COMPANY REGISTRATION NUMBER:
14318700
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
30 September 2023
Fixed assets
Intangible assets |
5 |
23,008,120 |
|
|
|
Current assets
Debtors |
6 |
4,505,556 |
Cash at bank and in hand |
171,599 |
|
------------ |
|
4,677,155 |
|
|
|
Creditors: amounts falling due within one year |
7 |
(
27,685,175) |
|
------------- |
Net current liabilities |
(
23,008,020) |
|
------------- |
Total assets less current liabilities |
100 |
|
---- |
Net assets |
100 |
|
---- |
|
|
|
Capital and reserves
Called up share capital |
8 |
100 |
|
---- |
Shareholders funds |
100 |
|
---- |
|
|
|
These accounts 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.
For the period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
Statement of Financial Position (continued) |
|
30 September 2023
These accounts were approved by the
board of directors
and authorised for issue on
10 October 2024
, and are signed on behalf of the board by:
Company registration number:
14318700
Period from 25 August 2022 to 30 September 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 4th Floor, 3-4 Hardwick Street, London, EC1R 4RB, United Kingdom.
2.
Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Comparatives
The accounts cover the period from incorporation through to 30 September 2023, hence there are no comparative figures.
The accounting period has been extended to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Intangible assets
Production costs are capitalised as intangible assets. Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 film called "Canary Black". 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.
5.
Intangible assets
|
Production costs |
|
£ |
Cost |
|
Additions |
23,878,878 |
Film tax credit |
(
870,758) |
|
------------- |
At 30 September 2023 |
23,008,120 |
|
------------- |
Amortisation |
|
At 25 August 2022 and 30 September 2023 |
– |
|
------------- |
Carrying amount |
|
At 30 September 2023 |
23,008,120 |
|
------------- |
|
|
6.
Debtors
|
30 Sep 23 |
|
£ |
VAT recoverable |
|
Corporation tax recoverable |
|
Other debtors |
3,434,045 |
|
------------ |
|
4,505,556 |
|
------------ |
|
|
7.
Creditors:
amounts falling due within one year
|
30 Sep 23 |
|
£ |
Amounts owed to group undertakings |
1,979,845 |
Accruals and deferred income |
1,968,917 |
Social security and other taxes |
19,783 |
Production loan |
|
Other creditors |
3,518,237 |
|
------------- |
|
27,685,175 |
|
------------- |
|
|
8.
Called up share capital
Issued, called up and fully paid
|
30 Sep 23 |
|
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
|
---- |
---- |
|
|
|
9.
Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Oakhurst Entertainment Capital, Llc Bbi: Canary Black Llc. Mufg Bank, LTD. Canary Black S.C.S. Film Finances, Inc. Smc Specialty Finance, Llc
10.
Related party transactions
During the period, no related-party transactions took place. All transactions related to the production of the film "Canary Black" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102