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REGISTERED NUMBER: 10713555 (England and Wales)















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: D A J Gray
Ms A M Hurford-Jones





REGISTERED OFFICE: Baltimore House, Room 203
Baltic Business Quarter
Gateshead
NE8 3DF





REGISTERED NUMBER: 10713555 (England and Wales)





ACCOUNTANTS: We`ll Mind Your Own Business LTD
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 1,569 589

CURRENT ASSETS
Stocks 5 2,681 1,995,837
Debtors 6 165,604 387,246
Cash at bank 44,496 654,996
212,781 3,038,079
CREDITORS
Amounts falling due within one year 7 2,025,883 4,933,932
NET CURRENT LIABILITIES (1,813,102 ) (1,895,853 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,811,533

)

(1,895,264

)

CREDITORS
Amounts falling due after more than
one year

8

35,116

43,141
NET LIABILITIES (1,846,649 ) (1,938,405 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,846,749 ) (1,938,505 )
(1,846,649 ) (1,938,405 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 27 June 2024 and were signed on its behalf by:





D A J Gray - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 - 13 ).

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 - 2,310 2,310
Additions 3,067 - 3,067
At 30 September 2023 3,067 2,310 5,377
DEPRECIATION
At 1 October 2022 - 1,721 1,721
Charge for year 1,498 589 2,087
At 30 September 2023 1,498 2,310 3,808
NET BOOK VALUE
At 30 September 2023 1,569 - 1,569
At 30 September 2022 - 589 589

5. STOCKS
30.9.23 30.9.22
£    £   
Work-in-progress 2,681 1,995,837

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 7,913 71,749
Other debtors 104,254 295,049
VAT 41,998 -
Prepayments and accrued income 11,439 20,448
165,604 387,246

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 27,885 126,761
Social security and other taxes - 15,976
VAT - 267,917
Other creditors 1,958,998 1,965,092
Accruals and deferred income - 2,494,745
Accrued expenses 39,000 63,441
2,025,883 4,933,932

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.9.23 30.9.22
£    £   
Other creditors 35,116 43,141

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