COMPANY REGISTRATION NUMBER:
NI692819
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 August 2024
|
31 Aug 24 |
30 Jun 23 |
Note |
£ |
£ |
|
|
|
Fixed assets
Intangible assets |
4 |
3,457,410 |
– |
|
|
|
|
Current assets
Stocks |
– |
4,416,778 |
Debtors |
5 |
189,172 |
1,396,704 |
Cash at bank and in hand |
31,966 |
232,642 |
|
--------- |
------------ |
|
221,138 |
6,046,124 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
3,678,546 |
6,046,122 |
|
------------ |
------------ |
Net current (liabilities)/assets |
(
3,457,408) |
2 |
|
------------ |
---- |
Total assets less current liabilities |
2 |
2 |
|
---- |
---- |
Net assets |
2 |
2 |
|
---- |
---- |
|
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
|
---- |
---- |
Shareholders funds |
2 |
2 |
|
---- |
---- |
|
|
|
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 comprehensive income has not been delivered.
For the period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 August 2024
These financial statements were approved by the
board of directors
and authorised for issue on
10 October 2024
, and are signed on behalf of the board by:
Mr Martin Brennan |
|
Director |
|
|
|
Company registration number:
NI692819
Notes to the Financial Statements |
|
Period from 1 July 2023 to 31 August 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 9 Irish Street, Downpatrick, BT30 6BN, N. Ireland.
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.
These financial statements are for a 14 month period ending 31 August 2024; thus the comparatives will not be comparable. The company changed it year-end so as to include the completion of the film in this period.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Impairment of fixed assets
The asset is carried forward on the basis there is further exploitation of the film planned. At each reporting date a review for indicators of impairment is carried out, including an evaluation on the future generation of income, and if need be, 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.
Work in progress
Work in progress relates to direct production costs incurred on the production of the film during the period. The costs are recorded at the lower of costs and net realisable value, and are net of Value Added Tax.
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.
4.
Intangible assets
|
Intangible asset |
|
£ |
Cost |
|
Additions |
– |
Additions from internal developments |
3,457,410 |
|
------------ |
At 31 August 2024 |
3,457,410 |
|
------------ |
Amortisation |
|
At 1 July 2023 and 31 August 2024 |
– |
|
------------ |
Carrying amount |
|
At 31 August 2024 |
3,457,410 |
|
------------ |
At 30 June 2023 |
– |
|
------------ |
|
|
Intangible assets represent residual value from the title and rights in the film entitled "Old Guy". Amounts capitalised are costs of production net of tax credits received against production costs The film was completed just prior to the year-end. No amortisation has been provided for the current period.
5.
Debtors
|
31 Aug 24 |
30 Jun 23 |
|
£ |
£ |
Other debtors |
189,172 |
1,396,704 |
|
--------- |
------------ |
|
|
|
6.
Creditors:
amounts falling due within one year
|
31 Aug 24 |
30 Jun 23 |
|
£ |
£ |
Trade creditors |
49,625 |
107,593 |
Social security and other taxes |
– |
2,151 |
Other creditors |
3,628,921 |
5,936,378 |
|
------------ |
------------ |
|
3,678,546 |
6,046,122 |
|
------------ |
------------ |
|
|
|
Other creditors include £3,488,135 (2023: £5,566,607) in respect of production advances received to produce the film.
7.
Contingencies
Charges have been made against the company's assets including its rights, title and interest in and to the film, in favour of the following entities who have advanced funds to finance film production costs: - Aperture Media Partners LLC - Northern Ireland Screen Commission