6 1JD.
The principal activity of the Company continued to be that of the exploitation of an audio-visual film library. 
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The director who is the ultimate shareholder of the Company's parent undertaking, World Group of Companies Limited, has indicated that he will continue to provide adequate financial support to the Company for the foreseeable future, to enable it to meet its liabilities as and when they fall due. The director has no reason to believe that this financial support will not continue in the future and considers it appropriate to adopt the going concern basis. The financial statements do not contain any adjustments that would be necessary should this basis not be appropriate.

 
2.3

Revenue

Revenue comprises royalties receivable, exclusive of Value Added Tax.
Royalties receivable are accounted for on a royalty earnings basis as part of turnover.Royalty advances which are non-recoupable are accounted for on a receipts basis. Recoupable advances are accounted for when earned.

 
2.4

Debtors

Short term debtors are measured at the transaction price, less any impairment. 

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.6

Creditors

Short term creditors are measured at the transaction price.

Page 2

 
WORLD FILM SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss 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.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transactionand non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Exchange gains and losses are recognised in the Statement of Comprehensive Income.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.


3.


Employees

The director was the only employee during the current and preceding period.

Page 3

 
WORLD FILM SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Trade debtors
3,638
-

Other debtors
-
1,745

Accrued income
-
7,085

3,638
8,830



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
121
-

Amounts owed to group undertakings
290,426
290,426

Other creditors
13,749
19,507

Accruals and deferred income
3,900
3,900

308,196
313,833



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,100 Ordinary shares of £1.00 each
20,100
20,100



7.


Controlling party

The company's ultimate parent undertaking is World Group of Companies Limited, a company registered in England and Wales. 

 
Page 4