Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3122022-11-01falseproduction of feature films2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08747782 2022-11-01 2023-12-31 08747782 2021-11-01 2022-10-31 08747782 2023-12-31 08747782 2022-10-31 08747782 c:Director1 2022-11-01 2023-12-31 08747782 d:CurrentFinancialInstruments 2023-12-31 08747782 d:CurrentFinancialInstruments 2022-10-31 08747782 d:Non-currentFinancialInstruments 2023-12-31 08747782 d:Non-currentFinancialInstruments 2022-10-31 08747782 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08747782 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 08747782 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08747782 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 08747782 d:ShareCapital 2023-12-31 08747782 d:ShareCapital 2022-10-31 08747782 d:RetainedEarningsAccumulatedLosses 2023-12-31 08747782 d:RetainedEarningsAccumulatedLosses 2022-10-31 08747782 c:OrdinaryShareClass1 2022-11-01 2023-12-31 08747782 c:OrdinaryShareClass1 2023-12-31 08747782 c:OrdinaryShareClass1 2022-10-31 08747782 c:FRS102 2022-11-01 2023-12-31 08747782 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-12-31 08747782 c:FullAccounts 2022-11-01 2023-12-31 08747782 c:PrivateLimitedCompanyLtd 2022-11-01 2023-12-31 08747782 e:PoundSterling 2022-11-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08747782









PORTOBELLO FILMS & TELEVISION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PORTOBELLO FILMS & TELEVISION LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
PORTOBELLO FILMS & TELEVISION LIMITED
REGISTERED NUMBER: 08747782

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 October 
2023
2022 
Note
£
£

  

Current assets
  

Work in progress
 4 
980,512
974,726

Debtors: amounts falling due within one year
 5 
86,700
1

Cash at bank and in hand
 6 
2,278
7,259

  
1,069,490
981,986

Creditors: amounts falling due within one year
 7 
(149,801)
(57,092)

Net current assets
  
 
 
919,689
 
 
924,894

Total assets less current liabilities
  
919,689
924,894

Creditors: amounts falling due after more than one year
 8 
(1,060,126)
(971,214)

  

Net liabilities
  
(140,437)
(46,320)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(140,438)
(46,321)

  
(140,437)
(46,320)


Page 1

 
PORTOBELLO FILMS & TELEVISION LIMITED
REGISTERED NUMBER: 08747782
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

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.

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 profit and loss account 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 by: 

................................................
E A Abraham
Director

Date: 2 October 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PORTOBELLO FILMS & TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Portobello Films & Television Limited is a private company, limited by shares, incorporated in England and Wales with a registration number of 08747782. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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 financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the company and its parent company has agreed to provide such support to the company as is necessary for it to meet its liabilities for a period of at least twelve months from the date of signing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

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 transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises of film related production expenses incurred in relation to ongoing projects which are in progress.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to the amount expected to be recovered. The impairment loss is recognised immediately in profit or loss.

Page 3

 
PORTOBELLO FILMS & TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. 

 
2.8

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 Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.


 
Page 4

 
PORTOBELLO FILMS & TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities
Basic financial liabilities, which include trade and other payables, and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

  
2.9

Related parties transaction exemption

The company has taken advantage of the exemption within Financial Reporting Standard 102 - Section 1A, in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.


3.


Employees

The average monthly number of employees, including non-payrolled directors, during the period was 2 (2022 - 2).

Page 5

 
PORTOBELLO FILMS & TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Stocks

31 December
31 October
2023
2022
£
£

Work in progress
980,512
974,726


Work in progress relates to production expenses for a film that has not been completed.


5.


Debtors

31 December
31 October
2023
2022
£
£


Other debtors
86,699
-

Called up share capital not paid
1
1

86,700
1



6.


Cash and cash equivalents

31 December
31 October
2023
2022
£
£

Cash at bank and in hand
2,278
7,259



7.


Creditors: Amounts falling due within one year

31 December
31 October
2023
2022
£
£

Trade creditors
-
2,460

Amounts owed to group companies
49,479
49,479

Other creditors
5,025
53

Accruals and deferred income
95,297
5,100

149,801
57,092


Page 6

 
PORTOBELLO FILMS & TELEVISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

31 December
31 October
2023
2022
£
£

Amounts owed to group companies
953,686
947,900

Accruals and deferred income
106,440
23,314

1,060,126
971,214


The amount owed to group companies relates to a loan that was drawn down on 14 April 2022. The loan amount and accrued interest is repayable in full on 31 December 2026. The loan is unsecured and bears interest at 3% per annum above the Bank of England base rate. Interest accrued on the loan was £106,440 (2022 - £23,314)


9.


Share capital

31 December
31 October
2023
2022
£
£
Allotted, called up and paid



1 (2022 - 1) Ordinary share of £1
1
1



10.


Ultimate parent undertaking

The company's ultimate parent undertaking is The Common Humanity Arts Trust, a company incorporated in England and Wales with a registered office address of Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

 
Page 7