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COMPANY REGISTRATION NUMBER: 13588541
Lookout Point (FUMP) Limited
Filleted Financial Statements
31 December 2023
Lookout Point (FUMP) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Work in progress
102,419
Debtors
6
614,429
47,531
Cash at bank and in hand
48,218
97,263
---------
---------
662,647
247,213
Creditors: amounts falling due within one year
7
( 662,646)
( 247,212)
---------
---------
Net current assets
1
1
----
----
Total assets less current liabilities
1
1
----
----
Net assets
1
1
----
----
Capital and reserves
Called up share capital
8
1
1
----
----
Shareholders funds
1
1
----
----
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 25 September 2024 , and are signed on behalf of the board by:
L J Mutter
Director
Company registration number: 13588541
Lookout Point (FUMP) Limited
Notes to the Financial Statements
Year ended 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 Hammer House, 113-117 Wardour Street, London, W1F 0UN, 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Lookout Point Limited, a company registered in England. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.
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 production of the television series entitled "The Power of Parker". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Work in progress
Work in progress represents the cost of television projects on which the company is currently in development. An assessment is made at the end of each financial period and those projects which are no longer likely to go into production are written off.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Intra-group borrowings are debt instruments and are initially measured at present value of the future cash flows and subsequently at amortised cost using an effective interest method.
4. Employees
The Company has been incorporated to produce a high-end television series entitled "The Power of Parker". 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
2023
2022
£
£
Current tax:
UK current tax income
( 571,684)
( 1,205)
---------
-------
Tax on loss
( 571,684)
( 1,205)
---------
-------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 571,684)
( 1,205)
---------
-------
High-end television tax relief
(571,684)
(1,205)
---------
-------
6. Debtors
2023
2022
£
£
VAT recoverable
38,302
6,797
Corporation tax recoverable
571,684
1,205
Other debtors
4,443
39,529
---------
--------
614,429
47,531
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,663
Amounts owed to group undertakings
7,515
Accruals and deferred income
50,503
241,636
Social security and other taxes
1,213
5,576
Production loan
573,647
Other creditors
6,105
---------
---------
662,646
247,212
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Summary audit opinion
The auditor's report dated 25 September 2024 was unqualified .
The senior statutory auditor was Stephen Joberns , for and on behalf of Shipleys LLP .
10. Related party transactions
As a wholly-owned subsidiary of Lookout Point Limited, whose financial statements are publicly available, the Company has taken advantage of the exemption under FRS 102 Paragraph 33 on the basis that disclosure need not be given regarding related party transactions with other wholly-owned subsidiaries of the group. All related party transactions arose on an arm's-length basis through the normal course of business and related to the production of the television series entitled "The Power of Parker". As such, no transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
11. Controlling party
The immediate parent undertaking is Lookout Point Limited which is incorporated in the United Kingdom and registered in England and Wales. The smallest group in which the results of the Company are consolidated is that headed by BBC Commercial Limited. Financial statements for BBC Commercial Limited are publicly available and can be obtained from 1 Television Centre, 101 Wood Lane, London, United Kingdom, United Kingdom, W12 7FA. The ultimate parent undertaking and controlling party is the British Broadcasting Corporation, which is incorporated in the United Kingdom by Royal Charter. The largest group in which the results of the company are consolidated is that headed by the BBC. The consolidated accounts of the BBC may be obtained online at www.bbc.co.uk/annualreport.