Registered number: 15221571
LIGHTROOM KX PRODUCTIONS LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 JUNE 2024
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LIGHTROOM KX PRODUCTIONS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTROOM KX PRODUCTIONS LTD
FOR THE PERIOD ENDED 30 JUNE 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lightroom KX Productions Ltd for the period ended 30 June 2024 which comprise the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Lightroom KX Productions Ltd, as a body, in accordance with the terms of our engagement letter dated 1 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Lightroom KX Productions Ltd and state those matters that we have agreed to state to the Board of directors of Lightroom KX Productions Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lightroom KX Productions Ltd and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Lightroom KX Productions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lightroom KX Productions Ltd. You consider that Lightroom KX Productions Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or review of the financial statements of Lightroom KX Productions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Berg Kaprow Lewis LLP
Accountants
London
11 October 2024
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LIGHTROOM KX PRODUCTIONS LTD
REGISTERED NUMBER: 15221571
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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LIGHTROOM KX PRODUCTIONS LTD
REGISTERED NUMBER: 15221571
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
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 statement of income and retained earnings 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:
The notes on pages 4 to 8 form part of these financial statements.
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LIGHTROOM KX PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
Lightroom KX Productions Ltd ("the Company") was incorporated on 19 October 2023 and commenced trading on the same date.
The principal activity of the Company is the creation of productions to be shown at Lightroom and other immersive projection based venues.
The Company is a private company limited by shares and is incorporated in England and Wales.
The principal place of business is Lightroom Stage Door, 1 Wollstonecraft Street, London, England, N1C 4BT.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The directors have assesed whether the Company has adequate resources to meet its obligations as they fall due for the period covering 12 months from the date of the approval of these financial statements.
The Company made a loss for the period of £1,209,824 and had, as at the Statement of Financial Position date, a net liability position of £1,209,823. Of this liability, £1,222,520 was owed to its parent company and without this, the Company would be in a net asset position. The Company is reliant on the continued support of its parent ('Lightroom KX'), which has pledged its full support to the Company.
In light of all of the above, the directors have prepared these accounts on a going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
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LIGHTROOM KX PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Cash and cash equivalents
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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.
The Company only enters into basic financial instruments and transactions that result in the
recognition of financial assets and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies,
are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for
objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the
asset’s original effective interest rate. The impairment loss is recognised in the Statement of income
and retained earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are
transferred to another party or (c) control of the asset has been transferred to another party who has
the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional
restrictions.
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LIGHTROOM KX PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of
interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
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The average monthly number of employees, including the directors, during the period was as follows:
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Work in progress (goods to be sold)
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LIGHTROOM KX PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Allotted, called up and fully paid
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100 Ordinary shares shares of £0.01 each
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On 19 October, the Company issued 100 Ordinary shares of £0.01 each at par.
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Related party transactions
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The Company has taken advantage of the exemptions in Section 33.1A of FRS 102 not to disclose transactions with other wholly-owned group undertakings.
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LIGHTROOM KX PRODUCTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
The immediate and ultimate parent undertaking is Lightroom KX Limited, a company incorporated in England & Wales.
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