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COMPANY REGISTRATION NUMBER: 13240097
Sister (Baby) Limited
Filleted Financial Statements
31 December 2023
Sister (Baby) Limited
Statement of Financial Position
31 December 2023
31 Dec 23
30 Nov 22
Note
£
£
Current assets
Debtors
6
444,498
6,592,267
Cash at bank and in hand
114,864
---------
------------
444,498
6,707,131
Creditors: amounts falling due within one year
7
( 1,807,188)
---------
------------
Net current assets
444,498
4,899,943
---------
------------
Total assets less current liabilities
444,498
4,899,943
---------
------------
Net assets
444,498
4,899,943
---------
------------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
444,497
4,899,942
---------
------------
Shareholders funds
444,498
4,899,943
---------
------------
These financial statements 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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
D Isaacs
Director
Company registration number: 13240097
Sister (Baby) Limited
Notes to the Financial Statements
Period from 1 December 2022 to 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 17-18 Haywards Place, London, EC1R 0EQ, United Kingdom.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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 1 December 2022 to 31 December 2023. The comparatives cover the year from 1 December 2021 to 30 November 2022 as such balances are not entirely comparable.
The accounting period has been extended to align with the parent company.
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 exploitation of the television series entitled "The Baby". Turnover is recognised when the company receives statements detailing the revenues received in the various territories and mediums in which the series is distributed. The value of work done in relation to long-term contracts and continuing services is determined by reference to the stage of completion of the relevant project.
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 high-end television series called "The Baby". 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
1 Dec 22 to
Year to
31 Dec 23
30 Nov 22
£
£
Current tax:
UK current tax income
( 444,497)
( 953,504)
---------
---------
Tax on loss
( 444,497)
( 953,504)
---------
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2022: lower than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
Period from
1 Dec 22 to
Year to
31 Dec 23
30 Nov 22
£
£
Loss on ordinary activities before taxation
( 526)
----
----
High-End Television Tax Relief
(444,497)
(953,504)
---------
---------
The Finance Act 2021 included legislation to increase the main rate of UK corporation tax from 19% to 25% from 1 April 2023. The standard rate of corporation tax in the UK at the balance sheet date is 25%.
6. Debtors
31 Dec 23
30 Nov 22
£
£
Prepayments and accrued income
5,635,220
VAT Recoverable
3,542
Corporation Tax Recoverable
444,497
953,504
Other debtors
1
1
---------
------------
444,498
6,592,267
---------
------------
7. Creditors: amounts falling due within one year
31 Dec 23
30 Nov 22
£
£
Accruals and deferred income
1,153,618
Production Loan
653,570
----
------------
1,807,188
----
------------
8. Called up share capital
Issued, called up and fully paid
31 Dec 23
30 Nov 22
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Contingent liabilities
Charges against the television series in favour of Coutts & Company, Sky Studios Limited and Home Box Office, Inc. to secure their interests in the copyright of and title to the television series were satisfied during the period.
10. Summary audit opinion
The auditor's report dated 19 September 2024 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .
11. Related party transactions
During the year no related-party transactions took place. All transactions related to the production of the television series "The Baby" and arose on an arm's-length basis through the normal course of business. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
12. Controlling party
In the opinion of the directors the immediate parent undertaking is Sister Pictures Limited, a company incorporated in England and Wales. The smallest and largest group for which accounts are prepared and in which the results of the company are consolidated is Sister Holdings Limited. Copies of the group accounts can be obtained from Utopia Village, 7 Chalcot Road, London, United Kingdom, NW1 8LH.