Company registration number 04943632 (England and Wales)
ANGST PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ANGST PRODUCTIONS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
ANGST PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,789
8,793
Investments
4
187,693
187,693
191,482
196,486
Current assets
Debtors
5
8,232,247
11,799,792
Cash at bank and in hand
12,818,301
11,456,924
21,050,548
23,256,716
Creditors: amounts falling due within one year
6
(2,568,703)
(7,588,390)
Net current assets
18,481,845
15,668,326
Net assets
18,673,327
15,864,812
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8
18,673,326
15,864,811
Total equity
18,673,327
15,864,812

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 his 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 and signed by the director and authorised for issue on 19 September 2024
D Patterson
Director
Company registration number 04943632 (England and Wales)
ANGST PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Angst Productions Limited (“the company”) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US. The business address is 179 Wardour Street, London, W1F 8WF.

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
Turnover

Turnover which is stated net of VAT, comprises of production fees and the exploitation rights in television programmes.

 

Revenue Recognition

 

Production

Revenue is recognised once the production is delivered to the customer, providing that a signed contract or a deal memo with the customer exists and the amount of revenue can be measured reliably, the significant risks and rewards of ownership of the production have been transferred to the customer and it is probable that the economic benefits associated with the transaction will flow to the company.

 

Revenue not meeting these conditions is deferred.

 

Distribution

Distribution revenues are recognised once the rights are transferred to the client, on the basis of a signed contract or a deal memo, and once the licencing period has begun.

 

Revenue not meeting these conditions is deferred.

 

Royalty

Royalty income is recognised on an arising basis.

 

Investment income

Amounts due to the company for its share of results from investments in LLPs are recognised when the company is entitled to them.

1.3
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
25% straight line
Fixtures, fittings & equipment
25% straight line
ANGST PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 and cash and bank balances, 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.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

ANGST PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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, and trade loans from fellow group companies 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
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.

1.11
Retirement benefits

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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ANGST PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
6
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
139,161
173,405
312,566
Additions
-
0
1,163
1,163
At 31 December 2023
139,161
174,568
313,729
Depreciation and impairment
At 1 January 2023
139,161
164,612
303,773
Depreciation charged in the year
-
0
6,167
6,167
At 31 December 2023
139,161
170,779
309,940
Carrying amount
At 31 December 2023
-
0
3,789
3,789
At 31 December 2022
-
0
8,793
8,793
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
187,693
187,693

The company has not designated any financial assets that are classified as financial assets at fair value through profit or loss.

ANGST PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,205
4,514,534
Amounts owed by group undertakings
6,015,107
3,059,216
Other debtors
2,211,935
4,226,042
8,232,247
11,799,792
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
22,731
32,279
Amounts owed to group undertakings
541,080
403,887
Corporation tax
533,598
739,496
Other creditors
1,471,294
6,412,728
2,568,703
7,588,390

Included within amounts due to fellow group undertakings are trade payable balances that are unsecured, interest free and repayable on demand.

7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A Shares & 50 Ordinary B Shares of 1p each
1
1
1
1

There are two classes of Ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

8
Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

ANGST PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
30,000
10
Related party transactions
Transactions with related parties

 

No guarantees have been given or received.

 

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

During the year the company entered into the following transactions with related parties:

Purchases
2023
2022
£
£
Other related parties
30,000
96,000

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
1,649,608
1,587,731
11
Directors' transactions

Dividends totalling £400,000 (2022 - £975,000) were paid in the year in respect of shares held by the company's directors.

12
Parent company

The company is controlled by D Patterson and L Marks.

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